Thomas Sowell

The most basic inherent constraint is that neither time nor wisdom are free goods available in unlimited quantity. This means read more

The most basic inherent constraint is that neither time nor wisdom are free goods available in unlimited quantity. This means that in social processes, as in economic processes, it is not only impossible to attain perfection but irrational to seek perfection- or even to seek the "best possible" result in each separate instance.

The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. read more

The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.

Much of the social history of the Western world, over the past three decades, has been a history of replacing read more

Much of the social history of the Western world, over the past three decades, has been a history of replacing what has worked with what sounded good. In area after area- crime, education, housing, race relations- the situation has gotten worse after the bright new theories were put into operation. The amazing thing is that this history of failure and disaster has neither discouraged the social engineers nor discredited them.

Knowledge can be enormously costly, and is often scattered in widely uneven fragments, too small to be individually usable in read more

Knowledge can be enormously costly, and is often scattered in widely uneven fragments, too small to be individually usable in decision making. The communication and coordination of these scattered fragments of knowledge is one of the basic problems- perhaps the basic problem- of any society.

The principles applied in economic processes are general social principles.

The principles applied in economic processes are general social principles.