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"It's wrong to profit from the misfortune of others." I ask my students whether they'd support a law against doing so. But I caution them with some e… - Walter E. Williams
"It's wrong to profit from the misfortune of others." I ask my students whether they'd support a law against doing so. But I caution them with some examples. An orthopedist profits from your misfortune of having broken your leg skiing. When there's news of a pending ice storm, I doubt whether it saddens the hearts of those in the collision repair business. I also tell my students that I profit from their misfortune — their ignorance of economic theory.
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About Walter E. Williams
Walter Edward Williams (born 31 March 1936 - December 2, 2020) is an American economist, commentator, and academic. He is the John M. Olin Distinguished Professor of Economics at George Mason University, as well as a syndicated columnist and author known for his classical liberal and libertarian conservative views. His writings frequently appear on Townhall.com, WND, and Jewish World Review.
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Walter Williams
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Walter Edward Williams
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Additional quotes by Walter E. Williams
If FDA officials err on the side of under-caution in approving an unsafe drug, they are attacked by the media and patient groups, and investigated by Congress. Their victims, sick and dead people, are highly visible. If FDA officials err on the side of over-caution, keeping a safe and effective drug off the market, who's to know? The victims are invisible. For example, neither the Americans who get sick or die from meningitis C this year, nor their loved ones, will know that their illness or death could have been prevented had it not been for errors by FDA officials. It's a no-brainer to figure out which error FDA officials prefer to make.
"You can never be too safe." Yes, you can. How many of us bother to inspect the hydraulic brake lines in our cars before we start the engine and head off to work? Doing so would be safer than simply assuming that the lines were intact and driving off. After all, prior to launching a space vehicle, the people at NASA make no similar assumptions. They go through a countdown of all systems, taking nothing for granted. Erring on the side of over-caution is costly, and so is erring on the side of under-caution, though for a given choice, one might be costlier than the other.
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In August 2009, MSNBC's Contessa Brewer was discussing a tea party rally in Arizona, where it's legal to carry an unconcealed weapon. She said: "A man at a pro-health care rally... wore a semiautomatic assault rifle on his shoulder and a pistol on his hip... There are questions about whether this has racial overtones, I mean, here you have a man of color in the presidency and white people showing up with guns." All that her audience was shown were a rifle and pistol strapped to a man's back. MSNBC concealed the fact that the armed man was black and did not show the interview he gave to the reporter. Brewer knowingly deceived her audience because an armed black man didn't fit the racial narrative.
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