Why Marxism Grows in American Universities and How to STOP It - Thomas Sowell Reacts
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- čas přidán 16. 05. 2024
- Why Marxism Grows Continuously in American Universities - Thomas Sowell Reacts
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Thomas Sowell on Income Disparities: Redistribution of Wealth || Wealth, Poverty and Politics
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Thomas Sowell is an American economist and political commentator. He taught economics at Cornell University, the University of California, Los Angeles, and since 1980 at the Hoover Institution at Stanford University, where he is currently a Senior Fellow.
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More and more government gets less and less done 🤦♂️
Many cooks spoil the broth ,as saying goes. The perfection disappears.
I could listen to this man everyday... and I am close to that.
Thomas Sowell is an unappreciated treasure that I hope someday in the future will be celebrated. He certainly does not get the respect he deserves today.
Great work Dr. Sowell! Scooby snacks for you.
Praying for Israel and the entire Middle East.
My allegiance is to Liberty, and the Repubic.
Genius...
So pleasantly surprising to find a man in his 80's being so cogent and understandable when our current President cannot even read from a teleprompter successfully.
Also nice to hear facts presented without a political bias/
I remember walking five, six and seven miles to save a two-and-a-half cent (50 satang) bus fare.
You're very accurate in your commentary.
This vid should be required watching for all incoming college students.
So, in government, as in most other crimes; follow the money.
Thomas, obliterates the thought "you are too old"...go Sowell.
Marksism sounds good until you live it there is always someone poorer than you taking what you earn and then you stop trying and it will collapse. And experience and wisdom change your mind.
Yes. There's millions of lazy people.
For some, it's a religion.
Ask the Cubans in Florida how nice Marxism is, they lived it until they got a chance to leave.
The notion of scarescity is grandest false axiom in economic teaching. Wealthy people can have anything they want million times over. Furthermore,. You make resource scarescity by misallocating wealth that includes all goods and services. Only when the greatest porpotions of the grand resource is mishanded and maldistributed then you make an artificial scares resources. Example:. If theres is two apples available for 2 people and one gets all two then nothing left for second person. Ergo,. The second person faces a scarescity. Apply this example to the society as large is the same. Millions face scarescity beacuse fewers have plathora of choices with virtually no scarescity.
A scarcity of dollars when everything is priced in dollars. When dollars are borrowed, then more dollars are needed to repay that debt. This requires accumulating more dollars than what was provided initially. This makes dollars more scarce for others. If you have no constraints on the amount of dollars you are able to borrow, then you never have a scarcity of them.
Michael, economics is possible because earth's resources are finite, but human desires are apparently infinite. The allocation of those resources is the economic problem. Wealth is not a resource; it is the result of resources. There is not a fixed amount of wealth on the earth. Wealth is created by productivity. Basic economics can help to explain why 75 years ago, no zillionaire could have heart surgery, yet today every major city can routinely perform bypasses, stents, etc. and many can do heart transplants for people of fairly modest means. The greatest resource that produces wealth is . . . people. Smart, hard-working, driven, imaginative people. The dollars are immaterial; the result is what counts.
What I have observed in my extensive experiances is that generally the people who suffer the greatest scarcity in life sart off with a scarcity of personal effort
There's millions of lazy people wanting free stuff. They love Marx.
Then there's the farmers who grow the apples.
Karl Marx used the word 'depreciation' 35 times in the first two volumes of his major work. But consumers did not buy cars and refrigerators back then. Thomas Sowell did not use the word 'depreciation' a single time in his book *Basic Economics.*
There were 200,000,000 motor vehicles in the United States in 1995. Where did the depreciation go?
Oh yeah nobody bought any goods or services at all in the 1800s 🙄🤡
You're asking how depreciation works? Impermanent assets such as cars and refrigerators lose value as they age, and are less efficient and less pleasing in appearance. The value is determined by what price a buyer will offer for it, whether the owner sells it or not. The depreciation represents how much the value drops after purchase. It doesn't "go" anywhere. That's off the top of my head, so might have left out a thing or two...
@@boli4203
If the depreciation did not GO ANYWHERE then tell us where the data on the annual depreciation of automobiles purchased by American consumers since Sputnik is recorded.
@@psikeyhackr6914 It's the VALUE that decreases. Depreciation actually means "the value that's lost as the asset ages and is used". I have no idea what you're even talking about when you say "Where does it go?". What do you mean by "where is it recorded"?
@@boli4203
What is the Net Domestic Product?
Where is the depreciation of durable consumer goods in that equation?
Economics is not a "dismal science" -- because it is not a science or anything like a science.
Science isn't even like science anymore
@@StinkyGringo True. But economics never was a science. When they cannot agree on basic definitions, they cannot possibly be considered a science. Economists are more like soothsayers than scientists. And their decrees are just about as valid.
Economics depends on aberrant algebra. Durable Consumer Goods like cars and refrigerators get added to GDP. But economists do not subtract the Depreciation of those goods.
There were 200,000,000 motor vehicles in the US in 1995. Notice that our brilliant economists do not talk about Net Domestic Product.
Because human society is still too COMPLEX to be analyzed by nowadays human knowledge.
This is one side of the coin.
The other side is that you cannot deny the possibility of turning economics into science when we have good enough progress in studying complex systems, for example, when computational complexity theory becomes any complexity theory.
@@AkiraNakamoto
Economists are technological illiterates.
I asked a PhD economist to explain how an automobile engine worked. He couldn't even start. But he drove a white SUV.
Try asking an economist the annual depreciation of consumer automobiles in whatever country you are in.
This is not a comment.
Ceci n'est pas une pipe.
@@freesk8 Excellent! Well done. A non-comment on a non-comment, and a classic non-comment as well. .
Merci. Bon chance.
@@kaoskronostyche9939 Thanks, but I have to add the following: "This comment is false." :)
@@freesk8 Very good. Again, well done. Very insightful.
Cheers!
You fell for Marxism because you were an ideas person, not a fact-based person. That's why so many artistic people were communists and far, far fewer engineers were. People won't work harder if they don't benefit from it, and if everybody gets much the same wage, everyone will do the minimum. Because of that, government businesses are nearly always inefficient and ultimately costly. In the end, the USSR collapsed economically because they didn't take human nature into account.
Hard, unforgiving facts determine how the world runs.
The stated primary economic theory is: you will always want more than you have. This premise has corrupted your soul. If I need nothing, and want nothing , I have everything., I wonder, does Mr. Sowell have enough money now or does he still need more?