9 Mind-Blowing Contributions From Thomas Sowell (feat. Wilfred Reilly, Ph.D.)

by | Sep 18, 2022

To many people, even today, high profits are often attributed to high prices charged by those motivated by “greed.” In reality, most of the great fortunes in American history have resulted from someone’s figuring out how to reduce costs, so as to be able to charge lower prices and therefore gain a mass market for the product. Henry Ford did this with automobiles, Rockefeller with oil, Carnegie with steel, and Sears, Penney, Walton and other department store chain founders with a variety of products. A supermarket chain in a capitalist economy can be very successful charging prices that allow about a penny of clear profit on each dollar of sales.
– Thomas Sowell, Ph.D., Basic Economics (2015, Basic Books), p. 165.

Wilfred Reilly, Ph.D., is a Professor of Political Science at Kentucky State University.

Books by Wilfred Reilly:

Taboo: 10 Facts You Can’t Talk About

Hate Crime Hoax: How the Left is Selling a Fake Race War

Wilfred Reilly on Twitter

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About Keith Knight

Keith Knight is Managing Editor at the Libertarian Institute, host of the Don't Tread on Anyone podcast and editor of The Voluntaryist Handbook: A Collection of Essays, Excerpts, and Quotes.

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