Free Market Economics a Basic Reader

[...]... hypothetical average man and has sought to regulate the marketing of medicinal substances, vitamins, and the like on this basis This cannot work because of the hard facts of biochemical individuality Real people—individuals—do not react in a uniform manner either to drugs or to nutritional factors such as amino acids, minerals, and vitamins No planning in the area of nutrition and health can work on a long range... inescapable as our humanity If we are to plan for people, we must plan for individuals, because that's the only kind of people there are In what ways are we individuals? First as to our bodies These ways are tangible and not subject to argument Each of us has a distinctive stomach, a distinctive heart and circulatory system Each of us has a distinctive muscular system, distinctive breathing apparatus, and... Sheldon and Eleanor Glueck have shown, highly respected citizens *may come from areas where these conditions are the worst A Race of Individuals Racial relations would ease tremendously if we faced squarely the biological facts of individuality If we were all educated to know that all whites are not the same, that all Negroes do not fit in the same pattern, that all Latins are not identical, that all American... have willingly exchanged Value can make no sense except as it is subjectively determined, that is, as utility or gain is judged by self Gain or value cannot be determined for anyone by another What has value for one may have more or less value to someone else: there are those who prefer a chinchilla coat to a college education and vice versa, a freedom library to a vacation and vice versa, the theater... exaggerate Because of it two or more people agree with each other only in spots, never totally The grandiose idea that all workers of the world can unite and speak and act as a unit is wholly untenable because of individuality in the minds of the individual workers Nor can all capitalists unite, and for the same reason Neither can all Negroes, all Latins, all Chinese, all Jews, all Europeans, or all English-speaking... understanding and practice of freedom, with faith that others will be attracted precisely to the extent that we are able to show self-improvement Thus, we are constantly striving to better understand and explain and apply the economics of specialization and the division of labor, freedom in transactions, the marginal utility theory of value, and reliance on the orderliness of the free market as a guide... "ideal" urges Acting man is always concerned both with "material" and "ideal" things He chooses between various alternatives, no matter whether they are to be classified as material or ideal In the actual scales of value, material and ideal things are jumbled together Preserving the Market Freedom, as people enjoyed it in the democratic countries of Western civilization in the years of the old liberalism's... person wearing loud clothing without apparent taste, we need to remember, in line with the investigations of Pickford in England, that each individual has a color vision all his own; some may deviate markedly from the pack The inborn leanings of Mozart were evident by age three, and he began composing when he was four Capablanca was already a good chess player —good enough to beat his father—when at age... in its particular application, means "that dominion which one man claims and exercises over the external things of the world, in exclusion of every other individual." In its larger and juster meaning, it embraces everything to which a man may attach a value and have a right, and which leaves to every one else the like advantage In the former sense, a man's land, or merchandise, or money, is called his... exchange This goes, also, for all governmental subsidies What is Economics? 2 SOMETHING FOR NOTHING?* Mark C Schinnerer The writer of this editorial practices what he preaches I know because I am well acquainted with him and his career He has always given at least as much, and usually more, than he expected to receive He is a stalwart American citizen It is fortunate for all of us when men like Mark .