The U.S. has invested less in Sub-Saharan Africa than it does Canada or Western Europe, says Peter Bergen. The West is not impoverishing the people of these countries because they have better alternatives to work for low wages, he says. He argues that child labor laws and minimum wage laws are a big part of why we see kids selling dope on the street instead of finding legitimate jobs.
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.