Inflation Is Not Only Unnecessary For Economic

Today Is Already The Tomorrow Which The Bad Economist Yesterday Urged Us To Ignore.

The Art Of Economics Consists In Looking Not Merely At The Immediate But At The Longer Effects Of Any Act Or Policy; It Consists In Tracing The Consequences Of That Policy Not Merely For One Group But For All Groups.

We Are So Accustomed To The Miracle Of Private Enterprise That We Habitually Take It For Granted. But How Does Private Industry Solve The Incredibly Complex Problem Of Turning Out Tens Of Thousands Of Different Goods And Services In The Proportions In Which They Are Wanted By The Public? ... It Solves These Problems Through The Institutions Of Private Property, Competition, The Free Market, And The Existence Of Money - Through The Interrelations Of Supply And Demand, Costs And Prices, Profits And Losses.

The Sad Fact Is That Today Most Of The Heads Of Big Businesses In America Have Become So Confused Or Intimidated That, So Far From Carrying The Free Market To Argument To The Enemy, They Fail To Defend Themselves Adequately Even When Attacked.

The State, Of Course, Is Absolutely Indispensable To The Preservation Of Law And Order, And The Promotion Of Peace And Social Cooperation. What Is Unnecessary And Evil, What Abridges The Liberty And Threatens The True Welfare Of The Individual, Is The State That Has Usurped Excessive Powers And Grown Beyond Its Legitimate Function - The Super-state, The Socialist State, The Redistributive State, In Brief, The Ironically Misnamed 'welfare State.'