One of the big differences between economics and politics is that politicians are not forced to pay attention to future consequences that lie beyond the next election. An elected official whose policies keep the public happy up through election day stands a good chance of being voted another term in office, even if those policies will have ruinous consequences in later years. There is no “present value” to make political decision-makers today take future consequences into account, when those consequences will come after election day. —Thomas Sowell
One of the big differences between economics and politics is that politicians are not forced to pay attention to future consequences that lie beyond the next election. An elected official whose policies keep the public happy up through election day stands a good chance of being voted another term in office, even if those policies will have ruinous consequences in later years. There is no “present value” to make political decision-makers today take future consequences into account, when those consequences will come after election day. —Thomas Sowell
Many on the political left are so entranced by the beauty of their vision that they cannot see the ugly reality they are creating in the real world. —Thomas Sowell
Many on the political left are so entranced by the beauty of their vision that they cannot see the ugly reality they are creating in the real world. —Thomas Sowell
People born into families with every advantage of wealth, education, and social position may be able to achieve a high level of productivity without any great struggle that would indicate individual merit. Conversely, people who have had to struggle to overcome many disadvantages, in order to achieve even a modest level of productivity, may show great individual merit. But an economy is not a moral seminar authorized to hand out badges of merit to deserving people. An economy is a mechanism for generating the material wealth on which the standard of living of millions of people depend. Pay is not a retrospective reward for merit but an incentive for contributing to production. —Thomas Sowell
People born into families with every advantage of wealth, education, and social position may be able to achieve a high level of productivity without any great struggle that would indicate individual merit. Conversely, people who have had to struggle to overcome many disadvantages, in order to achieve even a modest level of productivity, may show great individual merit. But an economy is not a moral seminar authorized to hand out badges of merit to deserving people. An economy is a mechanism for generating the material wealth on which the standard of living of millions of people depend. Pay is not a retrospective reward for merit but an incentive for contributing to production. —Thomas Sowell
As far back as 1969, academic women who never married earned more than academic men who never married. A study from 2005 showed that among college-educated, never-married individuals with no children who worked full-time and were from 40 to 64 years old—that is, beyond the child-bearing years—men averaged $40,000 a year in income, while women averaged $47,000. The most important reason why women earn less than men is not that they are paid less for doing the very same work but that they are distributed differently among jobs and have fewer hours and less continuity in the labor force. —Thomas Sowell
As far back as 1969, academic women who never married earned more than academic men who never married. A study from 2005 showed that among college-educated, never-married individuals with no children who worked full-time and were from 40 to 64 years old—that is, beyond the child-bearing years—men averaged $40,000 a year in income, while women averaged $47,000. The most important reason why women earn less than men is not that they are paid less for doing the very same work but that they are distributed differently among jobs and have fewer hours and less continuity in the labor force. —Thomas Sowell
Although physical strength is no longer as major a factor as it once was, there are still particular industries today where considerable physical strength remains a requirement. —Thomas Sowell
Although physical strength is no longer as major a factor as it once was, there are still particular industries today where considerable physical strength remains a requirement. While women have been 74% that are classified as “clerical and kindred workers,” they have been:
Less than 5% of transport equipment operatives.
Less than 4% of extraction and maintenance workers.
Less than 3% of construction workers or loggers.
Less than 2% of roofers or masons.
Less than 1% of mechanics and technicians who service heavy vehicles and mobile equipment.
Such occupational distributions have obvious economic implications, since miners earn nearly double the income of office clerks. There is a premium paid for workers doing hazardous work, which often overlaps work requiring physical strength. While men are 54% of the labor force, they are 92% of the job-related deaths.
Although physical strength is no longer as major a factor as it once was, there are still particular industries today where considerable physical strength remains a requirement. While women have been 74% that are classified as “clerical and kindred workers,” they have been:
Less than 5% of transport equipment operatives.
Less than 4% of extraction and maintenance workers.
Less than 3% of construction workers or loggers.
Less than 2% of roofers or masons.
Less than 1% of mechanics and technicians who service heavy vehicles and mobile equipment.
Such occupational distributions have obvious economic implications, since miners earn nearly double the income of office clerks. There is a premium paid for workers doing hazardous work, which often overlaps work requiring physical strength. While men are 54% of the labor force, they are 92% of the job-related deaths.
Women in most countries are going on to higher education in numbers comparable to men—and, in some countries, more often than men. In Japan there are 90 women enrolled in higher education for every 100 men, in the United States 140 women for every 100 men and, in Sweden, 150 women for every 100 men. There is no question that the sexes have often been treated differently [with regards to education]. But few societies today have such severe restrictions on the education of girls, at least not in the Western world. —Thomas Sowell
Women in most countries are going on to higher education in numbers comparable to men—and, in some countries, more often than men. In Japan there are 90 women enrolled in higher education for every 100 men, in the United States 140 women for every 100 men and, in Sweden, 150 women for every 100 men. There is no question that the sexes have often been treated differently [with regards to education]. But few societies today have such severe restrictions on the education of girls, at least not in the Western world. —Thomas Sowell
“[People] often make the fatal error of confusing victimhood with virtue [They] line up on the side of the victim, instead of lining up on the side of a moral principle. Yet nothing has been more common in history than for victims to become oppressors when they gain power” —Thomas Sowell, Race and Culture: A World View
“Planning” in political rhetoric is the government’s suppression of other people’s plans by superimposing on them a collective plan, created by third parties, armed with the power of government and exempted from paying the costs that these collective plans impose on others. —Thomas Sowell
“Planning” in political rhetoric is the government’s suppression of other people’s plans by superimposing on them a collective plan, created by third parties, armed with the power of government and exempted from paying the costs that these collective plans impose on others. —Thomas Sowell
San Francisco Bay Area has one of the most expensive housing markets in the nation. However, as recently as 1970, Bay Area housing was affordable. Data from the 1970 census shows that a Bay Area family could dedicate 25% to housing and pay off their mortgage in just 13 years. By 1980, a family had to spend 40% of their income to pay off a home mortgage in 30 years; today, it requires 50%. It is precisely government intervention in housing markets which has made previously affordable housing unaffordable. Both the history and the economics of housing show this. —Thomas Sowell
San Francisco Bay Area has one of the most expensive housing markets in the nation. However, as recently as 1970, Bay Area housing was affordable. Data from the 1970 census shows that a Bay Area family could dedicate 25% to housing and pay off their mortgage in just 13 years. By 1980, a family had to spend 40% of their income to pay off a home mortgage in 30 years; today, it requires 50%. It is precisely government intervention in housing markets which has made previously affordable housing unaffordable. Both the history and the economics of housing show this. —Thomas Sowell
![Women in most countries are going on to higher education in numbers comparable to men—and, in some countries, more often than men. In Japan there are 90 women enrolled in higher education for every 100 men, in the United States 140 women for every 100 men and, in Sweden, 150 women for every 100 men. There is no question that the sexes have often been treated differently [with regards to education]. But few societies today have such severe restrictions on the education of girls, at least not in the Western world. —Thomas Sowell](https://misesmemes.com/wp-content/uploads/f1380-thomas-sowell-women-higher-education.png)
![Women in most countries are going on to higher education in numbers comparable to men—and, in some countries, more often than men. In Japan there are 90 women enrolled in higher education for every 100 men, in the United States 140 women for every 100 men and, in Sweden, 150 women for every 100 men. There is no question that the sexes have often been treated differently [with regards to education]. But few societies today have such severe restrictions on the education of girls, at least not in the Western world. —Thomas Sowell](https://misesmemes.com/wp-content/uploads/lw1380-thomas-sowell-women-higher-education.png)
![Women in most countries are going on to higher education in numbers comparable to men—and, in some countries, more often than men. In Japan there are 90 women enrolled in higher education for every 100 men, in the United States 140 women for every 100 men and, in Sweden, 150 women for every 100 men. There is no question that the sexes have often been treated differently [with regards to education]. But few societies today have such severe restrictions on the education of girls, at least not in the Western world. —Thomas Sowell](https://misesmemes.com/wp-content/uploads/lf1380-thomas-sowell-women-higher-education.png)
![[People] often make the fatal error of confusing victimhood with virtue
[They] line up on the side of the victim, instead of lining up on the side of a moral principle. Yet nothing has been more common in history than for victims to become oppressors when they gain power —Thomas Sowell, Race and Culture: A World View](https://misesmemes.com/wp-content/uploads/f1379-thomas-sowell-confusing-victimhood-with-virtue.jpg)
![[People] often make the fatal error of confusing victimhood with virtue [They] line up on the side of the victim, instead of lining up on the side of a moral principle. Yet nothing has been more common in history than for victims to become oppressors when they gain power —Thomas Sowell, Race and Culture: A World View](https://misesmemes.com/wp-content/uploads/lw1379-thomas-sowell-confusing-victimhood-with-virtue.jpg)
![[People] often make the fatal error of confusing victimhood with virtue [They] line up on the side of the victim, instead of lining up on the side of a moral principle. Yet nothing has been more common in history than for victims to become oppressors when they gain power —Thomas Sowell, Race and Culture: A World View](https://misesmemes.com/wp-content/uploads/lf1379-thomas-sowell-confusing-victimhood-with-virtue.jpg)
