A great quote from Thomas Sowell in Basic Economics: A Citizens Guide to the Economy:

Economics is a study of consequences of various ways of allocating scarce resources which have alternative uses. It is not a study of our hopes and values. (p. 3)

You can see why Thomas Sowell is hated by the left (cue the “Uncle Tom” card). For them, economics is all about hopes and values.  Spread sheets don’t matter, budgets don’t matter, and the national debt is irrelevant. It’s all about feelings (cue the violin solo).

Unfortunately, these feelings are based on Cultural Marxism – they hinge on the oppressor/oppressed model. The people that have things are evil; the people that lack things are noble. It’s a children’s fable, akin to Robin Hood – steal from the rich and give to the poor.

Charity is a noble thing – but only to a worthy cause: a child with a cleft palate, a man with no legs, a homeless veteran, etc. The examples are endless. They deserve our sympathy and perhaps (if we can afford it) a monetary handout; but charity to the deserving and only to the deserving.

Life is about the subtle difference. You have to break down the argument, weigh the evidence, and analyze the fact. It’s a time-consuming process. But it’s a critical one, since your personal well-being is at stake.

Can you spot a real victim from a fake one? The charlatan never sleeps…

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6 thoughts on “Economics is Not About Our Hopes and Values

  1. I really enjoy Thomas Sowell, and have read several of his books. For anyone who approaches his work without their ears stopped and their tongues out, there is a lot to learn from him.

    He is a rare breed.

    1. He explains difficult concepts with clarity. That’s the mark of a great writer and thinker.

      Although Adam Smith’s “Wealth of Nations” is considered a more significant manuscript, I find Sowell’s explanations to be equally as insightful.

  2. Would it be OK if I cross-post5ed this article to WriterBeat.com? I’ll be sure to give you complete credit as the author. There is no fee, I’m simply trying to add more content diversity for our community and I liked what you wrote. If “OK” please let me know via email.

    Autumn
    AutumnCote@WriterBeat.com

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