The Freeman 1972 - The Ludwig von Mises Institute

'7?'7Ar.e You GettingYourMoneys Worth?W. M. CURTISSIN TERMS of personal income andits purchasing power, one mustconclude that Americans never hadit so good! With the great stridesin technology and the tremendousinvestment in the tools of production,workers are fantastically productive.And, in a general way,one's income is based on what oneproduces, as valued in the marketplace.In a free economy, one may exchangehis money or property forthings or services he values morethan the money or property hegives up. Thus,both the buyer andseller benefit from the exchangeand each is better off, in his judgment,than before.But what are you getting forDr. Curtiss is Executive Secretary and Directorof Seminars at The Foundation for EconomicEducation.your money today? How much ofyour spending is for things you'drather do without if the choicewere entirely yours!One might argue that we alwaysspend our money in the way wechoose, given the alternatives. Wepay a dentist to relieve a toothache,not because a trip to thebeach wouldn't be more fun. butbecause it is less painful to visitthe dentist. If we lived in a dryclimate we might avoid the purchaseof an umbrella. If we livednear our work we might avoid buyinga second car. If we lived inMaine, we might not buy an airconditioner. And so on throughmany choices like these, where noone else is forcibly influencing ourdecision.Even under coercion, we still