Mises Daily
Author:
Robert P. Murphy
Online Publish Date:
in HTML and PDF . This article follows “Chapter XVI. Prices, Part 1.” ] Competitive prices are the outcome of a complete adjustment of the sellers to the price. The assertions to the contrary are due to the erroneous belief that competition is not free or perfect unless everybody is in a position to present and compulsion for the attainment of higher wage rates. The advocates of this policy defied the warnings of the economists. There is no such thing as economic law,