The supply of labor is limited. We must not allow government to create jobs or we lose the goods and services which otherwise would have come into being. We must reserve precious labor for the important tasks still left undone.
Mark Shields, a columnist for the Washington Post, recently wrote of President Reagan's "blind devotion to the doctrine of free trade." If President Reagan has a devotion to free trade, it must be blind because he has been way off the mark. In fact, he has been the most protectionist president since Herbert Hoover.
Each year at this time, schoolchildren all over America are taught the official Thanksgiving story, and newspapers, radio, TV, and magazines devote vast amounts of time and space to it. It is all very colorful and fascinating.
It is also very deceiving.
Free-market capitalism is a marvelous antidote for racism. In a free market, employers who refuse to hire productive black workers are hurting their own profits and the competitive position of their own company.
In 1985 the Mises Institute will be expanding at Auburn University and in Washington, D.C., to better accomplish its educational work.
Ever since its founding in October 1982, the Ludwig von Mises Institute has received many requests for introductory courses in Austrian economics for students and adults.
