August 1999 . Number 32
Reflections on Labor Day
It is appropriate that the working people of both nations be honored on this day.
It is also appropriate to reflect on the impact of government intrusion into labor markets. By sanctioning trade unions as statutory monopolies and the consequent anti-competitive influences in a few industries, government has raised the income of a very few workers at the expense of all other workers. Government labor policies in both nations has unduly limited business investment, employment creation, income generation and economic growth.
There are few public policies more certain to hobble economic growth and destroy wealth creation than government intervention in labor markets.