Friday, July 25, 2008

England vs. the Price System - Henry Hazlitt - Mises Institute

Mr. Hazlitt's words in 1947 appear quite relevant today. Quite applicable minimum wage laws for example -- preventing employees from offering their services freely to the highest bidder and employers from hiring the lowest bidder.

"The underlying assumption beneath the present strangling network of economic controls is that a free market and price system is at best a fair-weather system, a luxury a country can afford only when it is already well off. It is the precise function of free prices, however, to allocate production among thousands of different commodities and services and to relieve the most serious shortages most quickly by providing the greatest profit and wage incentives precisely where those shortages exist."

England vs. the Price System - Henry Hazlitt - Mises Institute

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