The Freeman 1972 - The Ludwig von Mises Institute

714 THE FREEMAN Decemberthe process. Unfortunately ourmarkets are now so heavily ladenwith interferences and restrictions,especially through governmentalintervention and control,that a free market structure, withstrong competitive pressure presentthroughout, no longer exists,and this condition constitutes anobstacle in analyzing and appraisingthe performance of a marketsystem under more favorable circumstances.In any event, no fair and firmjudgment can be reached, as to themerit and potency of a market apparatusin measuring contributionsto production, slicing up theoutput pie for the Toms and Dicks,without giving careful attentionto the limitations of this instru,..ment at the best, as well as underconditions of substantial interference.The fact that ingrainedsuperstition, traditions, taboos,and other attitudes and traits,may make the development ofa suitable market structure difficultif not almost impossible,should also not be neglected.Some "consideration, moreover,must be given to the proper meansto be employed to relieve acuteeconomic distress in a humane society,even if the market is generallyrelied upon to guide bothproduction and distribution of finaloutput, with adequate recognitionof the inclination of the Toms totake steps - voluntarily - to amelioratethe hardships of the Dicks.The major alternative to relianceon the market for economicguidance, I'm sure we'll all agree,is statism, collectivism, some formof governmental, bureaucratic,compulsion. And I strongly believethat the study of economics, in collegesor elsewhere, should includea careful, thoroughgoing examinationof the case for this alternative,as it has been made by theoutstanding defenders and advocatesof socialistic programs, includingthe dictatorial system representedby modern communism.The route to sound conclusions isnot by way of glorification of themarket and wholesale condemnation- without study - of the socialistapproach. Taking somethingfor granted in this world isseldom advisable.This brief statement, I shouldmake it plain in conclusion, is intendedto do nothing more thanprovide a crutch on which the intelligentand inquiring laymanmay lean, and outline a useful approach- push open the door - tothe crucial measurement problemsand issues which deserve intensivestudy. ~Reprints available, 10 cents each.