Like many of my fellow Americans, I have been forced to economize and become more of a bargain hunter than I was in the happy days of go-go prosperity. Having been brought up in the great Depression, I still pick up pennies, and I have always loved a bargain, but now more than ever. So now when I receive three colorful supermarket circulars in the mail each week, I examine them closely to see where the bargains are.
Although rarely looked at as such by the typical person, labor is an economic transaction. It’s a simple trade — one where the worker willingly gives to his employer, in exchange for monetary and benefit compensation, the use of his physical and mental services. As with any free market economic activity, either party can prevent ongoing transactions, whether such termination is based on dissatisfaction with what the exchange garners or on the influence of supply and demand in the micro- and macro-markets.
It’s time to originate a new joke: “What do you call 10,000 statists at the bottom of the sea?
A good start.”