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July 2, 2009

Rabbi Abraham J. Twerski: The hallmark of a person

Abe Novick: Up, up, and aliya

July 1, 2009

Rabbi Avi Shafran: The Road Taken

The Kosher Gourmet by Marialisa Calta: Get into the holiday spirit with these Star-Spangled desserts

June 30, 2009

Rabbi Binyomin Ginsberg: What makes a great parent?

Caroline B. Glick: Ideologue-in-Chief

June 29, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Beware of 'Caveat Emptor'

Steven Emerson: ACLU pushing for more money for Hamas

June 26, 2009

Rabbi Yoni Posnick: Learn the secret to a healthy marriage from a scriptural villain

Caroline B. Glick: Barack Obama vs. International Law

June 25, 2009

Rabbi Shimon Apisdorf: The Absurd Power of Truth

Jordan "Gorf" Gorfinkle's strip: Everything's Relative

June 24, 2009

Rabbi Yonason Goldson: Advancement of technology is a wake-up call for humanity

The Kosher Gourmet by Andrea Weigl: Summer on a stick: Making frozen treats can be easy, creative and fun

June 23, 2009

Martin M. Bodek: 'On Surnames': And so, We Begin

Caroline B. Glick: The Obama Effect

June 22, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Working for a corrupt firm

N. Richard Greenfield : Where are American Jews?

June 19, 2009

Rabbi Abraham J. Twerski: Emotion v. intellect

Caroline B. Glick: Israel's rare opportunity

June 18, 2009

Jonathan Rosenblum: Sometimes it is more essential to define the nature of evil than good

Jordan "Gorf" Gorfinkle's strip: Everything's Relative

June 17, 2009

Rabbi Yonason Goldson: The Language of Confusion

The Kosher Gourmet by Linda Gassenheimer: Nothing pleases Dad more than a thick, juicy onion-smothered steak. Add home-Baked Potato Chips and …

June 16, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Career v. Careersism

Caroline B. Glick: Obama's losing streak and Israel

Richard Z. Chesnoff: ‘Palestinians’: Never Missing an Opportunity …

June 15, 2009

Israeli Prime Minister Binyamin Netanyahu: How Judea and Samaria can become 'Palestine'

Daniel Pipes: Where Netanyahu's speech failed

June 12, 2009

Rabbi Abraham J. Twerski: Some big thoughts about not acting so big

Caroline B. Glick: Obama's High Commissioner

June 11, 2009

Victor Davis Hanson: Our historically challenged President

Mitch Albom: Beware the True Believers

Lewis Grossberger: What we learn from the new Hitler photos

June 10, 2009

Mort Zuckerman: What Obama and his advisors won't -- or refuse to -- grasp about Israel and the Muslim world

The Kosher Gourmet by Steve Petusevsky Lotsa pasta: Tips, techniques and (amazing) taste

June 9, 2009

Anne Bayefsky: Obama's stunning offense to Israel and the Jewish people

Frank J. Gaffney, Jr.: America's first Muslim president?

June 8, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Merchant must take responsibility for careless shopper?

Mark Steyn: A superpower that feeds on mediocrity cannot survive for long on leftovers from the past

Richard Z. Chesnoff: How do you say 'kumbaya' in Arabic?

June 5, 2009

Rabbi Abraham J. Twerski: In quest of spirituality

Caroline B. Glick: Obama's Arabian dreams

Charles Krauthammer: The Settlements Myth

June 4, 2009

Paul Greenberg: The War Comes to Little Rock

The Kosher Gourmet by Judy Hevrdejs: Splash it on! Tap your inner jazz musician and improvise when stirring up a vinaigrette

June 3, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Q. Should terrible teacher be exposed?

Jonathan Rosenblum: The Israel Lobby: Missing in Action

June 2, 2009

Dennis Prager: The Speech President Obama Won't Dare Give in Egypt

Frank J. Gaffney, Jr.: Pressure on Israel raises war risk

Oct. 29, 2003
Mortimer B. Zuckerman: Graffiti On History's Walls (MUST-READ!)

Jewish World Review Jan. 2, 2007 / 12 Teves, 5767

A dangerous obsession, Part Part V

By Thomas Sowell


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http://www.JewishWorldReview.com | Perhaps it is one of the fruits of the "self-esteem" emphasis in our schools that so many people feel confident to voice strong convictions about things they know little or nothing about — or, worse yet, are misinformed about.


One of the hardest things for anyone to be informed about is the value of someone else's productivity. Yet there are cries from all directions that some people are being paid "too much" and others "too little."


Who can possibly be better informed about the value of what someone else produces than those who use the goods or services that the person provides and pay for it with their own money?


Things are worth it or not worth it to particular individuals. What these things might be worth to somebody else is irrelevant.


People who think that they, or the government, ought to be deciding how much income people make are in effect saying that they know the value of people's output better than those who use that output and pay for it with their own money.


How did Bill Gates get his fortune? Not by someone deciding how much Bill Gates was worth to "society," but by innumerable people around the world deciding whether what Microsoft offered them was worth what Microsoft charged.


What all those sales added up to — Microsoft's income and Gates' fortune — nobody decided. Nor is there any reason why they should have, even aside from the fact that nobody is qualified to make such a decision.


We can each decide for ourselves whether what Microsoft offers is worth it to us. That is all we are competent to decide — and only for ourselves individually, when spending our own money.


The idea that we should pool our collective ignorance and then decide how much it is "fair" for Gates or anybody else to earn in total income is as ridiculous as it is dangerous, for it means arming politicians with the arbitrary power to decide everyone's economic fate.


Do we want our own family's living standards to be at the mercy of politicians? Are we so eaten up with envy that we will risk that, in order to keep Gates from having "too much" money, paid by people who voluntarily bought Microsoft's products?


A recent campaign in California to sock the oil companies with bigger taxes hyped the fact that oil company profits were $78 billion.


That sounds like a lot of money. For that matter, $78 million would sound like a lot of money. If the truth be known, there was a time when just $78 would have seemed like a lot of money to me.


But so what? What do we know about the economics of the oil industry? How many billions did they invest to get that $78 billion in profits? And how many billions did they lose in their bad years?


Utter ignorance of all these things has not been enough to discourage people from loudly demanding that the government "do something" about "Big Oil" and its profits.


The same reliance on ignorance applies at the other end of the economic scale. People who know nothing about retailing, nothing about labor markets and nothing about economics are loudly demanding that the local, state or federal government "do something" about the low pay of Wal-Mart's employees.


Those employees know what their alternative job opportunities are and other employers know what their productivity would be worth to them. If the workers themselves choose Wal-Mart as their best option, what qualifies us to say that either their choice or Wal-Mart's choice was wrong?


Most low-income people, whether at Wal-Mart or elsewhere, do not stay low-income forever — or for more than a few years. Most Americans in the bottom 20 percent at a given time are later in the top half of the income distribution, after they have acquired some more job experience.


Are individual decisions made by people deciding what is best for themselves to be over-ruled by ignorant busybodies, obsessed by things they do not understand? Is the whole economic system of supply and demand, on which the nation's prosperity is based, to be disrupted whenever moral exhibitionists have a need to feel puffed up about themselves?

Every weekday JewishWorldReview.com publishes what many in in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

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