The March of Foolish Things
5th September 2015
Thomas Sowell turned 85 years old this summer, which means he has been teaching economics to Americans through his books and articles for some four decades. So it seems like a natural question: Have we learned anything? Has the level of economic thinking in political debate gone up at all?
“No—in fact, I’m tempted to think it’s gone down,” Mr. Sowell says, without much hesitation. “At one time you had a lot of people who hadn’t had any economics saying foolish things. Now you have well-known economists saying foolish things.”
Hear, hear.
Why do we never seem to learn these economic lessons? “I think there’s a market for foolish things,” Mr. Sowell says—and vested interests, too. Once an organization such as the Equal Employment Opportunity Commission is created to find discrimination, no one should be startled when it finds discrimination. “There’s never going to be a time when the EEOC will file a report saying, ‘All right folks, there’s really not enough discrimination around to be spending all this money,’ ” he says. “You’re going to have ever-more-elaborate definitions of discrimination. So now, if you don’t want to hire an ax murderer who has somehow gotten paroled, then that’s discrimination.”
Funny how that works.