Newspapers / Amco News (High Point, … / Sept. 1, 1956, edition 1 / Page 7
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7 - Seven Economic Fallacies As listed by The American Economic Foundation: 1- That government has something to give the people which it does not first have to take away from them. Government is never a source of goods. Everything produced is produced hythe people, and everything that gov ernment gives the people it must first take from the people. Government bene fits are raised through taxes and, as Franklin D. Roosevelt said in 1932, taxes are paid in the sweat of every *rian who labors. " 2- That job security can be guaran- t eed by management. In our modern exchange economy, all payroll and employment comes from Customers, and the only worth-while job Security is customer security; if there 3-re no customers, there can be no pay roll and no jobs. 3- That the workers of any nation ^an improve their welfare by increas- ^ ag their production. Because wages are the principal ^ost of everything, wage increases (without c o r r e s p onding increases production) simply increase prices and do not improve the welfare of the Worker. 4- That labor-union pressures are primarily responsible for the worker^' standard of living. Ninety-five percent of man's ability fo increase production is due to the use °f better tools. Organized labor has Pfayed a very small part in the accu- ’^alation of these all-important tools. 5- That any system other than a free Production - and - exchange system can provide the greatest good for the great- ® St number. The greatest good for the greatest *^3mber means, in its material sense. the greatest productivity per worker is reached when production, as well as markets, operate under the stimulus of free competition, as shown by the his tory of American industry. 6- That the law of supply and de mand can be repealed. The more scarce an article (goods or service), the higher the price of it becomes. The more plentiful the arti cle, the lower the price of it. This law of supply and demand is a law of nature and cannot be repealed by man. Gov ernment efforts to suspend or ignore it have always had disastrous results. 7- That the owners of industry get the lion's share of the product and the workers get only the crumbs. The amount of the product of all industry that goes to workers is about 90 percent. The amount that accrues to the owners of the tools (investors) is about ten percent. Yet the tools do more than 95 percent of the work. 2^ 3{C SjC Thou hypocrite, first cast the beam out of thine own eye; and then shalt thou see clearly to cast the mote out of thy brother’s eye.—(St. Mat thew 7,5.) It is said that to understand is to forgive. To understand that we our selves are not without faults, and then to try--with God's help--to correct them, will lead us to understand, be sympathetic to, the weakness of others, and to be, in kindness and charity, of help to them. ****=):* Cooperation would solve many pro blems. For instance, freckles would make a nice coat of tan if they'd just get together.
Amco News (High Point, N.C.)
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Sept. 1, 1956, edition 1
7
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