The authors give a long list of erroneous beliefs that people hold. Here’s a tiny sample: Employers pay for employer-provided insurance; larger incomes for some people require smaller incomes for others; minimum wage legislation helps the unskilled and minorities; foreign imports reduce the number of domestic jobs; “equal pay for equal work” laws aid women, minorities, and the young; labor unions protect the natural brotherhood and collective well-being of workers against their natural enemies, employers; and we cannot compete in a world in which most foreign wages are lower than wages paid to domestic workers.
Austrian price theory, Peter [Boettke] notes, was “especially in the hands of Mises and Hayek, institutional in nature: they placed a priority on the framework within which economic life takes place.” But also on ethics. “An institutional framework of property, contract and consent, is a fundamental pre-requisite for the operation of prices and profit-and-loss. Prices guide, profits lure, and losses discipline within the competitive entrepreneurial market process.”
Those of you who will be in or near Babson Park, Florida, on Monday (Oct. 15th), I encourage you to consider going to see Steve Landsburg speak there (specifically, at Webber International University) .