Production Theory

There's no such thing as a free search. But there are a group of professionals out there driving the price as low as possible, and they certainly earn my admiration.

Almost invariably, furthermore, the union is not trying to discover the market rate, but to impose various arbitrary "principles" of wage determination, such as "keeping up with the cost of living," a "living wage," the "going rate" for comparable labor in other firms or industries, an annual average "productivity" increase, "fair differentials," and so forth.

One effect of a minimum wage is to reduce the availability of on-the-job training, since more resources are required simply to hire and retain a workforce.

In addition to his merciless evisceration of the propaganda surrounding specific New Deal programs, Murphy assembles some suggestive evidence, in addition to the clear testimony of economic theory, regarding the destructive, growth-inhibiting nature of the New Deal in general.

"Like all things designed to suit the taste of the masses, advertising is repellent to people of delicate feeling."

"A manager is a junior partner of the entrepreneur, as it were, no matter what the contractual and financial terms of his employment are."

"The Austrian theory is not a theory of recessions per se; it is a theory of the unsustainable boom."

A final insult is how US tax law treats its emigrants from this country. It continues to tax them as if they were lifetime slaves.

Right now, as the economy reshuffles, there are more opportunities to generate change than ever — the kind of dynamic change that we need to grow out of this slump.

Hayek criticized Keynes for his neglect of the real structure of production, arguing that Keynes's predilection for concentrating on the immediate and purely monetary phenomena accompanying changes in money expenditure, together with his penchant for aggregative macro concepts (total profits, total investment), had led him into contradictory or untenable conclusions.