Read his autobiography. Excellent, just as one would expect. Makes you respect the man even more. What a treasure Sowell is.
Man, this is awesome! I'm glad I found this. I didn't know Milton was a Keynesian or that Sowell started out as a Marxist, but knowing this only lends more validity and credibility to his current views and understanding of the free market.
The quote at 7:50 about institutional interest instead of the interest of others is so profound and saddening.
And at the end, "I wasn't prepared to keep on explaining away the evidence."
Respect to Thomas Sowell.
Investigation and prosecution of various minimum wage law violations probably accounted for one-third of the department's activity. Since bureaucracies (at management level) are primarily concerned about self-perpetuation and expansion, they had no interest in whether minimum wage really helps those it purports to serve.
To add to what he was saying at 7:35, one thing I've learned in life is that not everybody is truly interested in knowing objective truth, but rather, more often than not, wish only to give false validation to their preconceived notions, and to defend them at all costs regardless of how inaccurate they may be, and these kinds of people scare the fuck out of me.
Unwilling to explain away the evidence. That is what makes Dr.Sowell a true intellectual rather than an ideologue.
I'm just wondering. How did the minimum wage law provide one third of funding for the labor department? 7:34
Highly astute, my friend. Couldn't have said it better myself.
"other peoples well being would never be the priority of politicians and beurocrats" SPOKEN LIKE A MARXIST BRO
Tom is the man
My youtube id shows my respect for you!
thomas sowell is the man!!
The old socialist solution to that would be to issue money with a 'use-by date', which like most commodities, would be impossible to hoard indefinitely. The modern solution is a fiat monetary system.