Losing Our Place

Strangely enough, with all the rhetoric directed at which presidential candidate is better qualified to "save the middle class," few in the media have asked just what it actually takes to do so.  The short answer is economic growth.  Candidates Romney and Ryan get this, even if the president does not.  But how exactly does one conjure up growth? The short answer, again, is that one produces goods and services that consumers prefer over those of others.  In a free market, the supply of goods increases, the quality improves, and the price goes down.  All consumers are better off, assuming they are able to compete in the marketplace. This is the classic case for free markets articulated by Milton Friedman in his book and television series Free to Choose.  Friedman understood that competition is the lifeblood of every successful society, and especially so in an era of global competition.  If the Chinese can produce quality sweaters at lower cost than...(Read Full Article)