December

Profits and Payrolls: 1978 Henry Hazlitt 718 The latest figures on the per cent of corporate income available to employees and to shareholders Dishonest About Inflation Melvin D. Barger 721 If we are cheating and being cheated by inflation, the cure lies in our resolution to return to "honest'" money. Where There Was a Will-Jess Raley 727 A look into the loss of the American will to self-responsibility and independence. The Social Cost of Railroad Regulation John Semmens 732 Government regulations and controls reduce returns and divert resources out of raiIroading. Education and Grades P. Dean Russell 740 A call for voluntary methods and open competition in teaching and learning. Permanent Depression Clarence B. Carson 743 Government regulations and controls depress production so that human wants go unsatisfied. Free Market: Elementary, My Child Barbara H. Bryan 752 It's never too early to demonstrate and discuss the natural sequence of willing exchange.

Book Reviews: 755 "The Freedom Freeway" by Leonard E. Read "Restoring the American Dream" by Robert J. Ringer Index for 1979 761 Anyone wishing to communicate with authors may send •• •• -, • - _L -rl 1Ir- .-.r"'IIlr-r-a. .. A'" ~ __ 4 __ .....__"': __ 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) Roger Ream 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, 1979. 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 "Capital ism."