“Because wages and salaries are so important in the lives of most individuals, there is a tendency to look at earnings from work solely from the standpoint of the individuals receiving those earnings. However, this overlooks the important role of the price of labor in allocating resources in […]
“It would be comforting to believe that the government can simply decree higher pay for low-wage workers, without having to worry about unfortunate repercussions, but the preponderance of evidence indicates that labor is not exempt from the basic economic principle that artificially high prices cause surpluses.” Sowell, T. […]
“The truth will set you free, but first it will make you miserable.” – President James A. Garfield
“It is an object of vast magnitude that systems of education should be adopted and pursued which may not only diffuse a knowledge of the sciences but may implant in the minds of the American youth the principles of virtue and of liberty and inspire them with just […]
“When economic decisions are taken out of the hands of individuals operating in a market and put into the hands of expert on planning commissions and the like, this may be thought of as a transfer of decision-making power from those with less knowledge to those with more […]
“For the economy as a whole, profits are a minor item, about 10 percent of what the American economy produces, for example. But it is a major item as an incentive to efficiency in producing the other 90 percent.” (Sowell, 2007, pp. 173). Sowell, T. (2007). Basic Economics. […]
“While capitalism has a visible cost – profit – that does not exist under socialism, socialism has an invisible cost – inefficiency – that gets weeded out by losses and bankruptcy under capitalism” (Sowell, 2007, pp. 112). Sowell, T. (2007). Basic Economics. New York: Perseus Books Group.