December

Austerity, Waste, and Need E. C. Pasour, Jr. 743 In the absence of market signals, the regulator faces severe in formation problems-and consumers suffer needlessly. A Human Action Taxonomy Dale Haywood 753 We interact in society voluntarily or coercively-and the consequences make all the difference. Book Reviews: 756 "Adam Smith and the Wealth of Nations" edited by Fred Glahe "Adam Smith: Man of Letters and Economist" by Clyde E. Dankert "Government by Judiciary: The Transformation of the Fourteenth Amendment" by Raoul Berger Index for 1978 761 Anyone wishing to communicate with authors may send first-class mail in care of THE FREEMAN for forwarding.

tt1e ®A E~L~~N~~~N LIBERTY FOUNDATION FOR ECONOMIC EDUCATION Irvington-on-Hudson, N.Y. 10533 Tel: (914) 591-7230 Leonard E. Read, President Managing Editor: Paul L. Poirot Production Editor: Beth A. Hoffman Contributing Editors: Robert G. Anderson Bettina Bien Greaves Edmund A. Opitz (Book Reviews) Brian Summers THE FREEMAN is published monthly by the Foundation for Economic Education, Inc., a non political, nonprofit, educational champion of pri vate property, the free market, the profit and loss system, and limited government. The costs of Foundation projects and services are met through donations. Total expenses aver age $18.00 a year per person on the mailing list. Donations are invited in any amount. THE FREEMAN is available to any interested person in the United States for the asking. For foreign delivery, a donation is required sufficient to cover direct mailing cost of $5.00 a year.

Copyright, 1978. The Foundation for Economic Education, Inc. Printed in U.S.A. Additional copies, postpaid: 3 for $1.00; 10 or more, 25 cents each. THE FREEMAN is available on microfilm from University Microfilms International, 300 North Zeeb Road, Ann Arbor, Mich. 48106. Some articles available as reprints at cost; state quantity desired. Permission granted to reprint any article from this issue, with appropriate credit except "The 'Invisible Hand' or the Heavy Hand?," "Government Spending Must Be Cut," "World in the Grip of an Idea," and "Austerity, Waste, and Need."