Walter Williams

Walter Williams (March 31, 1936 – December 1, 2020) was an American economist, commentator, academic, and columnist at Capitalism Magazine.

He was the John M. Olin Distinguished Professor of Economics at George Mason University, and a syndicated editorialist for Creator's Syndicate. He is author of Race and Economics: How Much Can Be Blamed on Discrimination?, and numerous other works.

Truly Disgusting: Internet Gambling Prohibition Act of 1999

Truly Disgusting: Internet Gambling Prohibition Act of 1999

The House of Representatives voted 245 to 159 to pass the Internet Gambling Prohibition Act of 1999. Because of a rule requiring two-thirds approval, the measure didn’t pass. Its sponsor, Bob Goodlatte, R-Va., plans to introduce it again when only a majority is...

Running Out of Oil

Running Out of Oil

“Proven” oil reserves, oil that’s economically and technologically recoverable, are estimated to be more than 1.1 trillion barrels. That’s enough oil, at current usage rates, to fuel the world’s economy for 38 years, according to Leonardo...

The Pretense of Knowledge

One of the great contributions of Nobel Laureate economist Friedrich Hayek was to admonish us to recognize the insurmountable limits to human knowledge. Why? Not even the brightest minds, and surely not the U.S. Congress, can ever have the knowledge to shape an...

Myths, Lies and Downright Stupidity

John Stossel, ABC’s “20/20” anchorman, has a recently released book about the various untruths we accept, many from the media and academic elite. The book is appropriately titled “Myths, Lies and Downright Stupidity.” Being a longtime...

The Economics of Caring vs. Uncaring

George Orwell admonished, “Sometimes the first duty of intelligent men is the restatement of the obvious.” That’s what I want to do — talk about the obvious, starting with the question: What human motivation leads to the most wonderful things...

Disappearing Manufacturing Jobs

According to some pundits and political hustlers, free trade has led to a loss of “good manufacturing jobs.” Let’s look at it, but before doing so, let’s first see whether we should work ourselves into a tizzy over other job losses. In 1900, 41...

Minimum Wage, Maximum Folly

Minimum Wage, Maximum Folly

About a fortnight ago, Mrs. Williams alerted me to an episode of Oprah Winfrey’s show titled “Inside the Lives of People Living on Minimum Wage.” After a few minutes of watching, I turned it off, not because of the heartrending tales but because most...

Is There a Federal Deficit?

Let’s push back the frontiers of ignorance about the federal deficit. To simplify things, I’ll use round numbers that are fairly close to the actual numbers. The nation’s 2005 gross domestic product (GDP), what the American people produced, totaled...

Youth Indocrination Update

Several weeks ago, I wrote about Overland High School teacher Jay Bennish’s indoctrination of his geography class. In commenting on President Bush’s State of the Union address, he told his 10th-graders: “Sounds a lot like the things Adolf Hitler used...

Why Does Hillary Clinton Fear Condoleezza Rice?

Presidential aspirant Hillary Clinton used Rev. Al Sharpton’s Martin Luther King Jr. birthday celebration to, as Professor Shelby Steele explains, “whistle for the black vote by pandering to the black sense of grievance.” In response to a question...

Conflict: The Battle Hymn of the Democracy

High up on my list of annoyances are references to the United States as a democracy and the suggestion that Iraq should become a democracy. The word “democracy” appears in neither of our founding documents — the Declaration of Independence nor the...

Indoctrination of Our Youth

Let’s start off with a few quotations, then a question. In reference to the president’s State of the Union: “Sounds a lot like the things Adolf Hitler used to say.” “Bush is threatening the whole planet.” “[The] U.S. wants to...

Modern Day Silly Talk

President Bush, during his State of the Union address, said, “America is addicted to oil, which is often imported from unstable parts of the world.” I decided to check out “addiction” in Merriam-Webster’s dictionary and found:...

Bogus Rights

Do people have a right to medical treatment whether or not they can pay? What about a right to food or decent housing? Would a U.S. Supreme Court justice hold that these are rights just like those enumerated in our Bill of Rights? In order to have any hope of...

Corporate Courage

We all remember last year’s despicable U.S. Supreme Court 5-4 Kelo v. City of New London, Conn., decision that held as constitutional that the rightful property of one American can be taken and transferred to another American so long as some public purpose is...

In Government We Trust

What lessons should we have learned from last summer’s deadly and destructive hurricanes? The primary lesson is that we shouldn’t have much faith in a federal bureaucracy like the Federal Emergency Management Agency (FEMA). They amply demonstrated their...

Tax Cuts: A $70 Billion ‘Giveaway’ to the Rich?

Republican and Democratic big government advocates whine about President Bush’s proposed tax cuts, particularly cuts in the capital gains tax. They say it’s a $70 billion giveaway to the rich. Listening to demagoguery about the rich, I’ve sometimes...

The Poverty Hype

Despite claims that the rich get richer and the poor get poorer, poverty is nowhere near the problem it was yesteryear — at least for those who want to work. Talk about the poor getting poorer tugs at the hearts of decent people and squares nicely with the...

Imposing Your Preferences On Others Through Government

Philosopher David Hume warned that, “It is seldom that liberty of any kind is lost all at once.” That’s why we should guard against any encroachment on liberty, no matter how small. Let’s look at a couple of instances where, at our peril,...

The Consumer Rip-Off

Since allegations of oil company price-gouging have become topical, let’s look at real price manipulation. Suppose a dairyman wants to sell a gallon of milk for 25 cents less than his competitors, would you want him fined or jailed? Federal Milk Marketing Orders...

Betrayal of the Struggle

Last month, when Rosa Parks was laid to rest in Detroit, her eulogy contained well-deserved praise for her brave defiance of segregation laws that led to the 1955 Montgomery, Ala., bus boycott and later the 1956 Supreme Court ruling that banned public transportation...

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