Forty years ago, on October 9, 1974, the Nobel Prize committee announced that the co-recipient of that year’s award for economics was the Austrian economist, Friedrich A. Hayek. Never was there a more deserving recognition for one of the truly great free market thinkers of modern times.
Co-author Elizabeth Clarke remembers attending a speech in Waukegan, IL with her late husband in the summer of 1967, at which Senator Everett Dirksen (Senator Dirksen represented Illinois in the U.S. House of Representatives from 1933 – 1939 and the U.S. Senate from 1951 until his death in 1969.) spoke passionately against the then-pending Supreme Court case of Keyishian et al v Board of Regents that ruled against loyalty oaths.
The president of the United States has publicly declared that he knows the minimum wage any worker in the United States should earn as an hourly salary: $10.10. Why not $11.11 or $9.99 has been left a mystery. But what the president is sure of is that businessmen clearly are stonehearted money grabbers exploiting some of their workers by not paying them the real value of what their labor is worth.
Forgotten or at least certainly downplayed in the international remembrance of Mandela’s nearly three decades of imprisonment and his historical role in becoming the first black president of post-Apartheid South Africa is the fact that through most of the years of his active resistance leading up to his arrest and incarceration he accepted the Marxist interpretation that racism and racial discrimination were part and parcel of the capitalist system.