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Posts Tagged ‘thomas sowell’

Sowell on the economics of medical care

Posted by Richard on November 3, 2009

Does the current debate about health care reform have you confused? Do the many arguments, counter-arguments, and conflicting claims leave you not knowing what to believe? If you're like most Americans, that may be because you know woefully little about the basic principles of economics and how to apply them to a given problem. It's not your fault; your education taught you almost nothing about economics, and some of what it did teach is probably wrong.

Investor's Business Daily is providing a resource that will correct that — specifically about health care, but in a broader sense as well. They're publishing an entire chapter of Dr. Thomas Sowell's highly-acclaimed Applied Economics: Thinking Beyond Stage One, entitled "The Economics of Medical Care." The nine-part series is available here (at this time, the first five parts have been posted). (Link omitted. Fixed now. Thanks, David!)

If you suspect that your understanding of economics is lacking — and even if you don't — I strongly encourage you to read this series. Sowell is arguably America's greatest living economist (I've been a huge admirer since reading Knowledge and Decisions, one of the most important works in economics of the past half-century, almost 30 years ago). And yet, his writings for the lay audience are remarkably readable and clear. 

Be aware, however, that in the process of getting the text on line, IBD unfortunately lost some of the formatting. I noticed that block quotes are no longer distinguished by indenting or any font change — it's annoying, but you can probably figure out where those quotes begin and end. It's only a minor distraction in an immensely valuable resource. Thank you, Investor's Business Daily!

Oh, and if that chapter whets your appetite, get the whole book. Better yet, get both it and his earlier Basic Economics. And read the latter first. 

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Dismantling America

Posted by Richard on October 28, 2009

Dr. Thomas Sowell:

Just one year ago, would you have believed that an unelected government official, not even a Cabinet member confirmed by the Senate but simply one of the many "czars" appointed by the President, could arbitrarily cut the pay of executives in private businesses by 50 percent or 90 percent?

Did you think that another "czar" would be talking about restricting talk radio? That there would be plans afloat to subsidize newspapers — that is, to create a situation where some newspapers' survival would depend on the government liking what they publish?

Did you imagine that anyone would even be talking about having a panel of so-called "experts" deciding who could and could not get life-saving medical treatments?

Scary as that is from a medical standpoint, it is also chilling from the standpoint of freedom. If you have a mother who needs a heart operation or a child with some dire medical condition, how free would you feel to speak out against an administration that has the power to make life and death decisions about your loved ones?

Does any of this sound like America?

How about a federal agency giving school children material to enlist them on the side of the president? Merely being assigned to sing his praises in class is apparently not enough.

How much of America would be left if the federal government continued on this path?

Read. The. Whole. Thing.

 

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