Quintessential Quotes – Thomas Sowell

“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 ways which promote economic efficiency and thereby raise the standard of living in the society as a whole.”

Sowell, T. (2007). Basic Economics. New York: Perseus Books Group.

Quintessential Quotes – Thomas Sowell

“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. (2007). Basic Economics. New York: Perseus Books Group.

Quintessential Quotes – Education in America

“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 and liberal ideas of government and with an inviolable attachment to their own country.”

–Noah Webster, On Education of Youth in America, 1790

This quote was taken from an email from The Patriot Post

Quintessential Quotes – Thomas Sowell

“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 knowledge but it is far more likely to be a transfer of decision-making power to experts with less knowledge and more presumptions” (Sowell, 2007, pp.167-168).

Sowell, T. (2007). Basic Economics. New York: Perseus Books Group.

Quintessential Quotes – Thomas Sowell

“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. New York: Perseus Books Group.

Quintessential Quotes – Thomas Sowell

“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.

CREATIVE DESIGN FROM BROOKLYN

Big or small, we’ve got a solution when you need it. Our advanced service and support tools provide step-by-stepinstructions without being put on hold or waiting in line.