Economics Is Haunted By More Fallacies Than

Inflation Is A Form Of Tax, A Tax That We All Collectively Must Pay.

Government Planning Always Involves Compulsion.

The Mounting Burden Of Taxation Not Only Undermines Individual Incentives To Increased Work And Earnings, But In A Score Of Ways Discourages Capital Accumulation And Distorts, Unbalances, And Shrinks Production.

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.

Yet It Ought To Be Clear That A Minimum Wage Law Is, At Best, A Limited Weapon For Combatting The Evil Of Low Wages, And That The Possible Good To Be Achieved By Such A Law Can Exceed The Possible Harm Only In Proportion As Its Aims Are Mode.