Thomas Sowell discusses economic inequality, racial inequality, and the myths that have continued to falsely describe the system of poverty among different racial and economic classes. He explains the economic theories behind these pervasive myths and proposes fact-based solutions for seemingly intractable situations.
Sowell discusses his early life as a high school dropout and his first full-time job as a Western Union messenger delivering telegrams. He admits to flirting with Marxism in his early twenties as he first tried to grapple with the housing inequality he saw across the neighborhoods of New York City. Marxism, he says, was the only explanation he could find at the time. He went on to serve in the Marine Corps before continuing his education in economics at Harvard and earning a master’s at Columbia and a PhD at the University of Chicago.
Sowell’s first job after his receiving his PhD in economics was working for the Department of Labor, and he says it was there that he realized Marxism was not the answer. He argues that the government has its own institutional interests in inequality that cannot be explained through Marxism. He began to be discouraged by Marxism and the government in general and began searching for better economic ideas and solutions (the free market).
Robinson and Sowell discuss Sowell’s written works, his ideas of racial and economic inequality, the state of the United States today, and much more.
Interested in exclusive Uncommon Knowledge content? Check out Uncommon Knowledge on social media!
One in five undergraduate students nationwide is parenting while attending college. These student parents face unique challenges, with financial strain being one of the most significant factors. The rising costs of college tuition, child care, and housing compound their difficulties, often leaving them vulnerable to housing insecurity. An estimated 3 in 5 students nationwide experience some form of housing insecurity during their educational journeys (Sainthilaire,2019). This issue disproportionately affects students of color, with Black and Hispanic households more likely to be cost-burdened.
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What's the Trend? Everything old is new again. At least in China, where the popularity of shopping for pre-owned products online is on the rise. The trend
"Generative AI tools such as ChatGPT are already impacting the job market. A new study shows a 21% reduction in demand for freelance jobs that are automation-prone and don’t require consistent human attention."
Many people are hoping for wind and solar PV to transform grid electricity in a favorable way. Is this really possible? Is it really feasible for intermittent renewables to generate a large share of grid electricity? The answer increasingly looks as if it is, "No, the costs are too great, and the return on investment…
This paper proposes a dynamic cascade model to investigate the systemic risk posed by sector-level industries within the U.S. inter-industry network. We then use this model to study the effect of the disruptions presented by Covid-19 on the U.S. economy. We construct a weighted digraph G = (V,E,W) using the industry-by-industry total requirements table for 2018, provided by the Bureau of Economic Analysis (BEA). We impose an initial shock that disrupts the production capacity of one or more industries, and we calculate the propagation of production shortages with a modified Cobb–Douglas production function. For the Covid-19 case, we model the initial shock based on the loss of labor between March and April 2020 as reported by the Bureau of Labor Statistics (BLS). The industries within the network are assigned a resilience that determines the ability of an industry to absorb input losses, such that if the rate of input loss exceeds the resilience, the industry fails, and its outputs go to zero. We observed a critical resilience, such that, below this critical value, the network experienced a catastrophic cascade resulting in total network collapse. Lastly, we model the economic recovery from June 2020 through March 2021 using BLS data.
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X5 Retail Group, Russia’s largest food retailer, has partnered with Sber and Visa to launch what it describes as ‘pay with a glance’ biometrics at self-service checkout terminals in Perekrestok supermarkets and Pyaterochka convenience stores.
"Mall owners and retailers are trying to capitalize as teens and twenty-somethings show about as much interest in shopping in person as baby boomers do ..."
As Beijing braces for a new showdown over trade, Xi Jinping is sticking with economic policies aimed at making China the world’s most powerful country.
Thomas Sowell discusses economic inequality, racial inequality, and the myths that have continued to falsely describe the system of poverty among different racial and economic classes. He explains the economic theories behind these pervasive myths and proposes fact-based solutions for seemingly intractable situations.
Sowell discusses his early life as a high school dropout and his first full-time job as a Western Union messenger delivering telegrams. He admits to flirting with Marxism in his early twenties as he first tried to grapple with the housing inequality he saw across the neighborhoods of New York City. Marxism, he says, was the only explanation he could find at the time. He went on to serve in the Marine Corps before continuing his education in economics at Harvard and earning a master’s at Columbia and a PhD at the University of Chicago.
Sowell’s first job after his receiving his PhD in economics was working for the Department of Labor, and he says it was there that he realized Marxism was not the answer. He argues that the government has its own institutional interests in inequality that cannot be explained through Marxism. He began to be discouraged by Marxism and the government in general and began searching for better economic ideas and solutions (the free market).
Robinson and Sowell discuss Sowell’s written works, his ideas of racial and economic inequality, the state of the United States today, and much more.
Interested in exclusive Uncommon Knowledge content? Check out Uncommon Knowledge on social media!
An electric car has been tested that managed a huge 1,100 mile range on a single charge. A massive jump from current electric cars like the Tesla Model
The way restaurants serve their guests has changed dramatically in the wake of COVID-19. Digital displays offer the opportunity to make those changes more beneficial to the bottom line.
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