competition is the absence
Sowell has some powerful thoughts here. Two notions stand out in my mind from this clip. First, that intellectuals need to listen to the masses, and second, that they do not because they have always been told they were smarter than everyone else. They are lead to believe that they and they alone have the answers. But they have no experience "outside the academy." Sowell says they need to listen to the masses. And we sit in our homes believing that people like Bernanke and Geithner are listening to us, when in fact they only have some influence. He said, for example, that the way our economy is being handled is opposite of what Bernanke believes.Eye-opening information. I will be interested on your take of the book after you have read it.
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