Thomas Sowell

Leaving prices out of the picture is probably the source of more fallacies in economics than any other single misconception.

Leaving prices out of the picture is probably the source of more fallacies in economics than any other single misconception.

What is ominous is the ease with which some people go from saying that they don't like something to saying read more

What is ominous is the ease with which some people go from saying that they don't like something to saying that the government should forbid it. When you go down that road, don't expect freedom to survive very long.

If you have ever seen a four-year-old trying to lord it over a two-year-old, then you know what the basic read more

If you have ever seen a four-year-old trying to lord it over a two-year-old, then you know what the basic problem of human nature is -- and why government keeps growing larger and ever more intrusive.

Since man does not create physical matter, those who handle material objects in the production process are not producers in read more

Since man does not create physical matter, those who handle material objects in the production process are not producers in that sense. Economic benefits result from the transformation of matter in form, location, or availability (intellectually or temporally). It is these transformations that create economic benefits valued by consumers, and whoever arranges such transformations contributes to the value of things, whether his hands actually come into contact with physical objects or not.

One of the peculiarities of the American Revolution was that its leaders pinned their hopes on the organization of decision-making read more

One of the peculiarities of the American Revolution was that its leaders pinned their hopes on the organization of decision-making units, the structuring of their incentives, and the counterbalancing of the units against one another, rather than on the more usual (and more exciting) principle of substituting "the good guys" for "the bad guys.".