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unchanged he would merely add to the confusion. It is only 

 when the squealometer shrieks loudly enough that action is 

 likely to be taken. 



The nation is apparently on the squealometer standard. 

 Consumers roar and a program is inaugurated to "roll back 

 prices." Laborers howl and hidden increases in wages are 

 granted. Farmers shout, and support prices and incentive 

 payments are made. The squealometer is very selective 

 when the distributor cries, no one pays any attention. 



Price An Efficient Administrator 



Lieutenant-General Forrest of the Confederate Cavalry is 

 reported to have said: "The side that wins is the one that 

 gits thar fust with the most men." 



The most important advantage of a freely operating price 

 economy is the quicker, more efficient results obtained. The 

 price system is based upon self-interest, and human beings 

 will act sooner in behalf of themselves than in behalf of some 

 administrator. 



For its success, price relies on the desire of human beings 

 to obtain the most for their money. Since this urge is deeply 

 rooted in most people, the price system operates automati- 

 cally. It needs no injections, no campaigns, no promoter, and 

 no press agent. As a producer, the individual will create the 

 goods for which he is paid the most. As a consumer, he will 

 regulate his purchase of high- and low-priced goods so as to 

 maintain his standard of living at the highest level possible 

 under the existing conditions. 



The combined effect of all the factors, no matter what 

 they are, what their size, or what their importance, is most 

 accurately measured by freely fluctuating prices. These 

 prices are the final judgment of millions of persons. When 

 price is the administrator, everyone is on the committee and 

 serves without pay. It has at least one merit : it is democratic. 



