Thomas Sowell: Distinct Opinions On Wealth, Poverty And Power

Economics
Student’s Name
Economics
Economics
1 Thomas Sowell is a noted economist with some very distinct opinions on wealth, poverty, power and business. If Thomas Sowell were hired as President Trump’s advisor on Finance and Commerce what advice would he give President Trump right now in order to continue to grow the economy and make the United States a stronger environment for the growth of businesses?
Thomas Sowell has different opinions in regard to politics, economics and commerce. However, in the midst of his diverse opinions, one thing is clear, the reason why some countries are unable to progress is not because of discrimination, malicious actions, exploitations or any part of haves in the society, but rather because they do not or would not produce. As we all know, President Donald Trump have controversial opinions to various things. The attacks of President Trump on various countries as a way of protecting America may not be healthy for the country’s economy because President Trump’s actions tend to cut the nation off from other countries. This isolation that the President wants may inhibit the development of “knowledge, skills, experiences and habits” which are necessary for economic growth. This is one aspect that Thomas will try to address I his advice to President Donald trump.
Thomas’ advice will also be based on President Trump’s stern decisions on immigration laws. Thomas believes that culture integration is a key determinant for economic growth. For him, Thomas believes that the contribution of culture to economic development lies in the experience of the immigrants especially the minority groups (Sowell, 2016). Donald Trump has implemented various immigration laws which prohibits certain minority groups such as the Arabs and Muslims from moving to the United States. According to Thomas, these groups arrive with fresh energy such as entrepreneurial spirit, commitment to family, hardworking spirit, and a focus on education. Additionally, these groups have high levels of cooperation and trust. Economically developed countries have acknowledged the value of these groups and incorporated their traits into their own. Those countries that have ignored the value of these groups have lagged behind and they should blame their lack of development on their attitudes towards the immigrants. Following Trumps policies on immigration, this is where the country might be heading to, lagged economic development (Sowell, 2016).
Therefore, Thomas’ advice would concentrate on Trump’s policies on relations with other countries such as China, North Korea, and Russia. His desire for isolation would have adverse effects on the country, first, the country would not be having access to some of the necessary resources such as capital, sufficient manpower for economic growth. The economy of a country depends on the labor force, and Trump’s policies to ban immigration of some nationals into America will affect the country’s labor force in the future. Since majority of America’s labor force is aging, a new one which is productive is required to facilitate economic development. In general, Thomas would advise President Trump to review his immigration ...