Stopping illegal immigration would mean that wages would have to rise to a level where Americans would want the jobs currently taken by illegal aliens.
Thomas SowellRead
Capitalism is not an 'ism.' It is closer to being the opposite of an 'ism,' because it is simply the freedom of ordinary people to make whatever economic transactions they can mutually agree to.
Interpretation
Capitalism emphasizes individual freedom in economic transactions rather than being a fixed ideology.
This quote by Thomas Sowell highlights that capitalism should not be viewed as a rigid ideology but rather as a system that promotes the freedom of individuals to engage in economic activities as they see fit. It emphasizes mutual agreements between people in commerce, underscoring the importance of personal choice and voluntary exchanges in fostering economic growth and cooperation.
In practice
In a speech about economic policies, one might utilize this quote to emphasize the importance of personal freedom in market systems.
Stopping illegal immigration would mean that wages would have to rise to a level where Americans would want the jobs currently taken by illegal aliens.
Blacks were not enslaved because they were black but because they were available. Slavery has existed in the world for thousands of years. Whites enslaved other whites in Europe for centuries before the first black was brought to the Western hemisphere. Asians enslaved Europeans. Asians enslaved other Asians. Africans enslaved other Africans, and indeed even today in North Africa, blacks continue to enslave blacks.
One of the reasons for conspiracy theories is an assumption that people in high places always know what they are doing. When they do something that makes no sense, devious reasons are imagined by conspiracy theorists, when in fact it may be due to plain old ignorance and incompetence.
You will never understand bureaucracies until you understand that for bureaucrats procedure is everything and outcomes are nothing.
The real problem, both in discussions of mass shootings and in discussions of gun control, is that too many people are too committed to a vision to allow mere facts to interfere with their beliefs, and the sense of superiority that those beliefs give them.
Why is history important? Without history, many people have no idea how many of today's half-baked ideas have been tried, again and again - and have repeatedly led to disaster. Most of these ideas are not new. They are just being recycled with re-treaded rhetoric.
Modern economics is a set of formal models and equations purporting to fully determine human behaviour, at least in the economic realm. And there is no way that uncertainty can be compressed into determinate mathematical models.
No pecuniary consideration is more urgent, than the regular redemption and discharge of the public debt: on none can delay be more injurious, or an economy of time more valuable.
If farming were to be organised like the stock market, a farmer would sell his farm in the morning when it was raining, only to buy it back in the afternoon when the sun came out.
Crony capitalism is much easier than competing in an open market. But it erodes our overall standard of living and stifles entrepreneurs by rewarding the politically favored rather than those who provide what consumers want.
In reality there is no such thing as an inflation of prices, relatively to gold. There is such a thing as a depreciated paper currency.
Most of economics can be summarized in four words: 'People respond to incentives.' The rest is commentary.
Subscribe for the occasional hand-picked quote. No noise.