Tag Archives: Basic Economics

Dr. Jennifer Roback Morse lectures on basic economics

Dr. Jennifer Roback Morse
Dr. Jennifer Roback Morse

Here is a podcast on basic economics from Dr. Jennifer Roback Morse.

About the speaker:

Dr. Morse is the founder of the Ruth Institute, a global non-profit organization focused on keeping the family together, protecting the rights of children and helping the millions of people who have been harmed by family breakdown.

She has authored or co-authored four books and spoken around the globe on marriage, family and human sexuality. Her work has been translated into Spanish, Chinese, Korean and Polish. Her newest book is The Sexual Revolution and Its Victims.

She earned her Ph.D. at the University of Rochester and taught economics at Yale and George Mason Universities.

A bit more about her economics credentials: Dr. Morse served as a Research Fellow for Stanford University’s Hoover Institution from 1997-2005. She received her Ph.D. in economics from the University of Rochester in 1980 and spent a postdoctoral year at the University of Chicago during 1979-80. She taught economics at Yale University and George Mason University for 15 years.

The MP3 file is here. (49 minutes)

Topics:

  • The study of economics is anti-postmodern – there is objective truth independent of what people think
  • The study of economics believes in fixed principles of human nature
  • Economics studies the allocation of scarce resources that have alternative uses
  • Economics studies how people exchange resources
  • How both people who engage in a voluntary trade always believe that they will be better off
  • How both people who engage in a voluntary trade both benefit from the exchange
  • How incentives motivate people to act
  • Understanding supply and demand
  • Understanding how “free” government services are rationed
  • Understanding opportunity costs
  • How prices signal producers to produce more or less, and consumers to buy or not buy
  • Market-driven prices versus price controls
  • The role of substitution
  • The necessity of allowing failure in a free market

The requirements of economic growth:

  • private property
  • contracts
  • the profit motive
  • competition
  • free trade
  • entrepreneurship, creativity and innovation
  • the rule of law

If you want to learn more about basic economics, I recommend picking up a book or two by Thomas Sowell – the first book I usually give away is “Intellectuals and Society”, and then next “Basic Economics”. A shorter introduction is “The Politically Incorrect Guide to Capitalism” by Robert Murphy. You can find a good list of books on the website of The Institute for Faith, Work and Economics.

I think it’s important for Christians to understand basic economics, because so much of the impact we have depends not only on our personal finances, but on our ability to promote economics policies that will affect our personal finances. For example, whether you have a job or not depends on economic policy. Whether you can get food and other required resources depends on economic policy. Often, big-government regimes with poor economic policies (e.g. – North Korea) will make it impossible for you to have other liberties, like religious freedom.

Just think about how hard it would be for you to pursue a Christian life plan in a place like Venezuela, where your priorities would not be apologetics, but just finding food and avoiding death and theft at the hands of criminals. Closer to home, we are now seeing Seattle restaurant workers having their hours cut and even losing their jobs – because they decided to raise the minimum wage rate (bad economics).

Excerpt:

This latest study from the UW team looks at the effects of both the first and second jumps. The second jump, in January 2016, raised the minimum wage to $10.50 to $13. (The minimum wage has since gone up again, to the current $11 to $15. It goes up again in January to $11.50 to $15.)

The team concluded that the second jump had a far greater impact, boosting pay in low-wage jobs by about 3 percent since 2014 but also resulting in a 9 percent reduction in hours worked in such jobs. That resulted in a 6 percent drop in what employers collectively pay — and what workers earn — for those low-wage jobs.

For an average low-wage worker in Seattle, that translates into a loss of about $125 per month per job.

“If you’re a low-skilled worker with one of those jobs, $125 a month is a sizable amount of money,” said Mark Long, a UW public-policy professor and one of the authors of the report. “It can be the difference between being able to pay your rent and not being able to pay your rent.”

The report also estimated that there are about 5,000 fewer low-wage jobs in the city than there would have been without the law.

As I blogged previously, 93% of economists agree that raising the minimum wage hurts job seekers. It actually hurts young and/or minority job seekers the most, because they are the ones looking for entry-level jobs. That is why in countries that have embraced bad economic policies, the unemployment rates for young people are at or above 50%.

Youth unemployment in socialist countries
Youth unemployment in socialist countries

Look at what the far-left UK Guardian says:

In Greece, 59.2% of under-25s are out of work. In Spain, youth unemployment stands at 56.5%; in Italy, it hovers around 40%.

[…]In the words of Enrico Giovannini, Italy’s employment minister, this is a disaster all the more shocking because it is hitting Europe’s best-educated generation: in Spain, nearly 40% of people in their 20s and early 30s have degrees; in Greece it’s 30%; in Italy, more than 20%.

Having an education isn’t what gets you a job. What gets you a job are the economic policies that make it viable for an entrepreneur to risk their capital in the hope of being able to keep more of what they earn – instead of paying it to the government so that bureaucrats can spend it on social programs.

Imagine it was you who lost your job or couldn’t find work due to bad economic policy. Think of how that would affect your ability to even drive to church on Sundays, or purchase a Bible, much less being able to organize an apologetics event at the university and pay for a speaker to fly in and stay in a hotel. Economics is important for Christians to understand, because so much of our influence and effectiveness depends on it.

Why don’t young Americans understand the effects of socialist policies?

Supermarket shelves empty thanks to socialist policies
Supermarket shelves empty thanks to socialist policies

Here is an interesting article by Kathryn Blackhurst, writing for LifeZette.com. The article reports on how the mainstream media has covered the situation in Venezuela, which has been under socialist rule for decades.

Kathryn explains:

Out of approximately 50,000 total evening news stories on ABC, CBS and NBC combined in the last four years, just 25 have covered the ongoing crisis in socialist Venezuela, according to a Media Research Center study published Tuesday.

After Venezuela’s former socialist president, Hugo Chávez, passed away in March 2013, the country has spiraled into economic disaster and civil chaos. So far in 2017, more than 50 Venezuelans have been killed during protests against current Venezuelan President Nicolás Maduro and his socialist policies. Many Venezuelans are starving due to shortages of food and other essentials. The country’s inflation rate is set to surpass 700 percent and 25 percent of Venezuelans will be unemployed.

“Yet the Big Three evening newscasts have tried to pretend this crisis does not exist, offering virtually no coverage as the situation has deteriorated over the past four years,” MRC Research Analyst Mike Ciandella wrote.

“The networks have also been reluctant to attach the ‘socialist’ label to Venezuela’s government, and have utterly failed to criticize liberal politicians and celebrities who have praised the Chávez and Maduro regimes,” Ciandella added.

Indeed, out of the 50,000 total evening news stories on the three networks, just 25 covered Venezuela, and only seven mentioned “socialism.” In addition, NBC Nightly News only broadcast 13 stories spanning 16 minutes and 54 seconds, ABC’s World News only covered 8 minutes and 34 seconds over seven stories, and CBS Evening News only offered 3 minutes and 11 seconds over five stories.

“The network evening news programs seem allergic to reporting on the ongoing crisis in Venezuela,” Ciandella told LifeZette in an email. “Even worse, the few times they have managed to cover the widespread poverty, starvation and government oppression in that country, they somehow find ways to do that without mentioning the word ‘socialism.’”

That’s why your children can go through public schools and consume mainstream media news without ever understanding what effects follow from left-wing socialist economic policies. There just isn’t anyone intelligent and honest enough in the mainstream media to give the historical context that explains what policies were tried in the past, which resulted in the effects in the present.

Over 100,000 Venezuelans pouring into Colombia from the Venezuela in order to buy food
Over 100,000 Venezuelans pouring into Colombia from the Venezuela in order to buy food

Economist Stephen Moore has more about the situation in Venezuela, in this Investors Business Daily article.

He writes:

Venezuela is a human rights crisis of epic proportions ‎with mass hunger, mass poverty, despair, ghetto upon ghetto, and a mass exodus of private businesses and anyone with money. There are no rich and no evil corporations to loot anymore. The inflation rate is almost 500% as the currency is now about as valuable as Monopoly money.

The Wall Street Journal reports that Venezuela now employs 100,000 security forces — not to repel foreign threats or invaders, but to keep the government leaders like corrupt president Nicolas Maduro safe from their own citizens. Adjusted for population size, this would be the equivalent of one million Americans employed every day to stop riots in the streets. More than 40 protesters have been shot so far this year by the guardsmen.

The average pay has fallen to less than $50 — not per day, or per week, but per month. How’s that for a minimum wage?  ‎The people eat dogs if they can find them and the world was shocked by the story earlier this year of the raid on the municipal zoo to eat the animals. How bad off does a population have to be to start carving up elephant meat?

The burgeoning resistance throws molotov cocktails, rocks and even human feces at the security forces during the nonstop rioting. It’s like a scene out of an HBO movie. “I don’t fear death because this life is crap,” one protester told the WSJ.

[…]What is stunning about this story is that this is a nation that was once one of the wealthiest places in South America. Unlike places such as Subsaharan Africa where extreme poverty is the norm,  there is no excuse for Venezuala’s steep fall into the abyss because this is a resource-rich nation.

Under thug Hugo Chavez the former socialist dictator, Venezuela began its relentless conquest of private wealth and it’s process of nationalizing private enterprises. Chavez was lionized by the American left and the Hollywood elite — Sean Penn and Chavez were BFFs — for his “progressive” policies.

There’s literally no difference between the views of Chavez and Maduro and mainstream Democrat economic policy in the United States. They’re just further along the road to serfdom than we are, because their population is less economically literate than we are. For now.

I’d be willing to bet that many of these starving protestors in Venezuela voted over and over again for the socialists. That’s what happens when people vote with their feelings instead of knowledge of basic economics. But where would ignorant Venezuelans have picked up a knowledge of basic economics? Come to think of it… where would ignorant American millenials, who hold entire conversations in memes, pick up a knowledge of basic economics? They certainly wouldn’t get it from public schools teachers or the mainstream media “journalists”.

Analysis: how much did each Obamacare mandate drive up health insurance premiums?

How each Obamacare mandate affected the health insurance premiums
How each Obamacare mandate affected the health insurance premiums

Since 2010, we were inundated with reports and studies from various groups that argued that the new mandates in Obamacare would drive up the cost of health insurance. And that was actually observed to happen. Year after year, health insurance costs rose – usually by double digits. We knew why this was happening, too: Obamacare required health insurers to cover more conditions, many of them not even related to health insurance.

Here is an an analysis of which mandates caused health insurance costs to rise the most from the Daily Signal.

Excerpt:

Obamacare caused premiums to rise for various reasons, chief among them being the vast new regulations the law imposed on insurance markets. A new analysis from Milliman backs this up. The study provided estimates of the average impact that various Obamacare regulations had on premiums.

[…]Changes in morbidity (or the sickness of the population) due to newly uninsured by itself caused 4 percent increases in premiums nationally, but in Ohio it raised premiums by 35-40 percent.

Age is also a factor in premium prices, and Obamacare disrupted the natural order by dictating the age banding, which disproportionately harmed young people. (Age banding here refers to how much the most expensive plans can be in comparison to the cheapest.)

Before Obamacare, the national rate of age banding was 1-to-5. In other words, the most expensive plan was five times more costly than the cheapest plan, with expense increasing with age.

Obamacare mandated that the rate be set at 1-to-3, so that the most expensive plan could be no more than three times as expensive. While elderly people’s premiums might have seen fewer increases—which is both due to banding and the fact that Obamacare is close to a death spiral—young people have suffered.

Overall, young people can expect to have rate increases between 58.9 percent and 91.8 percent using national averages. However, not every state had a 1-to-5 age band.

In places like Ohio, the effects are far worse—it had a 1-to-6 age band. Even accounting for the differences in its population from the national average, young people in Ohio can still expect to pay an average of 7.7 percent more on top of other increases.

In addition to this “youth tax,” mandates like the “essential health benefits” and actuarial requirements further punish all Americans with benefits that they don’t need, at prices they can’t afford. While in places like Maryland these mandates might only contribute 8 to 10 percent to premium increases, nationally they raise premiums by an average of 16.5 percent, up to 32 percent.

Overall, accounting for gender, age, and the relative proportions of all those groups, Americans are paying 44.5 to 68 percent more in premiums owing just to Title I regulations. That number is even higher when factoring all the other adverse effects of Obamacare.

Notice that “guaranteed issue”, which is so popular with those who feel that they can somehow be generous by spending other people’s money, is one of the biggest drivers of health insurance costs. When pollsters ask people whether they want to keep these provisions, they mostly say yes. But when the pollsters ask whether they want to keep these provisions if it means that their own health insurance costs will go up, they mostly say no. It’s amazing how American voters, especially Democrats, love the idea of spending other people’s money. As long as they don’t have to pay for it, then it’s a great idea to spend someone else’s money in order to buy the feeling (and the peer approval) of being generous and compassionate.

And after 8 years of Obama offering that feeling to his supporters, we now have a national debt of $20 trillion, instead of $10 trillion. Mind you, in decades of asking my co-workers, I’ve never yet met one Democrat who could tell me what the national debt was. I guess that would interrupt their feelings of generosity and compassion.

 

 

New study: in 2017, minimum wage increases will cost 383,000 low income jobs

I have a key that will unlock a puzzling mystery
I have a key that will unlock a puzzling mystery

Is raising the minimum wage a good idea? Where would the money come from for the higher wages? Would job creators be able to afford to pay people more for the same level of productivity?

Investors Business Daily discusses a new study about the minimum wage increases that will take effect in 2017:

One of the most vexing economic issues today is the minimum wage. For many, the failure to raise the minimum wage to $15 or higher is a sign of our nation’s stinginess and an essential part of the fight for income equality. However, the truth, sad to say, is quite different, as a new study shows.

The study by the American Action Forum, a nonpartisan think tank led by former Congressional Budget Office Director Douglas Holtz-Eakin, looked at minimum-wage hikes scheduled to take effect in the coming years in 14 states and the nation’s capital and found they will “cost millions of jobs across the country and each lost job only leads to total wage earnings rising by a few thousand dollars.”

The reason is simple: When you raise the minimum wage of low-skilled, low-productivity labor — a group that disproportionately includes young minority males — you inevitably destroy jobs. No business will hire someone and pay him more than he’s worth.

So all those states might think they’re helping the downtrodden and the poor, and striking a blow for equality by mandating higher wages, but they’re doing just the opposite: Pricing many young people out of entry-level jobs.

The study estimates that minimum-wage hikes in just 2017 will kill off 383,000 low-end jobs. When phased in over a series of years, the losses become truly big: 2.6 million jobs. But wait, won’t the minimum-wage hike at least boost incomes?

Yes, but not much. For each job lost, earnings for the employees affected by the increase would go up just $6,900.

“While proposals to raise the minimum wage are well intended, it is important to consider the negative labor market consequences,” the report said. “A 10% increase in the real minimum wage is associated with a 0.3 to 0.5 percentage-point decline in the net job rate.”

What will happen when all of these young workers come out of high school and cannot find entry level jobs? Answer: they will have to get money through crime or black market or by collecting welfare. That’s how you earn money if you can’t get employment through legal means.

If we left the minimum wage low, they would be able to find entry level jobs and move up the ladder, perhaps by taking classes at night, like my parents did. My Dad was able to earn his Bachelor’s degree by working in a flower shop and as a security guard for minimal pay. Then he was able to find full-time work that allowed him to have another child, i.e. – me. My parents married first, got jobs, then had children later. But they relied on the availability of entry level jobs in order to work that plan through.

It’s very important to understand that not everyone who INTENDS to help the poor really ACHIEVES helping the poor. I really hope that Americans start to understand from disasters like Obamacare that you cannot let economic illiterates drive policy decisions. No matter how good the happy-talk sounds when read off of a teleprompter, there is no getting around the laws of economics.

Thomas Sowell, America’s most influential public intellectual, announces retirement

Economist Thomas Sowell
Economist Thomas Sowell changed the minds of a generation of young people, including me

I had written enough posts to carry me through the Christmas and New Year’s vacation. But then something happened that caused me to come off vacation and postpone today’s scheduled post in order to write about the retirement of a man who influenced my worldview as much as anyone has. And I am not exaggerating when I say that this man contributed the most of anyone to the economic views of libertarians and conservatives. (Although his views on social and foreign policy issues were largely conservative, as well). I never disagreed with his views, or maybe it’s just that he always convinced me to change to agree with him. He’s that kind of man – if you liked having a friend who knew how to think through just about anything, then this was the guy for you.

But now he has announced his retirement. Here is his farewell column. (H/T Mary)

Excerpt:

After enjoying a quarter of a century of writing this column for Creators Syndicate, I have decided to stop. Age 86 is well past the usual retirement age, so the question is not why I am quitting, but why I kept at it so long.

[…]Looking back over the years, as old-timers are apt to do, I see huge changes, both for the better and for the worse.

In material things, there has been almost unbelievable progress. Most Americans did not have refrigerators back in 1930, when I was born. Television was little more than an experiment, and such things as air-conditioning or air travel were only for the very rich.

My own family did not have electricity or hot running water, in my early childhood, which was not unusual for blacks in the South in those days.

It is hard to convey to today’s generation the fear that the paralyzing disease of polio inspired, until vaccines put an abrupt end to its long reign of terror in the 1950s.

[…]Most people living in officially defined poverty in the 21st century have things like cable television, microwave ovens and air-conditioning. Most Americans did not have such things, as late as the 1980s. People whom the intelligentsia continue to call the “have-nots” today have things that the “haves” did not have, just a generation ago.

[…]With all the advances of blacks over the years, nothing so brought home to me the social degeneration in black ghettoes like a visit to a Harlem high school some years ago.

When I looked out the window at the park across the street, I mentioned that, as a child, I used to walk my dog in that park. Looks of horror came over the students’ faces, at the thought of a kid going into the hell hole which that park had become in their time.

When I have mentioned sleeping out on a fire escape in Harlem during hot summer nights, before most people could afford air-conditioning, young people have looked at me like I was a man from Mars. But blacks and whites alike had been sleeping out on fire escapes in New York since the 19th century. They did not have to contend with gunshots flying around during the night.

We cannot return to the past, even if we wanted to, but let us hope that we can learn something from the past to make for a better present and future.

It’s a tragedy that Thomas Sowell is not more recognized in our culture. Thomas Sowell makes public appearances, but mostly to conservatives. Although I am not a Rush Limbaugh listener, I once heard Thomas Sowell sitting in for Rush, and he had another conservative black economist Walter Williams on with him. Rank-and-file conservatives bought Sowell’s books by the bushel and we went through them one after another. The first girl I ever dated went though 6 Thomas Sowell books in 2 months, then enrolled in university to study economics. That’s the kind of effect that Thomas Sowell had on people – you couldn’t read just one of his books. You read as many as you get from the public library, then you read all could afford to buy. Then you asked for them on birthdays and Christmases from your dumbfounded liberal relatives. It was fresh air – you read Thomas Sowell to get the lies and dishonesty of the progressive culture out of your mind.

But most people on the left have never heard of Thomas Sowell. Despite Sowell’s splendid scholarly credentials and academic publications, the leftist gatekeepers don’t want their liberal followers to know that the real intellect behind economic conservative is a black economist. Instead of fighting against Sowell’s ideas, their response has been to ignore him.

Let’s take a quick look at some of the institutions who are recognizing the great man’s retirement.

The American Enterprise Institute called it “the end of an era”:

In my opinion, there is no economist alive today who has done more to eloquently, articulately, and persuasively advance the principles of economic freedom, limited government, individual liberty, and a free society than Thomas Sowell. In terms of both his quantity of work (at least 40 books and several thousand newspaper columns) and the consistently excellent and crystal-clear quality of his writing, I don’t think any living free-market economist even comes close to matching Sowell’s prolific record of writing about economics. And I don’t think there is any writer today, economist or non-economist, who can match Thomas Sowell’s “idea density” and his ability to consistently pack so much profound economic wisdom into a single sentence and a single paragraph.

Even at 86 years old, Thomas Sowell has remained intellectually active with his syndicated newspaper columns and the publication last year of his 40th book — Wealth, Poverty and Politics: An International Perspective — which was, amazingly, his 13th book in the last decade! To honor Thomas Sowell’s well-deserved retirement from writing his invaluable weekly column for the last quarter century, I present below some of my favorite quotations from Dr. Thomas Sowell (most were featured on a CD post in June on Sowell’s birthday) and a bonus video of the great economist:

I had to choose just a few of these, so here goes:

6. Politicians as Santa Claus. The big question that seldom— if ever— gets asked in the mainstream media is whether these are a net increase in jobs. Since the only resources that the government has are the resources it takes from the private sector, using those resources to create jobs means reducing the resources available to create jobs in the private sector.

So long as most people do not look beyond superficial appearances, politicians can get away with playing Santa Claus on all sorts of issues, while leaving havoc in their wake— such as growing unemployment, despite all the jobs being “created.”

If you show or read the quote below to anyone who is a serious conservative, they will immediately tell you that the author is Thomas Sowell, or someone summarizing Sowell’s work:

10. The Anointed Ones. In their haste to be wiser and nobler than others, the anointed have misconceived two basic issues. They seem to assume: 1) that they have more knowledge than the average member of the benighted, and 2) that this is the relevant comparison. The real comparison, however, is not between the knowledge possessed by the average member of the educated elite versus the average member of the general public, but rather the total direct knowledge brought to bear through social processes (the competition of the marketplace, social sorting, etc.), involving millions of people, versus the secondhand knowledge of generalities possessed by a smaller elite group.

The vision of the anointed is one in which ills as poverty, irresponsible sex, and crime derive primarily from ‘society,’ rather than from individual choices and behavior. To believe in personal responsibility would be to destroy the whole special role of the anointed, whose vision casts them in the role of rescuers of people treated unfairly by ‘society.’

Celebrating entrepreneurs:

12. Helping the Poor. It was Thomas Edison who brought us electricity, not the Sierra Club. It was the Wright brothers who got us off the ground, not the Federal Aviation Administration. It was Henry Ford who ended the isolation of millions of Americans by making the automobile affordable, not Ralph Nader.

Those who have helped the poor the most have not been those who have gone around loudly expressing “compassion” for the poor, but those who found ways to make industry more productive and distribution more efficient, so that the poor of today can afford things that the affluent of yesterday could only dream about.

Distinctions like this is what gave so many ordinary people the desire to read more and more of Thomas Sowell to clean popular culture socialist pablum out of their minds:

13. Income Mobility. Only by focusing on the income brackets, instead of the actual people moving between those brackets, have the intelligentsia been able to verbally create a “problem” for which a “solution” is necessary. They have created a powerful vision of “classes” with “disparities” and “inequities” in income, caused by “barriers” created by “society.” But the routine rise of millions of people out of the lowest quintile over time makes a mockery of the “barriers” assumed by many, if not most, of the intelligentsia.

Everything becomes clear – as spiderwebs – with a little Thomas Sowell. And for evidence, he used the best studies from all over the world, from across all different times and places, so that you always had the evidence at your fingertips. His books are filled with footnotes for further study.

The Weekly Standard

The Weekly Standard has an article entitled “Thomas Sowell, America’s Greatest Public Intellectual, Says ‘Farewell'” by Fred Barnes.

Excerpt:

Thomas Sowell is giving up his column. I can think of lots of columnists whose writing we wouldn’t miss. Sowell isn’t one of them. Every column he wrote in a quarter-century career as a columnist was eminently worth reading. I say this having read nearly every one of them.

What made his columns so good? He wrote with sparkling clarity. He relied on facts. He didn’t showcase his scholarship, but his range of subjects was impressive. He understood his readers and didn’t write down to them. He was prolific. He wrote two columns a week and, when he had more to say, sometimes three or four. Best of all, he analyzed things from conservative—and somewhat libertarian—perspective better than anyone else and in fewer words.

If you wanted more words, you could always look to his books, and that’s what my friends and I did.

National Review

National Review has an article entitled “Thank You, Professor Sowell” by Michelle Malkin. They also re-posted an article from 2011, entitled “A Lion in High Summer”.

One quote from Michelle Malkin:

I first read Thomas Sowell in college — no thanks to my college.

At the majority of America’s institutions of “higher learning,” reading Thomas Sowell was a subversive act in the early 1990s when I was a student. It remains so today. Why? Because the prolific libertarian economist’s vast body of work is a clarion rejection of all that the liberal intelligentsia hold dear.

[…]The former leftist playwright David Mamet, in his 2008 manifesto “Why I Am No Longer a Brain-Dead Liberal,” cited his exposure to Sowell, whom he dubbed “our greatest contemporary philosopher,” as a critical factor in his conversion. Whether tackling the “bait and switch media,” the “organized noisemakers,” or the lawless enablers of “social disintegration,” Thomas Sowell’s dozens of academic books and thousands of newspaper columns have sparked generations of his readers across the political spectrum to think independently and challenge imposed visions.

Asked once how he would like to be remembered, Sowell responded: “Oh, heavens, I’m not sure I want to be particularly remembered. I would like the ideas that I’ve put out there to be remembered.” Mission accomplished. Though it has been decades since he taught in a formal classroom, his students are legion.

This is where today’s conservatives came from – we read the Thomas Sowell. Many conservatives (e.g. – Michelle and myself) came from non-white families and cultures, just like Sowell. We were convinced to give up on the socialism popular in our families and cultures by his writing. He convinced himself, then he convinced us. In contrast, there isn’t much convincing on the secular left – most people just accept secular leftism in order to be liked – it’s not cognitive, it’s just virtue signaling. Conservatives are convinced by Thomas Sowell’s writing, whereas liberals blindly follow Hollywood celebrities. It’s just tribalism.

Ben Shapiro

Jewish conservative Ben Shapiro wrote an article in The Daily Wire entitled “Farewell to Thomas Sowell, Dean of Conservative Columnists”.

One excerpt:

In what we can only hope is the final heartbreak of 2016, Senior Fellow at the Hoover Institution Thomas Sowell announced his retirement from his syndicated column. Sowell isn’t just one of the great thinkers of our time. He’s a genuine voice of decency and truth in a time when screaming and hysterics gain headlines. His voice will be missed every week.

[…]For years, I’ve named Sowell as the man I’d most love to see as president. That doesn’t end just because his column has.

At the end, he lists his favorite Thomas Sowell books.

That’s to show you how real conservatives like Ben Shapiro who are having a real influence (his podcast is the #1 conservative podcast, it has exploded in popularity) were influenced by Thomas Sowell. Shapiro always says that people new to conservatism should always start with a study of basic economics, e.g. – books by Thomas Sowell. No one in my own family started out conservative. I read Thomas Sowell, then they read Thomas Sowell. That’s how we became conservatives.

Wintery Knight

I’m busy cleaning stuff out of my parents basement this holiday season. This trip, I am taking some of my books back with me. I made the choices about what to take before I saw Sowell’s retirement. Without any sentiment at all, I chose:

  • Basic Economics, 4th edition
  • Applied Economics, 2nd edition
  • Economics Facts and Fallacies, 2nd edition
  • Intellectuals and Society, 2nd edition
  • The Housing Boom and Bust, 2nd edition
  • Inside American Education
  • A Personal Odyssey
  • A Conflict of Visions
  • The Vision of the Anointed (best book for beginners)
  • Barbarians Inside the Gates
  • Black Rednecks and White Liberals

I am leaving my second edition of Basic Economics for my Dad. I understand that a new 5th edition is now out, and I might get that. I have many, many more on audio books – I buy all the audio books editions that I can get, and listen to them over and over. This is where my worldview on economic issues (not to mention marriage, gun rights, education, war, etc.) came from.