Author: Walter E. Williams

When gasoline sold at record prices, Sen. Bernie Sanders, I-Vt., said, “I think it’s time to say to these people, ‘Stop ripping off the American people.’” When the average price of regular gas was close to $4 a gallon, Sen. Chuck Schumer, D-N.Y., called for Congress to look into breaking up giant oil companies. The claim was that “Wall Street greed (was) fueling high gas prices.” Today in some places, gasoline is selling for less than $2 a gallon, less than half of its peak price in 2008. The idiotic explanation that attributed high oil prices to greed might now … Continue reading →

“Whether one is a conservative or a radical, a protectionist or a free trader, a cosmopolitan or a nationalist, a churchman or a heathen, it is useful to know the causes and consequences of economic phenomena.” That quotation, from Nobel laureate George J. Stigler, is how Dr. Thomas Sowell begins the fifth edition of “Basic Economics.” It’s a book that explains complex economic phenomena in a way that many economists cannot. And, I might add, it provides an understanding of some economic phenomena that might prove elusive to a Ph.D. economist. “Basic Economics” is a 653-page book, not including the … Continue reading →