Thomas Sowell

Perhaps the most widespread misunderstanding of economics is that it applies solely to financial transactions. Frequently this leads to statements read more

Perhaps the most widespread misunderstanding of economics is that it applies solely to financial transactions. Frequently this leads to statements that "there are noneconomic values" to consider. There are, of course, noneconomic values. Indeed, there are only noneconomic values. Economics is not a value itself but merely a method of trading off one value against another.

To those who feel that their values are the values, the less controlled systems necessarily present a spectacle of "chaos," read more

To those who feel that their values are the values, the less controlled systems necessarily present a spectacle of "chaos," simply because such systems respond to a diversity of values. The more successfully such systems respond to diversity, the more "chaos" there will be, by definition, according to the standards of any specific set of values- other than diversity or freedom as values. Looked at another way, the more self-righteous observers there are, the more chaos (and "waste") will be seen.

With various people complaining about "price gouging... economist Walter Williams has coined a new term: "Tax gouging." But government is read more

With various people complaining about "price gouging... economist Walter Williams has coined a new term: "Tax gouging." But government is never accused of either "greed" or "gouging" — not even when they bulldoze people's homes in order to turn the land over to businesses that will pay more taxes.

American prosperity and American free enterprise are both highly unusual in the world, and we should not overlook the possibility read more

American prosperity and American free enterprise are both highly unusual in the world, and we should not overlook the possibility that the two are connected.

The most basic question is not what is best but who shall decide what is best.

The most basic question is not what is best but who shall decide what is best.