The fundamental reality is that more money does not create any new goods or services in the economy. Money is not wealth. Wealth is productive capacity; the ability to create actual goods and services.
On June 30, 2020, Thomas Sowell turns 90. He is one of the most important economic and social thinkers of the last 50 years. I say that, recognizing that his career overlapped such luminaries as Friedrich Hayek and Milton Friedman. Sowell also has been one of the most prolific social‐science writers of his era, as evidenced by the fact that his birthday also marks the publication of his latest book: Charter Schools and Their Enemies.
Big government is a far heavier burden to those who start out without privileges and advantages. No one has seen entrepreneurship help minorities improve their economic circumstances more than I have—and that’s not only because I’m 93. I saw the power of entrepreneurship firsthand after co-founding the Home Depot.
Chilean doctor Alex Kaiser caused a stir when he pronounced that independence for Puerto Rico would be catastrophic. His approach does not focus on the reduction of federal transfers, although he considers them a dangerous dependency for the island. His argument is that the politicians in Puerto Rico who oppose economic freedom and the people who elect them would lead the country into a devastating scenario.
This year we have seen a resurgence of the National Superior Basketball (BSN, its acronym in spanish), with courts filled to capacity, high technology and shows before and at halftime like in the NBA. This coincides with the private investment of businessmen from Puerto Rico and the United States; a healthy and competent administration; and contracts to high quality reinforcements players, former NBA players. The result has been greater competitiveness and sports quality, as well as an increase in the number of fans on the courts and in television and radio audiences.
I am part of the 1.3% who have experienced acculturation and grief. The feeling of missing family, desiring typical food of the country, mastering another language, adapting to a new climate and work environment, has a significant impact on the physical and emotional health of the migrant. In the United States I found wonderful opportunities, but I have never lost the desire to return to my homeland.
The past seventy years have seen a substantial increase in the number of jobs and trades that require an occupational license to practice, creating onerous burdens on economic freedom. The lack of uniformity in the system of occupational regulation in the United States presents barriers to interstate mobility and infringes on people's freedoms. Organizations such as the Institute for Justice, Arkansa Center for Research in Economics, and the National Conference for State Legislatures have published reports and indexes that expose various problems arising from occupational regulation and propose ways to address the issue.