Thomas Sowell
Post 1 in a series covering Thomas Sowell’s Basic Economics
As the year winds down and you consider your New Year’s resolutions (hint: read more books) I want you to know about Thomas Sowell. He has a remarkable ability to explain hyper-complex concepts both concisely and through digestible anecdotes. Lucky for us - he has written 45 books so there is a treasure trove of rich content to consume. Despite the huge body of work, Sowell - who is considered a “Black conservative” - has been shut out of mainstream dialogue and even ignored by prominent Black American intelligentsia because of his views on discrimination and disparities.
Basic Economics is the only economics book I’ve read that doesn’t include any equations, charts or graphs to convey principles; only words and stories. It’s a refreshing and powerful way to cover this ground. Over the next six months I am going to include key takeaways from this book in each issue of Smoke Signal (it’s a massive tome). I believe Thomas Sowell is someone who deserves to win the Nobel Prize. Although he likely couldn’t care less about that accolade, I wish more people knew of him and I’ll play a small role in bigging him up.
What is Economics?
The usual answer to this question is a hodgepodge of - the study of: supply and demand; scarcity, production, distribution, consumption, etc….
A more clear definition:
Economics is the study of the use of scarce resources which have alternative uses.
In his work, Sowell relies on this succinct characterization by British economist Lionel Robbins. The “which have alternative uses” part is the linchpin to understanding economics through Sowell’s lens.
When analyzing economic decisions it is imperative to focus on the incentives they create rather than the goals they pursue. Put another way, the consequences matter more than the intentions.
Money doesn’t even need to be involved to make a decision be economic.
Sowell offers a helpful example of a medical team assisting wounded soldiers on a battlefield. The medics have scarce resources (staff, equipment and medicine) that must be allocated to the soldiers (patients) who have varying needs and likelihoods of survival. Accordingly, while the intention may be to save everyone; decisions must be made to allocate scarce resources - the consequences of which will likely result in death for at least some soldiers.
Stay tuned for more Basic Economics in the months ahead. Let me know if you have any specific questions.
Garmin Venu Sq Music
Two months ago I found myself nostalgic for the iPod Shuffle, which was sadly discontinued in 2017.
Problem: I want to exercise / run / walk TO MUSIC without having to lug my phone around and be bombarded by incomings during my self-improvement time. Also despite my trusty Tech21 phone case I’m terrified of dropping my phone while running at a blazing 7 mph pace.
Solution: Looks-wise the best proxy to the iPod Shuffle is something called Mighty, but it is expensive for what it offers and I was left unimpressed by reviews. After a few hours of research across several days I almost gave up before finding the Garmin Venu Sq Music watch for $149. I’m already a Spotify Premium (required) customer and crucially this watch allows you sync your playlists at home and then listen to the tracks offline as they are stored on the device. The watch has quick release straps so if you want to roll with it in your pocket that is also a viable option. I was an early adopter of Jawbone (remember them?) and Fitbit but haven’t tracked my steps, sleep patterns or any other “vitals” in many years, however the Garmin does all those things and more. Built-in breathing exercises when the watch senses you are stressed, anyone? The battery life lasts about 5 days and the watch takes less than an hour to achieve full charge from empty, so there is no anxiety about running out of juice.
Verdict: The setup of the watch is annoying due to terrible UX and the need to side-load the Spotify app (for Garmin) via the Garmin Express app (desktop only), which is different to the Garmin Connect app (phone only) that pairs with the watch via your phone. 🥵 BUT once you get through all that, the watch is low maintenance and kind of a game changer for working out with music without being “connected”.
Bonus: You can sync a credit card to the watch with Garmin Pay (pretty simple) and treat yo’ self to a Cortado after your run.
Song of the Week - Affirmation Song by Snoop Dogg
HT to Leo who recommended this instant classic to me. Snoop Dogg via “Doggyland” has released a kids album on his continued path of besting Weird Al Yankovic. 😍 Have we reached the Singularity?
I get better every single day. I deserve to feeeeel good. Any-thing is poss-ible. I believe in my-self. I control my happiness….
Feedback
Thanks for reading and let me know what do you want to read about next?