No One Likes The Market

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No One Likes The Market

The market is an admirable vision which appeals greatly to economists with a secure income and tenure.

But every person in real life seeks, above all, to get some control of his own income.

It is, in fact, the most sought after and cherished of liberties.

The most important and the most controllable dimension of a person's income is price or wage - the price at which he sells his product, the wage or salary at which he sells his services.

Control - emancipation from the tyranny of the market - comes with control of one's price or wage.

The most obvious way to control it is to be big in your market.

Another is to have a union.

Another is to get the government to protect you from the market with a minimum wage.

Another is to have the government (or the European Economic Com-munity) fix your minimum farm prices.

Another is to be a high corporate executive; then you have the important power of being able to set your own compensation.

This is accomplished in the large corporation by your appointing the board of directors that, among other ceremonial duties, sets your salary.

Such a board is likely to be very cooperative.

Executives who speak most warmly about the stern rule of the market usually have excellent control over the income that they get themselves.

Interested in Responsibilities Of The Public Firm

Ineffective Laws

You can't drop a few stones into the river and stop the full force of the Mississippi. A truly vulgar American expression emphasizes the point: 'Just a fart in a windstorm.' There are some trends in social and economic affairs that are so massive and so powerful that legislation is inherently ineffective against them. This was true of the antitrust laws. The neo-classicists saw their relationship to an economic ideal; they did not see the impossibility of arresting as basic a tendency as the great development of the large modem corporation. Affection, as happens, clouded their vision.

We should... see: Ineffective Laws

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