Saturday, March 30, 2013

Value of the Economic Middleman

Thomas Sowell on the role of economic middlemen:"[...] middleman activities have usually not been seen as producing wealth, but only as appropriating pre-existing wealth, since the middleman does not visibly create a material thing. Neither does anyone else create or destroy matter, except for a few nuclear physicists. Turning iron ore into steel products is not creating a material thing but only changing its form to something that people want more.That is precisely what middlemen do[....]. ". From: Black Rednecks and White Liberals

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