Ludwig von Mises Institute
Mises Daily : Mises Institute on Austrian Economics and Libertarianism
Updated: 1 hour 20 min ago
Some want maximum wages for business executives, who are said to make too much money. It’s unclear how Congress is qualified to set the “correct” wage for business owners and executives, and unlike members of Congress, highly-paid executives are not protected from the risks and demands of the marketplace.
The economic success of the West and of free economies everywhere stems from the acceptance within many societies (to varying degrees) that individuals are all equal in the right to own property and exercise freedom from the collective. States, on the other hand, claim a special and exalted position within society.
Many people see economics as a dry, technical subject. But economics is a logical, deductive, human science about real people acting in the real world, with all the dynamism, unpredictability, and creativity that entails. Markets aren’t static, lifeless mathematical constructs but lively, vigorous spaces where people interact and coordinate.