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Labor Unions, Thugs, and Storm Troopers
The first chapter of this very short book shows that labor unions do not know how to raise the standard of living of the average worker and that in their ignorance they both impede the rise in real wages and cause unemployment and/or arbitrary inequalities in wage rates between different occupations.
The goal of the unions is to raise money wage rates, but the only way to do that is either to reduce the supply of labor, which represents unemployment, or increase the overall total spending to employ labor. This requires increasing the quantity of money in the economic system, which serves to raise prices as much as wages, and thus does not serve to raise the average wage earner's standard of living.
The second chapter is a critical commentary on the actions of the California Federation of Teachers in attempting to promote class warfare by means of inciting the members of the so-called 99 percent against the 1 percent. The propaganda employed by the CFT against the 1 percent is shown to be reminiscent of the propaganda employed up to the Krystallnacht, in November of 1938, by the Nazis against the Jews.
The goal of the unions is to raise money wage rates, but the only way to do that is either to reduce the supply of labor, which represents unemployment, or increase the overall total spending to employ labor. This requires increasing the quantity of money in the economic system, which serves to raise prices as much as wages, and thus does not serve to raise the average wage earner's standard of living.
The second chapter is a critical commentary on the actions of the California Federation of Teachers in attempting to promote class warfare by means of inciting the members of the so-called 99 percent against the 1 percent. The propaganda employed by the CFT against the 1 percent is shown to be reminiscent of the propaganda employed up to the Krystallnacht, in November of 1938, by the Nazis against the Jews.
12 pages, Kindle Edition
First published December 11, 2012
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About the author
George Reisman
36 books41 followersGeorge Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics, and the author of Capitalism: A Treatise on Economics (Ottawa, Illinois: Jameson Books, 1996; Kindle Edition, 2012), The Government Against the Economy; Warren Buffett, Class Warfare, and the Exploitation Theory; The Benevolent Nature of Capitalism and Other Essays; Labor Unions, Thugs, and Strom Troopers; and, most recently, Piketty's Capital: Wrong Theory/Destructive Program. His website is capitalism.net. His blog is georgereismansblog.blogspot.com. See his Amazon.com author's page and follow him on Twitter @GGReisman.
Dr. Reisman is married to Edith Packer, J.D., Ph.D., a clinical psychologist, with whom he lives in Laguna Hills, California.
He was personally a student of Ludwig von Mises, whose NYU seminar he attended for eight years and under whom he obtained his doctorate in economics in 1963. He is the translator of von Mises's Epistemological Problems of Economics (New York: D. Van Nostrand, 1960). From1957 until her death in 1982, he was an associate of Ayn Rand.
Dr. Reisman is married to Edith Packer, J.D., Ph.D., a clinical psychologist, with whom he lives in Laguna Hills, California.
He was personally a student of Ludwig von Mises, whose NYU seminar he attended for eight years and under whom he obtained his doctorate in economics in 1963. He is the translator of von Mises's Epistemological Problems of Economics (New York: D. Van Nostrand, 1960). From1957 until her death in 1982, he was an associate of Ayn Rand.
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