Freedom to Sift and Winnow; Loyal Merk

LOYAL MEEK How can today's liberals be de voted to a free market for ideas and, at the same time, be opposed to the idea of a free market for goods and services? One would think that a man who has an appreciation of the importance of academic freedom in the search for truth and knowl edge would perceive the equal im portance of economic freedom in achieving a better standard of living for all. Strange to say, however, many of today's professors of the new sciences and the new humanities, while fervently defending their academic freedom, are engaged with equal fervency in destroying the concept of economic freedom in favor of some sort of politically managed economy. Mr. Meek is chief editorial writer of the Milwaukee Sentinel. 50 One of the better exp,ressions of the concept of academic freedom is this: "... Whatever may be the lim itations which trammel inquiry elsewhere, we believe that the great state University of Wiscon sin should ever encoura.ge that continual and fearless sifting and winnowing by which alone the truth can be found."

That may be paraphrased to give an equally good expression of the concept of economic freedom, thusly: "... Whatever may be the lim itations which trammel economics elsewhere, we believe that the great society of the United States should ever encourage that con tinual and fearless sifting and winnowing process of a free mar ket by which alone prosperity can be found."

1966 FREEDOM TO SIFT AND WINNOW 51 Teachers and students would ob ject strenuously, and with justifi cation, if the president of their university were to dictate what they had to think. Yet some teachers and students do not ob ject - nay, some even vigorously advocate - that the president of the nation be given the power to decide what people can buy or sell, and for how much, rather than to let people make these de cisions for themselves. Why do so many who worship academic freedom scorn economic freedom? The answer seems to be that they lack the faith, the cour age, and the wisdom to under stand that the sifting and winnow ing process is as efficacious in the market place of goods and services as it is in the market place of ideas, teaching, and research. In state after state down through history - Red China be ing the current glaring example where there has been no economic freedom there has been no aca demic freedom. The two go hand in-hand. Those who want to pre serve their academic freedom would do well to support and pro mote economic freedom. For, if the day ever comes when a ruling elite controls the economy down to the smallest detail, tha twill also be the day when a few men holding a monopoly of political power will control the academic community, down to the smallest detail.

The person who believes in aca demic freedom should, with equal fervor, believe in the free market system. ~ Separation of Powers THE ACCUMULATION of all powers, legislative, executive, and judiciary, in the same hands, whether of one, a few, or many, and whether hereditary, self-appointed, or elec tive, may justly be pronounced the very definition of tyranny. ~AMES MADISON, The Federalist, No. 4.7 Values, Exchange, & Profits: THE BEDROCK OF ECONOMIC SCIENCE FREDERIC BEACH JENNINGS,JR. THE MOST BASIC questions in eco nomic theory are those concerning value. What determines value? What are those factors that make a mere item have a value? A com mon error is that of speaking about values out of context. For example, if someone were to ask: "Does that rock have a value?," one's immediate. reaction should be, "A value to whom for what pur pose?" If that rock cannot be used (a) by someone (b) to achieve some goal, it has no worth.