Thomas Sol is the Rose and Milton Friedman Senior Fellow at Stanford University's Hoover Institution. His latest book, Economic Facts and Fallacies, refutes some of the most common fallacies we hear all too often. He explains how a lot of people believe that the standard of living of the average American is no higher than it was 35 years ago. The per capita income really gives you a more meaningful figure than the household income.
Thomas Sowell of Stanford University's Hoover Institution talks with EconTalk host Russ Roberts about the ideas in his new book, Economic Facts and Fallacies. He discusses the misleading nature of measured income inequality, CEO pay, why nations grow or stay poor, the role of intellectuals and experts in designing public policy, and immigration.