Thomas Sowell: Personal Responsibility
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SUMMARY:
In this video Thomas Sowell discuses the importance of personal responsibility for society and posits the idea that the United States is whole heartedly abandoning this ideal in many areas.
Sowell uses the example of the 2008 financial crisis to highlight the serious effects neglecting such an ideal can cause a society. He argues that if people didn’t take mortgages they knew they couldn’t repay and if politicians hadn’t tried to artificially increase home ownership with policies that meant there where no income requirements for such loans then the financial crisis would never have occurred.
Unfortunately 2008 did happen and Sowell explains that the consequence of the degradation of such a value means that government will increasingly get people who take personal responsibility to bail out those who are irresponsible.
Making this point he highlights that no society will last long or be prosperous when the incentives are such for people to behave in such an irresponsible way.
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