Only gradually, the damage becomes visible. Economic growth is dwindling; political conflicts over income distribution are increasing; the state becomes more and more powerful.
Income can never be equal. Income must be considered, of course, in real and not in money terms; otherwise there would be no true equality.
Labor and WagesU.S. HistoryWorld History
Slavery was a monstrously unfair and immoral institution. It was also inefficient, compared to a system based on free labor.
Bureaucracy and Regulation
Occupational licensing may increase quality for some higher income customers. But licensing increases monopoly power for dominant firms while driving lower-income customers out of the marketplace.
Mises states, quite rightly, that anyone who advocates governmental dictation over one area of individual consumption must logically come to advocate complete dictation over all choices.
Private prisons are private in name only. They are merely adjuncts of the state, and the real problem is these prisons warehouse many people the state should not have put in prison in the first place.
Free MarketsHistory of the Austrian School of Economics