Race & Economics: How Much Can Be Blamed on Discrimination? (Hoover Institution Press Publication)
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With this summer's focus on black America, we need alternative voices like Sen. Tim Scott, Justice Clarence Thomas, and Candace Owens. One of the wisest is Walter Williams, who has been an economist for about half a century and seen a lot. His books and articles are good, but it's easy to start with the video Suffer No Fools, where he pardons the white man and says "now don't be a damn fool in dealing with us". Williams addresses the common assumption that gaining political power is the way to economic and personal prosperity. If this were the case, the era since the civil rights and the great society should be the most prosperous for the black community. This was the conversation when Trump was asked by Jonathan Swan about Pres. Lyndon Johnson's legacy. Williams discusses the basics of economics. By the way, in the video he says he doesn't indoctrinate his classes. He shows them what the basic consensus of the field is, and they can move on to other thinkers. Anyway, he gives practical examples like filet mignon and cheap steak. Why do both of them continue to sell? There's a lot of history beginning with the little-known history of the quasi-free black man during the time of chattel slavery. Then under the Jim Crow era, blacks made tremendous progress offering their labor at a lower price. Here's an example most can understand. College kids pay a lot to gain marketable skills. The lower-skilled workers also should be able to gain life experience and work experience to move up. In other words, you should be learning lessons on the job. Minimum wage and unions, which are supposed to help the less fortunate, get in the way of being able to get a start. There's a fascinating discussion of the taxi industry and how it's regulated by medallions etc. In the old days, the Irish or whoever could just write "Taxi" on the carriage and become an entrepreneur. There's also a discussion of famous black leaders like Frederick Douglass and WEB Dubois, and labor leaders like Samuel Gompers and Eugene Debs. This was very interesting to me. This is because Debs is the inspiration for the socialism of Bernie Sanders. The history of Debs helps to explain why Bernie didn't win. Basically, the history of American socialism with Debs wasn't good for the black community, so if Bernie is the "reincarnation" that doesn't bode well. But as Dinesh d'Souza has shown, the old socialism isn't the problem now, it's identity and critical theory, which can get in the way of legitimate development. The end has a discussion of all the terms that are thrown around, prejudice, discrimination, racism, preference, segregation. Williams explains how if you choose to go to the University of Chicago, you're discriminating against Harvard. Every choice involves a discrimination. This is an emotionally charged time and some life experience is needed. Williams is an 84 year old black man, he wasn't even with MLK he was with Malcolm X as a young radical, so he's seen a few things about what has worked in the lives of people.
Insight Into American Economics
"Race and Economics," by Walter E. Williams is not what I had anticipated reading. Yet, I found the book insightful and filled with reflective knowledge and information. Therefore, I rated the book with four-stars. I would have given 5-stars, but again I was expecting to read something quite different. I had hoped to read a book that delved into systemic racist practices that showed black peoples specific abilities and talents being diminished in capacity. This was not that kind of book. "Race and Economics," highlights laws, rules, regulations that were enforced to keep black labor from the marketplace. Again, this is a good, quick read. I was able to finish this book within two days. This book is written in layman's terms so the average person who is not familiar with economics can comprehend what is being stated. I would recommend "Race and Economics," by Walter E. Williams to others. If you are interested in what kind of legislative bodies held back black people from fulfilling their American Dream this is a good book to read.
Excellent book on the thorny problems of race and how ...
Excellent book on the thorny problems of race and how racism is influenced by economics. This book forces a new look at the common wisdom about racial problems and suggests some solutions. Walter Williams is an African-American and recognizes the existence of racism in America, but he does not shy away from some of the problems of the Black leadership and how they are perpetuating some of the very problems they deplore. Clearly not everyone will agree with his hypotheses, but it is difficult to ignore the facts stated in his book. This book deserves an objective discussion by both left and right and a complete reevaluation of the way we treat race and its problems.
A well researched and challenging book
I highly enjoyed this book, as it has caused me to explore race and how we “get ahead” or stay stuck. The author seemed to have done a good deal of historical research, and explained common ideas about race and prejudice and how the barriers faced today are more than just prejudice (though to be clear I believe strongly these exist). My background is in clinical social work and I currently practice psychotherapy. Though I don’t work with African Americans very often, I have observed that at times the economic structures in our nation can make it difficult for the disadvantaged to get ahead. The author makes some good points however I don’t agree with everything that is argued in this book, such as relying on free markets to fix everything or that unions and licensing laws are all to blame, however I liked that this book challenged me and caused me to think beyond the standard narrative.
This is a very insightful book!
As much as I believed the contrary about the plight of African Americans (specifically) in terms of restricted opportunities, this book (along with worthy citations that you really should look up in controversial books like this to verify accuracy) revealed some sobering truths. Dr. Williams demonstrated how government intervention programs such as minimum wages and Affirmative Action (though it is more about lawful review of ALL applicants through merit rather than empty quotas) programs actually do more harm than good for the most part in terms of economic growth is various ethnicities and cultures. Dr. Williams showed that even during antebellum slavery, some Blacks owed hotels and other lucrative businesses and many were doing well until government intervention with the labor market. Williams discussed fascinating, yet economically-harmful actions taken by the federal as well as state and municipal governments regarding taxi cabs and even hair-braiding. Wait until you read these and other maladies the Occupational and Business Licensing chapter; it should both make you a bit angry as well as enlighten you. It is as though the economy is being stifled and the idea of free markets, along with its competitive nature is being sabotaged. I'm starting to see and understand the promise of laissez faire capitalism now. The very idea of housing costs can be directly linked to discrimination in trades or the act of barring certain people from certain trades to tip the balance of wages in favor of the few by making it appear there are few people in a certain trade, so customers would have to pay more for their expertise. Folks, there is a darker reason why we have to pay to take exams that transcend mere accountability and costs to produce, distribute, and score the exams. There is a reason why prices for groceries are higher in low-income / high(er) crime areas and race has very little to do with it. Overall, it's a short read, but I recommend this book to anyone who actually wants to understand how harmful some unions, minimum-wage, licensing, and other traditions are causing more harm than good by restricting opportunities that extend well beyond race, yet due to conventional wisdom (which is usually wrong or incomplete at best), we keep blaming race as the reason for our so-called oppression. I learned so much from this book!
Brilliant!
Walter Williams tells it like it is and has been. He cuts through the false rhetoric of race that has sadly taken the place of honest discussion in our public discourse. I would recommend this book to anyone who wants to understand how to improve our country for everyone.
Most of systemic racism consists or rules & requirements for "ins" vs "outs"
Citation of data rather than opinions, impacts rather than intentions. Anything that artificially raises wages favors those already in the profession over those out of it. Prevailing wage laws, min wage, unions, credentialing & licensing all favor "ins" over "outs".
Great book
Walter Williams is a fantastic writer. Coming out of the Libertarian economics tradition, he does a beautiful job of showing how minimum wage laws, state mandated licensing, state protected monopoly status for unions, and a variety of other mechanisms create barriers to entry for up and coming workers (from all races, classes, etc). Though his focus is on race, what he's written is applicable more broadly. A wonderful book.
Interesting perspectives, old data
Some interesting stuff about how minimum wages and unions may have been either unintentionally or actually intentionally descriminatory, but it doesn't discuss much beyond the 1960's, and the world has changed a lot since then.
I bought Race & Economics because I enjoyed The State Against Blacks by the same author
I bought Race & Economics because I enjoyed The State Against Blacks by the same author. Both books opened my eyes about a subject about which I knew very little. And what little I thought I knew turns out to be wrong. Walter Williams, a University Professor, knows how to research and provides many statistics to help support his conclusions. I enthusiastically recommend this book for readers both black and white. (I'm white.)
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