I have built my career on the belief that all students can benefit from learning how to start and maintain a small business. But without understanding the theoretical underpinnings of this movement, we lose some of its significance.
These are hard-working folks, often with two jobs, who simply can't survive on what they are paid. Think about it. Work 50 hours at $8 bucks an hour, and your weekly pre-tax income is $400, or about $20,000 annually. Raise a family of four on that.
Not quite a "Hayekian," because I disagreed with the master that mathematics could not be used to illuminate theory, and distrustful of Keynesian theory, which advocated massive government spending and deficits -- I felt I had no intellectual home.
As we walked to breakfast, we talked about the hotly debated issue of whether insurance policies were part of the money supply. Friedman was fascinated by the question, having made part of his reputation on defining how to measure the supply of money
Dr. Friedman listened politely while I went on and on about my research on the lengthening of the production structure. At some point, Friedman laughed in his characteristic good-natured way, and simply began to talk over me, ignoring my poor manners.
If conservatives don't like labor unions, they are entitled to their opinions. But when they attack unions by arguing that they actually hurt working people, they don't have the facts on their side. They are crying wolf.