In a competitive economy, employers are unable to pocket the surplus produced by workers. If the employers try to do this, they lose market share and their best workers.
Percy L. Greaves, Jr.
Percy L. Greaves, Jr. (1906–1984) was a free-market economist for US News (the forerunner of US News and World Report) and authored several books on economics, including Understanding the Dollar Crisis and Mises Made Easier. He was also a seminar speaker and discussion leader with the Foundation for Economic Education. Percy and his wife Bettina Bien Greaves were long-time associates and friends of Ludwig von Mises, and regular attendants at Mises’s New York University seminar.