Full employment is a socially hazardous goal. In effect, it aspires to restore through political expedients the pre-industrial state of toil that science, engineering, technology and modern management are pledged to overcome.

Full employment is a socially hazardous goal. In effect, it aspires to restore through political expedients the pre-industrial state of toil that science, engineering, technology and modern management are pledged to overcome.

When capital owners are few, the private-property conduits of necessity create vast savings reservoirs for those few. If there were many owners, the same conduits would broadly irrigate the economy with purchasing power.

Hard-core structural poverty has a counterpart at the apex: hard-core structural affluence.

It is the institutions of society, not parental genes, that bestow the blessings of ownership of productive capital.

The uneasy ghost of Marx must suffer the torments of the damned at the truth glaring from the pages of history that one does not abolish property by transferring it to the state.

But would the young do any better under the same circumstances? Will they do any better when their turns come? The answer is that youth would not and cannot, given the financial and economic framework within which the elders are operating. While the moral convictions of individuals are important in the long run, it is institutions that determine the immediate course of events - particularly the institutions of finance.