Interventionism

Labor unions and the general public almost totally ignore the essential role played by falling prices in achieving rising real wages.

Recorded at the Mises Institute in Auburn, Alabama, on 26 July 2014.

A private seminar for graduate students. Recorded at the Mises Institute in Auburn, Alabama, on 21 July 2014.

Recorded at the Mises Institute in Auburn, Alabama, on 25 July 2014.

Recorded at the Mises Institute in Auburn, Alabama, on 25 July 2014.

Recorded at the Mises Institute in Auburn, Alabama, on 24 July 2014.

Left alone, the market always allocates resources to the highest bidder i.e., to their most highly valued uses and through this process of investment and reinvestment, capital is accumulated and the marginal productivity of labor increases. Thus when the market remains free, wages and living standards are seen to continually increase as well.

Recorded at the Mises Institute in Auburn, Alabama, on 24 July 2014.

Recorded at the Mises Institute in Auburn, Alabama, on 24 July 2014.

The word efficiency as used by government has been demoted from a useful analytical term to little more than another warning to watch your wallet.