Thomas Sowell -- Basic Economics

Recorded on December 14, 2010
Thomas Sowell has studied and taught economics, intellectual history, and social policy at institutions that include Cornell University, UCLA, and Amherst College. Now a senior fellow at the Hoover Institution, Sowell has published more than a dozen books, the latest of which is a revised and updated edition of his classic volume, Basic Economics.
"Through its various editions," Sowell writes, "the fundamental idea behind Basic Economics remains the same: Learning economics should be as uncomplicated as it is informative." Here, Sowell seeks to uncomplicate some of the economic issues confronting the country today, from the financial crisis and the role of the Fed to the economics of health care and trade imbalances.

[@alsamuef]

"Wealth is created when the conditions are such that the people who know how to create it are free to do so"

[@malvolio01]

Regardless of your political affiliation, how is it possible to dislike Thomas Sowell?

[@bloozedaddy]

+Sean L. oh...plenty of lefties would love to see him have a coronary.

[@andrew_owens7680]

Regardless of what he actually says, the people he represents and the actual results of policies that favor them, there isn't.

[@bloozedaddy]

Krugman? His only answer to the failures of liberalism and it's policies is "we should've spent twice as much money..THEN it would've worked"....yeah...true genius. BTW...Andrew...I have no clue as to what you just wrote in your last post...your placement of commas and the final two words make no sense whatsoever...which is probably why Reich and Krugman make sense to you.

[@andrew_owens7680]

Seeing as those people, the environment, society, human misery, family and everything but the bottom line are externalities to you, I can comprehend your lack of understanding. Go back to your third grade Orangutan. Sad.

[@kvaka009]

Sean L. I like Sowell. He is smart and seems principled. The problem is that he is very wrong. Intellectually he is a figure from a bygone age. And he's still running around fighting windmills and straw men. Neoliberalism had its moment, as communism did. It failed and it's failing, as communism did. Holding on to the fantasies of invisible hands optimizing life to assure fairness, security, and prosperity is quickly becoming apparent for what it is: dogma based on myth masquerading as common sense.

[@zacdybeck1110]

"A surplus is when the government has so much money, congress can't spend it all." Way too accurate😂

[@jumbojet8]

Thomas Sowell is an America treasure. Thank you, sir.

[@Richard_is_cool]

rationalwiki.org/wiki/Thomas_Sowell

[@weskentner8037]

The fact that schools don't teach this stuff just shows their agenda

[@TenteixSaigo]

"There are no new ideas. Just proposals by Milton Friedman that haven't been enacted yet." Well said.

[@cyaneyed7146]

Kinda sounds stoopid but knowing there are people like tom Sowell in the world helps me sleep at night. I often drift off to his soothing baritone

[@codyrockarano5220]

cyan eyed I was thinking today, I'm just glad he was born.

[@Gina-bt7qk]

I get what you mean. I too am so glad he was born. I too love to drift off to sleep to the sound of his lovely voice.

[@Hungry_for_exploration]

Me too. I envy him, great voice and very bright.

[@theinternetsavedmylife]

But for how long? Not to be an arsehole but Thomas is old and wouldn't be with us forever and I feel sorry for the vacuum that might leave considering the new generation of sjw professors we have

[@angeloraygomez4318]

This guy would dismantle Bernie Sanders

[@andrew_owens7680]

He probably would, but we need both of them. A free market demands a free flow of ideas, even ones you don't like.

[@bategs900]

President Gomez Why would you even mention Bernie in the same sentence as Sowell? How offensive!!!

[@tommyodonovan3883]

President Gomez Thomas can always use a good laugh.

[@castiron2844]

+Dentistas Dominicanos Bernie makes emotional appeals. I imagine the undecideds would choose warm, nurturing Bernie over cold intelligent Sowell.

[@dillotank9421]

More nonsense from Andrew. We don't need Bernie Commie Sander's. We need freedom of speech. Bernie is a worthless commie. The problem we have is that our universities do not allow freedom of speech. They consistently fail to protect the free speech rights of traditional American thinkers like Thomas Sowell. This is part of the Marxist takeover of America. The Marxists have takeover our education institutions and turned them into Marxist indoctrination centers. Now, let's watch Andrew throw a fit. Whaaaaa! The Marxist war cry.

[@groam6666]

I bought this man's book called "Basic Economics," and it blew me away. I highly recommend reading it or buying the audio book.

[@deusfilius7]

Concerning the Federal Reserve-“When someone removes a cancer, what do you replace it with?” Brilliant answer.

[@fortychimp3490]

Thomas Sowell for President. He's far too great a man to accept such a bid, and that's so much a reason why he should be it. He's the best thinker in contemporary America. Full stop

[@fortychimp3490]

***** I think his foreign policy is "it's better to send goods scross national borders than arms. Everyone will be better off if we're pleasing each other voluntarily even when that's an international thing"

[@Sovereign_Citizen_LEO]

....Which is Globalization sans corruption?

[@rayoh2011]

This is timeless intellectual advice! I am watching this on June 1, 2020, while the country is reopening from the COVID-19 shutdowns and being re-shutdown by the George Floyd riots! Thank you, Dr. Sowell!

[@scottcantdance804]

I'm watching this on June 18th while multiple American cities have been pillaged, sacked, and burned, with a rebel anarcho-terrorist group having seized territory in Seattle while the governments of Seattle and Washington State do nothing. The most recent example of racial mob outrage being Rayshard Brooks. The Atlanta PD has walked out over the officer being charged with murder yesterday, and multiple zones are now without police. Atlanta is in the 98th percentile for dangerous cities in America. It is only safer than 2% of cities. Interviews with Dr. Sowell are providing me a mentally stimulating distraction, delivered in a soothing baritone voice, so that I can temporarily shut off from current events.

[@Richard_is_cool]

rationalwiki.org/wiki/Thomas_Sowell

[@fortusvictus8297]

By that you mean too late for it to matter. Perhaps in the next iteration a society can apply some of the lessons Dr Sowell has clearly identified...but no chance in hell the USA we are living in now will...couldn't even if we had politicians who would try.

[@laprepper]

I just realized Venezuela has people waiting in lines for food, JUST LIKE AMERICA DOES NOW...

[@michaelpisciarino5348]

1:55 Wealth is created when people are free to create it. Laissez-Faire 2:30 What went wrong? 7:16 Quantitative Easing 8:07 Monetizing the debt. Inflation Tax 9:15 What is Bernanke thinking? 10:50 Tax Rates matter to growth 11:39 Increase in Tax Revenue 12:12 Explain Clinton Tax Revenue 14:27 US Medical Care 15:35 Milton Friedman says it’s untenable 16:49 Private Room vs Ward 17:23 Politicians face incentives. 18:35 Chris Christie 18:50 Trade and China 20:30 Smoot-Hawley Tariff was a disaster 22:17 Boris Yeltzin 23:57 China 24:28 The Dollar 💵 . The Euro 💶 25:36 Do you share Ron Paul’s skepticism of The Fed? 28:09 2 brief downturns. Economy takes off. 29:23 Bank Bailouts? Keynesian Economics? Keynes tools are better than his prescription 31:58 Average citizen needs to know Economics

[@palimpalim5291]

The sheer amount of historical knowledge this man not only has but can recite is simply astounding.

[@ancestralyuba]

"Every single time, the reduction in the tax rates has created an increase in tax revenue." Remember this, kiddies.

[@Seantorky3]

A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: we did it ourselves. Lao Tzu

[@josh18230]

"When you remove a cancer what do you replace it with?"

[@jameshuey8243]

+Josh Hunter After a cancer cell is removed (presuming entirely)the cancer cell can no longer do what organic cells do best and that is replicate asexually. After you remove the "tumor" The surrounding cells will multiply filling the void. Effectively neutralizing the original environment in which the cancer cell was derived. www.cancertutor.com/advspecial/

[@jayberman7583]

GOLD

[@coltondudley8856]

The blood sweat and tears of Mexicans

[@dillotank9421]

"The blood sweat and tears of Mexicans" ??? Typical Leftist drivel. Argument by innuendo.

[@jessstuart7495]

Two-more. Cancer jokes really kill.

[@dancastrochannel]

This man is a genius! We are so blessed to have the opportunity to listen to him.

[@seanperrier4448]

The greatest book I have ever read. Sowell speaks so simply on some of the most perceived complicated issues in the world. Every human being should have at least some understanding of economics, I recommend this book to everyone I talk to about economics.

[@dongaetano3687]

I have the greatest affection for both of you. Learning so much at 71, I feel like an excited college kid - though I have high school ed only. C'est Magnifique! Merci beaucoup

[@EastCoastFishnHunt]

this man is Brilliant!! His words ring SO TRUE today with Biden in office!

[@kjgallagher4]

In college all I learned about was Keynesian theories. I really wish we would have spent more time on Austrian theory and the work of Friedman and Sowell.

[@JoeRainero]

Every politician should be required to pass a basic economics exam before their name can go on the ballot. This is brilliant! If all politicians thought this way, we would be significantly better.

[@yardrail3432]

This man Thomas Sowell is such a blessing. Every evening I get out my knitting and listen to all his interviews. So uplifting to my spirits just to hear his amazing logic and his turn of phrase and humour. Thank you for sharing these videos with us.

[@ericgarland3133]

If the nominees from the Republican party could define these issues as well as Dr Sowell does, we could be in a better position maybe. But I don't think most Republicans believe this stuff as much as they say. I mean really, how conservative was Bush?

[@Hereticalable]

+Eric Garland Republicans and Democrats are loyal to the party first not the country. And few of them are interested in facts.

[@Chef_JRod]

So much truth.

[@DavidM_GA]

Compared to Obama and Hillary, GWB was Jesse Helms.

[@ssjwes]

TARP started under Bush. This problem is in both parties because their ideas are all tied to keynesian economic theory. Bush:“I've abandoned free market principles to save the free market system” Funny, looking up this quote leads me to "leftist" new sites like ThinkProgress, that hammered Bush for this quote but yet when Obama did TARPx100 they didn't even so much as make a peep about it. That's when you know the news you're consuming is trying to pull one over on you. When they treat like situations differently.

[@CrossedSabresCOD]

Good point, considering Sowell is critical of those who refer to "trickle-down" economics as a tax-cuts for the rich approach. If politicians were to explain that money only trickles up, not downward, it would be more digestible to your average layman.

[@calbaking]

Good interviewer, modest and humble, proper interview etiquette

[@mikeissweet]

This book should be mandatory in school. This would be my first order of business as president

[@lanabanana7462]

Professor Sowell takes a dry subject and demonstrates why it is important for all of us to have a basic understanding of the fundamentals. His style is neither condescending nor abstract, rather one finds a comfortable balance reading this work. But, be warned... although you might be tempted to read this like a novel, it is a serious book which needs to be savored.

[@jayberman7583]

Thomas Sowell for president

[@kkampy4052]

I encourage everyone to read this book. It is a very readable book and very informative. i am about half way through it right now. I believe the version I have is from 2014.

[@IncandescentBuddha]

Still as vigorous and articulate as ever, keep going strong Tom Sowell!

[@MrTeamsolutions]

It is time for America to challenge all of its people-black, red, and white-to assimilate to the enlightened principles set forth in the Declaration of Independence and the Constitution, educate themselves about the nation, study useful trades, be productive citizens, and build a safe and prosperous America. No quotas, no preferences! No welfare, just jobs! Equal pay for equal work! No excuses!

[@americasevilgenius]

Just bought this new edition of Basic Economics a week or so back, and am knee-deep in the middle of it now. Simply phenomenal. Wish I'd have read this back when I was going through my Econ courses back in college. A Sowell-inspired Econ course would be one of the best things we could give to future generations!

[@victorminich2163]

Should be taught in High School

[@andrew_owens7680]

They teach creationism some places, why not tax cut zombie economics? That and flat earth theory could substitute for reading and writing. The kids could build a 50 foot tall statue of Ayn Rand in the playground and worship her.

[@jeremiahsams2848]

Andrew_Owens where exactly do they creationism?

[@dillotank9421]

Notice, Andrew Owens dares not to challenge any of Thomas Sowell's ideas. Andrew is engaging in a typical dishonest debating tactic. He is changing the subject and smearing Thomas Sowell by associating him with creationism, flat earth theory, (who believes that anymore?) Ayn Rand and zombie economics. Andrew is a lightweight, and Sowell is a heavyweight.

[@b.w.8104]

George Soros ... THEY DO TEACH KEYNESIAN AND MARX... They just call it "economics" and "sociology"... When a fish is in the ocean... does it think it's wet? Socialism is ontologically different from the ideas espoused by Sowell, and his are more in line with our form of government and our economic system... Before it gained the malignant tumors of fabian socialism and cronyism.

[@TommyGMeadeJr]

Jeremiah Sams I thought this was an interview, not a debate?

[@weylandthomas9031]

Basic Economics is an excellent book. Very interesting.

[@lyverge6493]

Sowell is usually spot on, but the high cost of health care is not only the result of high-quality, top-shelf service. The apparatus set up by the health insurance companies, the consolidation of the hospital systems, and the price gouging of medicines has added heavily to the overall total.

[@artjvr9336]

This has got to be one of the best interviewers I have ever seen. Brilliant.

[@MM-qi5mk]

Thomas Sowell is a national treasure and isn’t allowed to die

[@lukecage9836]

How is it that I am only learning about this great man in 2017?!!!

[@weylandthomas9031]

It's so funny how Thomas Sowell always immediately says it was the governments fault, not the private sectors lol. I wish more people would listen to this man.

[@deeprollingriver5820]

I read this book. I’m just a retired RN interested in genius. This book is AMAZING.

[@izabellasanchez8078]

Love Mr Sowell’s simplistic yet profound understanding. I’ve always believed that the less government intervention the more freedom citizens have. However without responsibility it will bring about the governing that has complicated things so. The simpler we keep it the better it works.

[@philipwebb960]

Sowell talks more (un)common sense about economics than anyone I have ever heard. I'm going to have to read his book.

[@stlstg]

This should be required watching in every school at the beginning of every school year until the end of time.

[@joelie83]

Love this quote by the host. "there are no new ideas, just proposals by Milton Friedman that haven't been enacted yet"

[@tellemthanks8071]

Wow! Just wow! So unfortunate that I’m not lucky to be lectured by these brilliant soul.

[@CampbellzSoup500]

Thomas Sowell makes economics seem so simple.

[@itubemember]

Abolish the fed! From my Spirit Economist Thomas Sowell

[@richc3440]

reading the 6th time still eye opening because truth remains ever relevant.. thank you sir

[@Mercybeat74]

I love this man! His level of intelligence and his ability to explain difficult topics to a wide range of people with such ease always amazes me.

[@emilyrubeo9379]

"When you remove the cancer, what do you replace it with?" My exact feelings about government as a whole!

[@marcellostraps]

Having a teacher like Dr. Sowell is a great privilege that I will never take for granted.

[@NjonjoNdehi]

Thomas Sowell is so underrated.

[@imonlyamanandiwilldiesomed4406]

Nothing but love and respect for this great man.

[@Kunfucious577]

The problem with this country is that people like Thomas sowell are too honest and smart to be qualified for any leadership position.

[@MelvinIsMerlin]

2022 we're on repeat.

[@badgerfishinski6857]

The government absolutely messed things up regarding the housing market. ....Sowell is 100% correct.

[@Luke17-10ministry]

Thomas Sowell is awesome. I love listening to this man.

[@DouglasEdward84]

I just started reading Thomas Sowell's book "Economic Facts and Fallacies" what an amazing book, truly the most fascinating and life changing book I've ever read.

[@kylestewart4444]

If we were to push healthcare into the free market, hospitals and doctors would be forced to treat patients like customers. If knee surgeries and cancer treatments were handled like breast augmentations and lasik eye surgery, providers of those services would have to be constantly shortening their wait times, bettering their customers' experiences, lowering prices and doing everything they possibly could to maintain good reviews. In socialized healthcare systems, patients are treated like burdens and tons of money is thrown away through governmental waste because there are no shareholders for them to answer to. Allowing for competition is the only way to simultaneously improve a good or service while also lowering the prices of those goods or services. People who have more money should be able to buy better services. That does not mean that every provider would focus only on people who have a lot of money. For every one of those, there would be 10 or 20 companies all competing for the business of lower and middle class people.

[@Rob337_aka_CancelProof]

Dr Sowell is spot on again no one should ever wonder what the government is going to do about anything especially when it comes to fixing something they broke. The nine scariest words ever strung together into a sentence.... "I'm from the government and I'm here to help"

[@fostercrain5872]

Thomas Sowell is a treasure.

[@foghornleghorn6224]

The Federal Reserve has not once benefited the united states.

[@arbiter9180]

I have a lot of catch up reading to do this man is brilliant.

[@gillydoesitall]

It’s October 1, 2020 I would love to hear with Thomas has to say about these recent stimulus packages

[@scoobdooittoo]

What a true gem Mr. Sowell is.

[@WashingtonMonster86]

I purchased his book The Housing Boom and Bust. Awesome book!

[@lyezaard5523]

Currently reading "intellectuals and society". Such a grammatically advanced book lol. Gotta look up words in every chapter.

[@lisaclemens9291]

Every student, should be required to read Sowell, Basic Ec

[@danieljakubik3428]

Excellent as usual from Thomas Sowell!

[@jamesharris184]

Dr. Sowell is relentlessly consistent and I love it. Is he Canadian? I think our socialism would drive him nuts! He's a delight to listen to.

[@happygilmore1844]

This guy is amazing...because he sadly is an exception...and also because its so amazing to see such a scholar..ive read his stuff and ive learned alot

[@nimishpadhye3074]

The best thing the govt can do for the economy is leave it alone

[@cliftontorrence839]

Peter, You are so Great! You are the uncommon Interviewer. And as for the magnificence of the esteemed Dr. Sowell..... two words....Soul Food !

[@RobertRAbell]

Thank you Dr. Thomas Sowell for my Daly dose of Sowell. All day long Yahoo

[@davids3313]

Gotta man-crush on this guy. He is so intellectual, and yet common every-day to explain what is really going on. I mean so much that I'm sitting here listening to Thomas Sowell videos for the last 3-4 hours...I can't get enough. Thank you, Sir, for educating me.

[@davids3313]

Oh...I just purchased online "Basic Economics"

[@davids3313]

And he's teaching me that most of the nonsense today has been going for years

[@rodolfoboraschi8641]

Thank you for such an amazing economic class.

[@JeffRusch]

2010: "There are constant predictions that soon maybe within the decade or so, the Chinese economy will become as big as ours (USA). Sounds like something we ought to be nervous about." 2020: "The U.S. and China could slip into a ‘new cold war’ that pushes countries to pick sides"

[@justinhebert5155]

I have learned so much from these videos, thank you so much for creating and sharing them all!

[@jgrdonquixote]

Sowell rocks. Economists like him really do academics and ordinary persons alike a strong favor by making economics, micro or macro, so incredibly approachable. I swear, people like Krugman must enjoy adding complicated unknowns into fancy formulas just for the sake of keeping themselves employed--no better than lawyers and legislators who ensure that the law is as complex as possible.

[@iijj]

One of the America's greatest people ever. I dread the day he passes away...

[@krissykriss328]

If Thomas Sowell would of been President of the United States of America he would of had our country THRIVING!!!! I love you Dr. Sowell!!!!!

[@TB1123YT]

Very important knowledge needed for the masses today more than ever.

[@sirosis7858]

Sowell is one of those speakers that while clear, concise, and informative...leaves the viewer wishing you could listen to hours more of him just speaking. Truly one of the most intelligent and erudite men of the modern era. A fascinating mind to listen to.

[@SUPERSPARTAN992]

9:24 POWER NAP

[@posadist681]

This is old but LOOOOOOOOOOOL

[@25Soupy]

20:00 minutes of the video: In regards to trade: I agree with the fact that Korea sell's 500,000 cars in America and America only sell's 5000 cars in Korea, that's called the free market. Whoever makes the product that people want to buy deserves it, especially when that Korean car is built in America and made by American workers. But, trade becomes a problem when one country puts a tariff on American cars but their cars don't have tariffs on their cars coming into America. If a Japanese want's to buy an American car they have to pay as much for the tariff as they do the vehicle.

[@8acun]

Peter Robinson... amazing interviwer. Amazing questions and a gripping way of speaking. Tom was cool too.

[@camerondeneeve4304]

Incredible questions and answers.

[@henriquecoelho6594]

Great interviewer and amazing interviewee.

[@SDBgu1983]

The only consistently rational voice in any room.

[@Desh282]

Thank God there is still sane people in this country!

[@jpp9876]

The good economy durring the clinton years were in large part caused by our low fuel prices. This improves profits in many sectors of the economy plus it gives consumers more money to squander on other goods or services. I believe creating a positive trade ballance is the only way to have a long term sustainable economy.

[@deepaks3171]

I am listening to this in 2021 !

[@BaldWorld]

Excellent.

[@jamiegauci184]

Okay, so I know everyone loves Thomas Sowell, he's very knowledgeable. But I'm from the U.K and at no point have I heard about a scandal involving nurses helping pregnant women when they feel like it. The NHs has many faults, but this certainty that Americans have about "long waiting times", it's just not true. If you have a serious situation, you will take priority, there's no issue with that. It's the people with mid level issues that end up have to wait a few hours. It's still infuriating at times don't get me wrong, but people who are dying of cancer for instance, are not be left to die

[@eyemanbish]

We should have people like Thomas Sowell in government … people who are experts in economics and politics who know how things should be run … and not any selfish climbers who act only in their own interests.

[@Yash.Kandpal1]

I can listen to him whole day😍

[@MrsBeckoningCat]

Great video! Really helping me in my studies too!

[@wangchuk67]

When somebody removes cancer what would you replace it with? That's the biggest takeaway. Thank you Dr. Thomas Sowell.

[@murfdaddydolla]

This is even more relevant now than ever before!

[@thethrasher3091]

What a treat. To be able to listen to pure truth. 🎉Thomas is a genius.