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Thomas Sowell on Economic Facts and Fallacies

EconTalk

CHAPTER

The Importance of Emotional Reactions

Bad government is a major factor in whether a nation is rich or poor, not whether it has natural resources. What we call a natural resource is what people know how to use. At one time, shisters would foist off land onto unsuspecting people when they knew that the land had oil on it. And of course, once the uses were found, some people who would have been snookered became very wealthy.

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