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Thomas Sowell

Thomas Sowell

American economist

Oct 21, 2025

37:54
What did? What did it?
37:56
Oh, evidence.
37:59
I was much in favor of minimum wage laws.
38:05
People have low income, they can get a little better life for themselves and so forth.
38:11
But at Chicago, there was the idea, no, that what you do when you raise the minimum wage is you cause lots of people to lose their jobs or not be able to find a job.
38:24
And in fact, that was what I'd been saying for a decade since then.
38:30
But there were two explanations of why the unemployment went up, and this is in Puerto Rico that I was studying, went up after the minimum wages, and that was because there were storms that came through Puerto Rico several years in a row, and they destroyed part of the sugar crop, and therefore there was less need for workers, and that was the reason for their unemployment.

13 MINS LATER

52:17
I said, you know, I'm happy where I am.
16:41
Is that correct?
16:42
Yes, and this is part of a larger pattern in looking at statistics over time.
16:50
It applies, for example, many people credit Ralph Nader with having made the country and the government conscious of various dangers and so that they can have laws and agencies to control those dangers.
17:09
And they'll point out that Ralph Nader's book, Unsafe at Any Speed, put him on the map when he argued that American cars were being made without regard to safety and that the corporations put more emphasis on styling and that was causing people's lives and so on.
17:31
And then after that, these government agencies came in.
17:34
And then if you follow the data, the death rate in automobiles went down.
17:39
And many people think that that's a convincing argument.

24 MINS LATER

41:30
Are you willing to go that far?

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