Thomas Sowell - Bureaucracy

Thomas Sowell shares a personal insight on the dynamics of bureaucracy with Charlie Rose. http://www.LibertyPen.com

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[CountArtha]

Thomas Sowell used to be a Marxist??? I guess there's hope for everyone.

[rayyf69]

I seem to remember the FDA dropping teh ball on salmonella infected tomatoes. The FDA has made many mistakes for some odd reason though you assume that a monopoly on safety and regulation is optimal. But we see regulatory failure from the SEC - madoff, and the toxic toys from china. Clearly there should be some debate about private regulation and the over-reliance on mass democracy to attain the optimal outcome in institution efficacy.

[diogotomediogo]

@MrTurdFurgeson you are confused. there is no cause effect to redistribution of income and mal investement. talking about minimum wage laws, the only thing bad about it is that it creates unemployment

[MrTurdFurgeson]

@diogotomediogo

If the government takes a significant portion of that money and re-distributes it to others, it has a tendency to be mal-invested. That is why wage laws and other government programs exert a negative effect on economies. For example, in the USA, the government takes monies from taxpayers and gives it to corporations, and those who choose not to work. The money would be better kept in the taxpayers hands, instead of the corporations.

[diogotomediogo]

@MrTurdFurgeson what do you think people do with their wage? their either invest it, save it or spend it. i dont see how that hurts the economy. perhaps you should study economics dear friend.

[MrTurdFurgeson]

@diogotomediogo

And in doing such, create significant mal-investment. Look at historical European unemployment when 'living wage' laws were enacted. Many businesses cannot exist in such a system. Your answer is to then re-distribute more income from the productive to the unproductive. Again, that does not work because you are mal-investing the money by giving it to unproductive people, which raises the price of goods and hurts everyone.

[lumpagogo]

@aussieconservative

That was a figurative metaphor--but it was ill-placed. Consider it withdrawn. At the same time, capitalism is an ill-placed economic system. Here's a worthy metaphor: Capitalism is the equivalent of the Ottoman Empire in 1914---"The Sick Man (of Europe)."

[diogotomediogo]

@LibertyPen if you have a house to pay or kids to feed and you dont have a job, you'd accept any job. just look what happened in the industrial revolution in the uk. the fact is, there should be a minimum wage. just high enough for people to meet their basic needs: pay for a house, food and education.

even if he's not productive enough to receive that wage, the state can always give benefits to employers who hire people. and im not talking about part-time jobs.

[aussieconservative]

@lumpagogo how is the concept of a wage LESS THAN ZERO not a fallacy?

[lumpagogo]

@aussieconservative

One can believe Ths Sowell or one can look at the global and local economies as they exist.

[aussieconservative]

@TheDestroyerCrom Its funny you say that! Tim Flannery Australia's token socialist left scientist that is dragged out to say left wing stuff pretending to be science has a great video of himself doing an unscientific globalist rant where he compares the way ants behave in a colony to the way we organise our economic system. he is clearly batshit crazy and should be listened to if only to mock. check out 'tim flannery's bizarre globalist rant'! its priceless!!