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.

The scarcity that afflicts the world is not the fault of either science or nature. The cause is defective economic institutions which abort technology's affluence producing potential.

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.

What have the masses been clamoring for? Jobs and welfare, and they got 'em. They've also got unions and managements like two armies converting the whole economy into a battleground with the customers as victims, except that the victims are also in the army. They think in battle terms by day and like customers at night.

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.

The point is to make the pie grow faster and distribute the new growth more equitably.

If we functionally define a capitalist household as one that receives at least half of the annual income it spends on consumption in the form of return on invested capital, less than 1 percent of United States households are capitalists.