In the jungle, consumers compete, tooth and claw, with each other for scarce food. In the market, producers compete, peacefully, with each other, producing abundance for consumers. In the jungle, the rule is: eat or be eaten. In the market, it is: serve so that you may be served.
Henry Hazlitt, ‘Economic Conscience of a Nation’
Henry Hazlitt’s life story reads like a microcosm of the American century. Born in Philadelphia on November 28, 1894, he lost his father in infancy and left the City College of New York to support his widowed mother. In the fluid labor market of the time he bounced...