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Letter "T" » Thomas Sowell
"The desire of businessmen for profits is what drives prices down unless forcibly prevented from engaging in price competition, usually by governmental activity."
Author: Thomas Sowell
About: Finance and Economics
"Price fixing does not represent simply windfall gains and losses to particular groups according to whether the price happens to be set higher or lower than it would be otherwise. It represents a net lose to the economy as a whole to the extent that many transactions do not take place at all, because the mutually acceptable possibilities have been reduced."
Author: Thomas Sowell
About: Finance and Economics
"Since man does not create physical matter, those who handle material objects in the production process are not producers in that sense. Economic benefits result from the transformation of matter in form, location, or availability (intellectually or temporally). It is these transformations that create economic benefits valued by consumers, and whoever arranges such transformations contributes to the value of things, whether his hands actually come into contact with physical objects or not."
Author: Thomas Sowell
About: Finance and Economics
"Perhaps the most widespread misunderstanding of economics is that it applies solely to financial transactions. Frequently this leads to statements that "there are noneconomic values" to consider. There are, of course, noneconomic values. Indeed, there are only noneconomic values. Economics is not a value itself but merely a method of trading off one value against another."
Author: Thomas Sowell
About: Finance and Economics
"The principles applied in economic processes are general social principles."
Author: Thomas Sowell
About: Finance and Economics
"American prosperity and American free enterprise are both highly unusual in the world, and we should not overlook the possibility that the two are connected."
Author: Thomas Sowell
About: Finance and Economics
"The growing complexity of science, technology, and organization does not imply either a growing knowledge or a growing need for knowledge in the general population. On the contrary, the increasingly complex processes tend to lead to increasingly simple and easily understood products. The genius of mass production is precisely in its making more products more accessible, both economically and intellectually to more people."
Author: Thomas Sowell
About: Finance and Economics
"Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated."
Author: Thomas Sowell
About: Finance and Economics
"Many of the products which create a modern standard of living are only the physical incorporations of ideas- not only the ideas of an Edison or a Ford but the ideas of innumerable anonymous people who figure out the design of supermarkets, the location of gasoline stations, and the million mundane things on which our material well-being depends. Societies which have more people carrying out physical acts and fewer people supplying ideas do not have higher standards of living. Quite the contrary."
Author: Thomas Sowell
About: Finance and Economics
"Various kinds of ideas can be classified by their relationship to the authentication process. There are ideas systematically prepared for authentication ("theories"), ideas not derived from any systematic process ("visions"), ideas which could not survive any reasonable authentication process ("illusions"), ideas which exempt themselves from any authentication process ("myths"), ideas which have already passed authentication processes ("facts"), as well as ideas known to have failed- or certain to fail- such processes ("falsehoods" - both mistakes and lies)."
Author: Thomas Sowell
About: Politics Government
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