Economics Wizard: Walter E. Williams

The power of the dollar rested in the pen and the voice of Walter E. Williams. Raised in relative poverty, this master of monetary issues lived a life of full. A native of Philadelphia, Pennsylvania, Williams would rise up from the projects to earn a Doctor of Economics.

His rational selfishness led to his spectacular success. With over a hundred journal publications, thousands of radio hosting gigs (including filling in for Rush Limbaugh) dozens of speaking engagements, and a friendship with fellow free marketer Dr. Thomas Sowell, Dr. Williams lived a full life, and though his death contributed to the unpleasantness of 2020, his life was a gift to us all.

Williams’ life well-lived included a stint in the United States Army, where he was forced to defend himself after an officer put him up for court-martial. He spoke on his own behalf, and wrote a letter to then-President John F. Kennedy. This confidence and bravura carried him through other challenges in the decades after his discharge, including the pursuit of the degrees, which he earned by working smart, and learning more about capitalism.

One man’s transformation

At one time, like Sowell, he was a man who rejected the idea that free markets were ideal. However, he came to embrace them as he learned more about the reality of how they worked. Also like his friend Dr. Sowell, he quickly corrected his errors in thinking by teaching free market principles at a variety of different institutions of higher learning. He championed the beauty of capitalism while fighting for the exit of the minimum wage, the strengthening of black families, and the opening of markets in general.

He would keep going all the way until he passed. This shows he had a fiery passion expressed in a cool manner for delivering the message of laissez faire ideals. As an economist, he gained the knowledge and wisdom that would inspire students across America.

With his power over his own mind and his simple and direct explanations of complex economic thought, Dr. Williams brought about a world of study, learning, and discovery.

An inspiration in time

One of Williams’ favorite arguments in defense of capitalism was put forth by none other than American author and philosopher Ayn Rand in her book Capitalism: The Unknown Ideal. He called it, “one of the best defenses and explanations of capitalism one is likely to read.”

He associated himself with the inner workings of the economy, and made his way up in the world using his sharp mind, articulate, often humorous way of speaking. He scoffed at the assertion that “black men can’t get ahead in this nation,” and dedicated himself to proving it wrong, for himself, and millions of others.

Speaking of free markets clearly

Dr. Williams’ unique ability to communicate the complex in simple terms created a bond between himself and his students. He knew complaining and sitting back waiting for a welfare check would only lead anyone, white, black, or otherwise down a path of apathy and depression. He knew the welfare state not only distorted markets, but negatively affected the self-perception of the individuals it purported to help, depriving them of agency, purpose, and ultimately, hope. He argued against “free” lunches. He knew they would cripple self-esteem, and create anxiety, and he found ways to use his voice to fight for people who desperately needed to understand economics to empower themselves.

The memory of a free mind lives on

Dr. Walter Williams may be gone from this world, but his words live on, in his writing, and recordings of his speeches and lectures. His clear, concise admonishments live on, telling us to beware of statism and collectivism, and celebrate the beauty of capitalism. He left us a gift; may we endeavor to deserve it.