There are only a handful of products that Americans import that cannot be produced at home and therefore create jobs for Americans. Let's look at a few of them.We import cocoa from Ghana and coffee from African and Latin American countries. We import saffron from...
Walter Williams
Foreign Trade Angst
Patrick Buchanan's recent syndicated column titled "New Deal for U.S. Manufacturers" stokes the fires of misunderstanding and panic. Mr. Buchanan, my longtime friend, is right about a lot of things, but he's wrong about trade. First, he laments, "Europeans, Japanese,...
Economic Inequality: Process and Results
Democrats plan to trumpet the income and wealth gap for political gain in this year's elections. According to The Wall Street Journal article "Democrats' Risky Strategy," Democratic candidates blame Republicans for economic inequality. This strategy might sell...
Discrimination, Prejudice and Preferences
My previous columns have attempted to reduce confusion by suggesting operational definitions of discrimination and prejudice. Discrimination was defined as the act of choice, and prejudice was the act of decision-making on the basis of incomplete information. Good...
Discrimination or Prejudice
In recent weeks, I've offered operational definitions for some of the terms used in the discussion of race. The first was discrimination, which can be broadly defined as the act of choice. When one selects one activity, good or person, of necessity he must...
Constitution Day
Each year since 2004, on Sept. 17, we commemorate the 1787 signing of the U.S. Constitution by 39 American statesmen. The legislation creating Constitution Day was fathered by Sen. Robert Byrd and requires federal agencies and federally funded schools, including...
What is Discrimination?
There's so much confusion and emotionalism about discrimination that I thought I'd take a stab at a dispassionate analysis. Discrimination is simply the act of choice. When we choose Bordeaux wine, we discriminate against Burgundy wine. When I married Mrs. Williams, I...
Will The West Defend Itself?
Does the United States have the power to eliminate terrorists and the states that support them? In terms of capacity, as opposed to will, the answer is a clear yes. Think about it. Currently, the U.S. has an arsenal of 18 Ohio class submarines. Just one submarine is...
Are Academic Elites Communists?
Grove City College publishes an excellent newsletter titled "Visions and Values." Its July 2006 edition features an interview with Dr. Richard Pipes, acclaimed Russian historian and Harvard University professor of Sovietology. The interview was conducted by Grove City...
The Minimum Wage Vision
There are decent people, without a selfish hidden agenda, who support increases in minimum wages as a means to help low-skilled workers, and there are other decent people, with the identical goal, who strongly oppose increases in the minimum wage. So the question is:...
“The Unbearable Whiteness of Barbie” and Other College Stupidity
Colleges and universities will start their fall semester soon. You might be interested in what parents' and taxpayers' money is going for at far too many "institutions of higher learning." At Occidental College in Los Angeles, a mandatory course for some freshmen is...
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 needed...
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 Maugeri, vice president for...
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...
The Poverty in Black Education is Not Due to Racial Discrimination or Lack of Money in D.C.
Let's look at the recent "Nation's Report Card," published annually by the U.S. Department of Education's National Center for Education Statistics. Nationally, in reading, only 13 percent of black fourth graders, and 11 percent of black eighth graders score as...
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 media insider, Stossel is well...
“Price-Gouging,” Opportunity Costs, and the Economics of Prices
Here's what one reader wrote: "Williams, I can understand how the destruction of Hurricane Katrina and Middle East political uncertainty can jack up gasoline prices. But it's price-gouging for the oil companies to raise the price of all the gasoline already bought and...
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 getting done? How about...
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 percent of the U.S....
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 of what was being...
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 $13 trillion. The...
Subscribe for free.
Read by students, professors, and citizens, Capitalism Magazine provides over 9,000 free to read articles and essays from pro-reason, individual rights perspective.
No spam. Unsubscribe anytime.