I was shocked by that Saudi Arabia number because I sort of had the impression that they were, I think of Saudi Arabia as a wealthy country. Israel's standard of living is higher than Kuwait's. Israel has no oil. Kuwait has oil. Nigeria has a fair amount of oil. But you know, if you're spending your time shooting each other, you're going to spend a journey for oil. It's not going to do you a lot of good.
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.