“Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a worker’s productivity worth that amount—and, if it is not, that worker is unlikely to be employed.”
― Basic Economics: A Citizen's Guide to the Economy
― Basic Economics: A Citizen's Guide to the Economy
“The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.”
― Is Reality Optional? And Other Essays
― Is Reality Optional? And Other Essays
“What is history but the story of how politicians have squandered the blood and treasure of the human race?”
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“Socialism in general has a record of failure so blatant that only an intellectual could ignore or evade it.”
― The Thomas Sowell Reader
― The Thomas Sowell Reader
“Socialism is a wonderful idea. It is only as a reality that it has been disastrous. Among people of every race, color, and creed, all around the world, socialism has led to hunger in countries that used to have surplus food to export.... Nevertheless, for many of those who deal primarily in ideas, socialism remains an attractive idea -- in fact, seductive. Its every failure is explained away as due to the inadequacies of particular leaders. ”
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Bob’s 2025 Year in Books
Take a look at Bob’s Year in Books, including some fun facts about their reading.
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