Thomas Sowell on the Myths of Economic Inequality – IOTW Report

Thomas Sowell on the Myths of Economic Inequality

Recorded on November 15, 2018

Thomas Sowell discusses economic inequality, racial inequality, and the myths that have continued to falsely describe the system of poverty among different racial and economic classes.

He explains the economic theories behind these pervasive myths and proposes fact-based solutions for seemingly intractable situations. Sowell discusses his early life as a high school dropout and his first full-time job as a Western Union messenger delivering telegrams.

He admits to flirting with Marxism in his early twenties as he first tried to grapple with the housing inequality he saw across the neighborhoods of New York City. Marxism, he says, was the only explanation he could find at the time. He went on to serve in the Marine Corps before continuing his education in economics at Harvard and earning a master’s at Columbia and a PhD at the University of Chicago. Sowell’s first job after his receiving his PhD in economics was working for the Department of Labor, and he says it was there that he realized Marxism was not the answer.

He argues that the government has its own institutional interests in inequality that cannot be explained through Marxism.

He began to be discouraged by Marxism and the government in general and began searching for better economic ideas and solutions (the free market). Robinson and Sowell discuss Sowell’s written works, his ideas of racial and economic inequality, the state of the United States today, and much more.
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10 Comments on Thomas Sowell on the Myths of Economic Inequality

  1. You mean like: Coming from a family that respects education? Participates in their children’s education?
    Like encouraging success?

    No, that can’t matter

    5
  2. Love Thomas Sowell.
    He puts the responsibility for one’s own success back on the individual.
    He makes so much sense.
    I’d like to see him on shows like Tucker and Hannity and on Fox Business.

    7
  3. The Man is brilliant.

    I’m right in the middle of “black Rednecks, White Liberals” It’s fantastic.

    I started with “Trickle Down Theory and Tax Cuts for the Rich”

    it’s only 13 Pages…and it nails it.

    4
  4. When all other excuses are exhausted, that is when lack of individual responsibility will become evident. Having a government that rewards the lack of responsibility by giving hand-outs instead of a hand up, only perpetuates irresponsible behaviors. Only a fool would think that this is not done with intent by those in our government who realize that dependent voters will always choose the perpetuation of their dependency. Considering that there are still a majority that actually believe there are 2 parties, none of this surprises me.

    2
  5. 60 years ago I studied Econ. there was a famous(to conservatives)/infamous (to the Rove/Bush folk) group of grad students known as “The Chicago Boys”. BTW they WERE ALL AMERICANS – the left is spreading “fake news”(can you believe it.) that they were not Americans!

    the leader was IMHO the greatest American Economist ever! Dr. M. Friedman. One of Milt’s students as an exJarhead( like me, one of the good 1s – not like GWB’s Mueller!) named Thom Sowell!

    Dr. Sowell learned from the best decades ago!
    I Think all the “Boys” believed 60 years ago in “The invisible Hand Of God”. Tom still does. AS would Milt were he living!

    5
  6. @Bobcat — That is one of the first Sowell books I read, “Black Rednecks…”. It was a fascinating and comprehensive (for a collection of short essays) account.

    (It took several weeks for the Seattle/King Co. library system to dig that book up for me because there were only about three copies available, system-wide!)

    Fur, thanks for posting this. I’ve been eyeballing that video for about a week on YT, but I haven’t listened to it yet. I made the mistake the other night of trying to listen to a Sowell audiobook on the statistical makeup and history of worldwide black slavery. Although it was late in the evening, I would challenge anyone to listen to that book at any time and not nod off.

    2
  7. I’ve been watching Milton Friedman’s Freedom to Choose series from 1980 and Thomas Sowell was part of the discussion group on the Cradle to Grave episode. Definitely worth watching. Brilliant mind along with Friedman.

    2

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