
Thomas Sowell on Economic Facts and Fallacies
EconTalk
The Zero Sum Fallacy
I think tragically a lot of people look at corporate profits as exploitation of consumers. And similarly they have this weird idea that corporate pay, CEO pay, comes at someone's expense. So we have all these comparisons that we see in the media typically about this group's income being a fraction of that group's income. Why are those group comparisons so misleading? Because there was never any reason to expect the group to be the same in the first place. People who are 40 years old usually make a lot more money than people who are 20 years old.
00:00
Transcript
Play full episode
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.