Economist Thomas Sowell on the Income Inequality Debate; Socialism Is Disastrous As a Reality

Economist Thomas Sowell on some of the common economic myths and fallacies and the potential long-term economic impact of the rising popularity of socialism. Thomas Sowell said of the U.S. economy, “I do have a great fear that in the long run we may not make it.

Economist Thomas Sowell says there are a thousand reasons why people don’t turn out the same or reach equality. There are no single-reason explanations.

In the first chapter of this book (Discrimination and Disparities), I point out that the first born has higher IQ than his siblings … and later life has more achievements. Among astronauts, for example, of the 29 astronauts in the Apollo program that put a man on the moon, 22 were either the first born or an only child. Now if you can’t get equality among people born to the same parents and raised under the same roof, why in the world would you think you’re going to get it among people who have had such different histories and cultures around the world.

— Economist Thomas Sowell

Sowell said that one of the crucial assumptions of the social justice literature is that in the absence of bias, people would be similar, but they are not similar.

Sowell says politicians act to benefit themselves by working to stay in their political office by telling constituents what they want to hear.

Sowell has a great fear that in the long run we may not make it because of a decline into socialism. He said he may be wrong because of any number of unknown developments that may occur, but he his concerned that the U.S. may very well go down a path of financial ruin by having it’s citizens fall for “wonderful-sounding” rhetoric.

Sowell is the author of “Basic Economics,” “The Vision of the Anointed,” “The Quest for Cosmic Justice” and more.

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