History Makes One Wise, But

There Is In The Universe Something For The Description And Analysis Of Which The Natural Sciences Cannot Contribute Anything. There Are Events Beyond The Range Of Those Events That The Procedures Of The Natural Sciences Are Fit To Observe And Describe. There Is Human Action.

Some Think That They Will Exercise Power For The General Good, But That Is What All Those With Power Have Believed. Power Is Evil In Itself, Regardless Of Who Exercises It.

Capitalists Have The Tendency To Move Toward Those Countries In Which There Is Plenty Of Labor Available And At Which Labor Is Reasonable. And By The Fact That They Bring Capital Into These Countries, They Bring About A Trend Toward Higher Wage Rates.

The Reichswirtschaftsministerium ('reich Ministry Of Economic Affairs') Tells The Shop Managers What And How To Produce, At What Prices And From Whom To Buy, At What Prices And To Whom To Sell. It Assigns Every Worker To His Job And Fixes His Wages. It Decrees To Whom And On What Terms The Capitalists Must Entrust Their Funds. Market Exchange Is Merely A Sham.

The Recurrence Of Periods Of Depression And Mass Unemployment Has Discredited Capitalism In The Opinion Of Injudicious People. Yet These Events Are Not The Outcome Of The Operation Of The Free Market. They Are On The Contrary The Result Of Well-intentioned But Ill-advised Government Interference With The Market.