Warren Buffett, Economic Ignoramus

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Warren Buffett has proven once again that you don’t necessarily need to know anything about economics to make a lot of money in business. After agreeing to donate some $40 billion to the Gates Foundation, Buffett sounded just like Karl Marx when he announced that “The free market has failed the poor.”

Of course, it is the welfare state, war on drugs, government school monopoly, and interventionism generally that has “failed the poor.” Capitalism is the only means known to the human race of eliminating poverty, an elementary fact of economic life that is completely foreign to Warren Buffett, apparently. He should use some of his billions to buy himself a couple of economics books. If anyone out there has his address, send it to me and I’ll ship him a copy of Economics in One Lesson by Henry Hazlitt.

8:39 am on July 2, 2006
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