--- title: "27 Economic Quotes By Thomas Sowell" description: "27 Economic quotes by Thomas Sowell. Plus more from Thomas Sowell and more Economic sayings from other authors." image: "https://sms4smile.com/quotes/i/507/thomas-sowell-247_assuming_the-economic-disasters-of-socialism-and_1542983.jpg" --- > [The economic disasters of socialism and communism come from assuming a blanket superiority of those who want to run a whole economy.](https://sms4smile.com/quotes/thomas-sowell/the-economic-disasters-of-socialism-and-communism-come-from-assuming/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/507/thomas-sowell-247_assuming_the-economic-disasters-of-socialism-and_1542983.jpg) > [“opportunity alone is not sufficient for economic or other accomplishments.”](https://sms4smile.com/quotes/thomas-sowell/opportunity-alone-is-not-sufficient-for-economic-or-other/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/ea3/thomas-sowell-247_economic_opportunity-alone-is-not-sufficient-for_65563.jpg) > [What does 'economic justice' mean, except that you want something that someone else produced, without having to produce anything yourself in return?](https://sms4smile.com/quotes/thomas-sowell/what-does-economic-justice-mean-except-that-you-want-something-that/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/940/thomas-sowell-247_doe_what-does-economic-justice-mean-except-t_477646.jpg) > [What is politically defined as economic planning is the forcible superseding of other people's plans by Government officials.](https://sms4smile.com/quotes/thomas-sowell/what-is-politically-defined-as-economic-planning-is-the-forcible/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/ed1/thomas-sowell-247_defined_what-is-politically-defined-as-economic_824838.jpg) > [Economic policies need to be analyzed in terms of the incentives they create, rather than the hopes that inspired them.](https://sms4smile.com/quotes/thomas-sowell/economic-policies-need-to-be-analyzed-in-terms-of-the-incentives-they/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/96d/thomas-sowell-247_economic_economic-policies-need-to-be-analyzed-in_1035066.jpg) > [The principles applied in economic processes are general social principles.](https://sms4smile.com/quotes/thomas-sowell/the-principles-applied-in-economic-processes-are-general-social/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/fa1/thomas-sowell-247_economic_the-principles-applied-in-economic-proce_2800539.jpg) > [Our economic problems worry me much less than our political solutions, which have a far worse track record.](https://sms4smile.com/quotes/thomas-sowell/our-economic-problems-worry-me-much-less-than-our-political-solutions/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/37e/thomas-sowell-247_economic_our-economic-problems-worry-me-much-less_2517619.jpg) > [No matter how disastrously some policy has turned out, anyone who criticizes it can expect to hear: 'But what would you replace…](https://sms4smile.com/quotes/thomas-sowell/no-matter-how-disastrously-some-policy-has-turned-out-anyone-who/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/15b/thomas-sowell-247_criticize_no-matter-how-disastrously-some-policy-h_3017473.jpg) > [We seem to be getting closer and closer to a situation where nobody is responsible for what they did but we are…](https://sms4smile.com/quotes/thomas-sowell/we-seem-to-be-getting-closer-and-closer-to-a-situation-where-nobody/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/5b3/thomas-sowell-247_economic_we-seem-to-be-getting-closer-and-closer_375423.jpg) > [Capitalism is not an 'ism.' It is closer to being the opposite of an 'ism,' because it is simply the freedom of…](https://sms4smile.com/quotes/thomas-sowell/capitalism-is-not-an-ism-it-is-closer-to-being-the-opposite-of-an-ism/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/856/thomas-sowell-247_agree_capitalism-is-not-an-ism-it-is-closer-to_1240706.jpg) > [People in the political world have every incentive to say things that lead voters away from a clear economic understanding of issues.…](https://sms4smile.com/quotes/thomas-sowell/people-in-the-political-world-have-every-incentive-to-say-things-that/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/757/thomas-sowell-247_clear_people-in-the-political-world-have-every_1966062.jpg) > [If you start from a belief that the most knowledgeable person on earth does not have even one percent of the total…](https://sms4smile.com/quotes/thomas-sowell/if-you-start-from-a-belief-that-the-most-knowledgeable-person-on/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/33e/thomas-sowell-247_activism_if-you-start-from-a-belief-that-the-most_2578106.jpg) > [Any politician who starts shouting election-year demagoguery about the rich and the poor should be asked, "What about the other 90 percent…](https://sms4smile.com/quotes/thomas-sowell/any-politician-who-starts-shouting-election-year-demagoguery-about/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/091/thomas-sowell-247_demagoguery_any-politician-who-starts-shouting-elect_3108885.jpg) > [One of the sad signs of our times is that we have demonized those who produce, subsidized those who refuse to produce,…](https://sms4smile.com/quotes/thomas-sowell/one-of-the-sad-signs-of-our-times-is-that-we-have-demonized-those-who/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/b94/thomas-sowell-247_complaining_one-of-the-sad-signs-of-our-times-is-tha_2092206.jpg) > [It is precisely those members of Congress who have had the most to do with creating the risks that led to the…](https://sms4smile.com/quotes/thomas-sowell/it-is-precisely-those-members-of-congress-who-have-had-the-most-to-do/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/021/thomas-sowell-247_committees_it-is-precisely-those-members-of-congres_1973273.jpg) > [Since man does not create physical matter, those who handle material objects in the production process are not producers in that sense.…](https://sms4smile.com/quotes/thomas-sowell/since-man-does-not-create-physical-matter-those-who-handle-material/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/d8c/thomas-sowell-247_availability_since-man-does-not-create-physical-matte_935164.jpg) > [Failure is a big part of a free market's success. People fail to live up to their potential, or to carry out…](https://sms4smile.com/quotes/thomas-sowell/failure-is-a-big-part-of-a-free-market-s-success-people-fail-to-live/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/4ce/thomas-sowell-247_all-kinds_failure-is-a-big-part-of-a-free-market-s_278198.jpg) > [If one writing contributed more than any other to the framework in which this work Sowell's Knowledge and Decisions developed, it would…](https://sms4smile.com/quotes/thomas-sowell/if-one-writing-contributed-more-than-any-other-to-the-framework-in/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/3da/thomas-sowell-247_clue_if-one-writing-contributed-more-than-any_1252288.jpg) > [The most basic inherent constraint is that neither time nor wisdom are free goods available in unlimited quantity. This means that in…](https://sms4smile.com/quotes/thomas-sowell/the-most-basic-inherent-constraint-is-that-neither-time-nor-wisdom/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/767/thomas-sowell-247_available_the-most-basic-inherent-constraint-is-th_3008318.jpg) > [The question is not what anybody deserves. The question is who is to take on the God-like role of deciding what everybody…](https://sms4smile.com/quotes/thomas-sowell/the-question-is-not-what-anybody-deserves-the-question-is-who-is-to/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/ffe/thomas-sowell-247_death_the-question-is-not-what-anybody-deserve_942023.jpg) > [At least half of the popular fallacies about economics come from assuming that economic activity is a zero-sum game, in which what…](https://sms4smile.com/quotes/thomas-sowell/at-least-half-of-the-popular-fallacies-about-economics-come-from/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/1dd/thomas-sowell-247_activity_at-least-half-of-the-popular-fallacies-a_231370.jpg) > [The Obama administration seems to be following what might be called 'the Detroit pattern increasing taxes, harassing businesses, and pandering to unions.…](https://sms4smile.com/quotes/thomas-sowell/the-obama-administration-seems-to-be-following-what-might-be-called/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/1b9/thomas-sowell-247_administration_the-obama-administration-seems-to-be-fol_127891.jpg) > [People who are very aware that they have more knowledge than the average person are often very unaware that they do not…](https://sms4smile.com/quotes/thomas-sowell/people-who-are-very-aware-that-they-have-more-knowledge-than-the/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/201/thomas-sowell-247_average_people-who-are-very-aware-that-they-have_335814.jpg) > [Why the transfer of decisions from those with personal experience and a stake in the outcome to those with neither can be…](https://sms4smile.com/quotes/thomas-sowell/why-the-transfer-of-decisions-from-those-with-personal-experience-and/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/8f5/thomas-sowell-247_decision_why-the-transfer-of-decisions-from-those_1288463.jpg) > [If increased government spending with borrowed or newly created money is a 'stimulus,' then the Weimar Republic should have been stimulated to…](https://sms4smile.com/quotes/thomas-sowell/if-increased-government-spending-with-borrowed-or-newly-created-money/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/7df/thomas-sowell-247_borrowed_if-increased-government-spending-with-bo_2390983.jpg) > [Anyone who has actually had to take responsibility for consequences by running any kind of enterprise whether economic or academic, or even…](https://sms4smile.com/quotes/thomas-sowell/anyone-who-has-actually-had-to-take-responsibility-for-consequences/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/62a/thomas-sowell-247_academic_anyone-who-has-actually-had-to-take-resp_1793547.jpg) > [During the 1930s, some of the leading intellectuals in America condemned our economic system and pointed to the centrally planned Soviet economy…](https://sms4smile.com/quotes/thomas-sowell/during-the-1930s-some-of-the-leading-intellectuals-in-america/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) [Image](https://sms4smile.com/quotes/i/408/thomas-sowell-247_1930s_during-the-1930s-some-of-the-leading-int_2218287.jpg) ## Other authors on Economic ## More by Thomas Sowell > [The vision of the left, full of envy and resentment, takes its worst toll on those at the bottom - whether black or white…](https://sms4smile.com/quotes/thomas-sowell/the-vision-of-the-left-full-of-envy-and-resentment-takes-its-worst/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [There is no bigger waste of time than doing 90% of what is necessary.](https://sms4smile.com/quotes/thomas-sowell/there-is-no-bigger-waste-of-time-than-doing-90-of-what-is-necessary/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [If you have always believed that everyone should play by the same rules and be judged by the same standards, that would have gotten…](https://sms4smile.com/quotes/thomas-sowell/if-you-have-always-believed-that-everyone-should-play-by-the-same/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [“In 1962, Democratic President John F. Kennedy, like both Democratic and Republican Presidents and Secretaries of the Treasury in earlier years, pointed out that “it…](https://sms4smile.com/quotes/thomas-sowell/in-1962-democratic-president-john-f-kennedy-like-both-democratic-and/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [Ideological bigotry has become the norm on even our most prestigious campuses, where students can go for years without reading or hearing anything that…](https://sms4smile.com/quotes/thomas-sowell/ideological-bigotry-has-become-the-norm-on-even-our-most-prestigious/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [Bailing out people who made ill-advised mortgages makes no more sense that bailing out people who lost their life savings in Las Vegas casinos.](https://sms4smile.com/quotes/thomas-sowell/bailing-out-people-who-made-ill-advised-mortgages-makes-no-more-sense/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [“One third of all Scots in the mid-nineteenth century moved from one county to another”](https://sms4smile.com/quotes/thomas-sowell/one-third-of-all-scots-in-the-mid-nineteenth-century-moved-from-one/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [The difference is that we have the hardest and most painful evidence that there was a Holocaust. But, for the global warming scenario that…](https://sms4smile.com/quotes/thomas-sowell/the-difference-is-that-we-have-the-hardest-and-most-painful-evidence/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [“Just as price fluctuations allocate scarce resources which have alternative uses, price controls which limit those fluctuations reduce the incentives for individuals to limit…](https://sms4smile.com/quotes/thomas-sowell/just-as-price-fluctuations-allocate-scarce-resources-which-have/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [The greatest danger to the liberal vision are facts about the consequences of liberalism itself and the laws, policies, and ways of life that…](https://sms4smile.com/quotes/thomas-sowell/the-greatest-danger-to-the-liberal-vision-are-facts-about-the/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [Having spent years ruining the housing markets with their interference, leading to a housing meltdown that has taken the whole economy down with it,…](https://sms4smile.com/quotes/thomas-sowell/having-spent-years-ruining-the-housing-markets-with-their/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [Do all children have some inherent right to live in America if they have done nothing wrong? If not, then why should the children…](https://sms4smile.com/quotes/thomas-sowell/do-all-children-have-some-inherent-right-to-live-in-america-if-they/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [What 'eminent domain' laws mean in practice is that politicians have a right to seize your property and turn it over to someone else,…](https://sms4smile.com/quotes/thomas-sowell/what-eminent-domain-laws-mean-in-practice-is-that-politicians-have-a/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [“those parts of the British Isles without the advantage of coal deposits or ports, industrialization was as handicapped as in other countries.”](https://sms4smile.com/quotes/thomas-sowell/those-parts-of-the-british-isles-without-the-advantage-of-coal/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [The whole idea of equal justice under law is completely incompatible with the idea of judges deciding cases according to "empathy".](https://sms4smile.com/quotes/thomas-sowell/the-whole-idea-of-equal-justice-under-law-is-completely-incompatible/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/economic/thomas-sowell/#itemlist", "name": "27 Economic Quotes By Thomas Sowell", "numberOfItems": 27, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "The economic disasters of socialism and communism come from assuming a blanket superiority of those who want to run a whole economy.", "creator": { "@type": "Person", "name": "Thomas Sowell" }, "url": "https://sms4smile.com/quotes/thomas-sowell/the-economic-disasters-of-socialism-and-communism-come-from-assuming/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/507/thomas-sowell-247_assuming_the-economic-disasters-of-socialism-and_1542983.jpg", 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"@type": "Quotation", "text": "Our economic problems worry me much less than our political solutions, which have a far worse track record.", "creator": { "@type": "Person", "name": "Thomas Sowell" }, "url": "https://sms4smile.com/quotes/thomas-sowell/our-economic-problems-worry-me-much-less-than-our-political-solutions/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/37e/thomas-sowell-247_economic_our-economic-problems-worry-me-much-less_2517619.jpg", "contentUrl": "https://sms4smile.com/quotes/i/37e/thomas-sowell-247_economic_our-economic-problems-worry-me-much-less_2517619.jpg", "url": "https://sms4smile.com/quotes/i/37e/thomas-sowell-247_economic_our-economic-problems-worry-me-much-less_2517619.jpg", "width": 1080, "height": 1080, "caption": "“Our economic problems worry me much less than our political solutions, which have a far worse track record.” — Thomas Sowell", "creditText": "SMS4Smile Quotes", "creator": { "@id": 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} } }, { "@type": "ListItem", "position": 12, "item": { "@type": "Quotation", "text": "If you start from a belief that the most knowledgeable person on earth does not have even one percent of the total knowledge on earth, that shoots down social engineering, economic central planning, judicial activism, and innumerable other ambitious notions favored by the political left.", "creator": { "@type": "Person", "name": "Thomas Sowell" }, "url": "https://sms4smile.com/quotes/thomas-sowell/if-you-start-from-a-belief-that-the-most-knowledgeable-person-on/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/33e/thomas-sowell-247_activism_if-you-start-from-a-belief-that-the-most_2578106.jpg", "contentUrl": "https://sms4smile.com/quotes/i/33e/thomas-sowell-247_activism_if-you-start-from-a-belief-that-the-most_2578106.jpg", "url": "https://sms4smile.com/quotes/i/33e/thomas-sowell-247_activism_if-you-start-from-a-belief-that-the-most_2578106.jpg", "width": 1080, "height": 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The question is who is to take on the God-like role of deciding what everybody else deserves. You can talk about 'social justice' all you want. But what death taxes boil down to is letting politicians take money from widows and orphans to pay for goodies that they will hand out to others, in order to buy votes to get re-elected. 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In this situation, for the intelligentsia to impose their notions on ordinary people is essentially to impose ignorance on knowledge.", "creator": { "@type": "Person", "name": "Thomas Sowell" }, "url": "https://sms4smile.com/quotes/thomas-sowell/people-who-are-very-aware-that-they-have-more-knowledge-than-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/201/thomas-sowell-247_average_people-who-are-very-aware-that-they-have_335814.jpg", "contentUrl": "https://sms4smile.com/quotes/i/201/thomas-sowell-247_average_people-who-are-very-aware-that-they-have_335814.jpg", "url": "https://sms4smile.com/quotes/i/201/thomas-sowell-247_average_people-who-are-very-aware-that-they-have_335814.jpg", "width": 1080, "height": 1080, "caption": "“People who are very aware that they have more knowledge than the average person are often very unaware that…” — Thomas Sowell", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 24, "item": { "@type": "Quotation", "text": "Why the transfer of decisions from those with personal experience and a stake in the outcome to those with neither can be expected to lead to better decisions is a question seldom asked, much less answered.", "creator": { "@type": "Person", "name": "Thomas Sowell" }, "url": "https://sms4smile.com/quotes/thomas-sowell/why-the-transfer-of-decisions-from-those-with-personal-experience-and/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/8f5/thomas-sowell-247_decision_why-the-transfer-of-decisions-from-those_1288463.jpg", "contentUrl": "https://sms4smile.com/quotes/i/8f5/thomas-sowell-247_decision_why-the-transfer-of-decisions-from-those_1288463.jpg", "url": "https://sms4smile.com/quotes/i/8f5/thomas-sowell-247_decision_why-the-transfer-of-decisions-from-those_1288463.jpg", "width": 1080, "height": 1080, "caption": "“Why the transfer of decisions from those with personal 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