It is only microeconomics which enables us to understand the crucial functions of the market process: that it enables us to make use of information
What lies ahead for the industry? Recently Mr. Schlesinger of the Department of Energy promised a golden age for the oil industry for the next twenty years. But there was one little string attached.
During the presidential campaign, there was talk about the seeming inability of our economic system to solve the problems of unemployment and inflation. May I suggest that government has already done too much about it?
The modern American Food Machine is perhaps the greatest single source of strength undergirding the unparalleled level of American living.
Be that as it may, of one thing I am sure—von Mises would be horrified at the size of the most recent federal budget deficits.
The accumulation of economic distortions must be faced. The longer we delay the hard decisions the more difficult the needed solutions will become.
Most politico-economic policies in our time are in response to the demands of this or that special interest group, while the general interest is ignored.
Political support for saving and building of wealth seems to offer little promise of popular acclaim or votes at elections.
I am convinced that Smith is not only relevant today but that his insight and wisdom, if applied to today's world, would yield only a freer but a more productive and equitable set of economic arrangements than if we applied a mixture of what was thought to be the best of contemporary thought.
I will only note that economic inequalities somehow still survive despite the incredible complexities that have been written into the law to reduce them.