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Thomas Sowell on Economic Facts and Fallacies

EconTalk

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The Importance of Asking and Then What

I think that at least half the rhetoric of politicians, especially in the election year, would have to disappear into thin air if people started asking, what will be the actual consequence of this? Well, it's an interesting thing as to why people don't ask it more. Part of it's a lack of understanding market forces and the consequences that economists see fairly easily or sometimes hard to see for people who are not trained in economics. I mean, I've been recently reading John Dewey, a renowned philosopher, and yet he's talking about how under capitalism there's this artificial scarcity. And we need to change the institutions you see to deal with that.

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