Jeffrey Tucker of the Ludwig van Mises Institute recently wrote an article of how, in the years between 1870 and 1930 the hottest good a household could buy was the piano. Everyone had one or had to have one. When economic hard times came and cheaper better pianos from Asia came into the market, government didn’t intrude and buyout, bailout or “rescue” the piano industry. And still millions of tiny fingers across America will play the most horrendous version of Christmas carols known to man this holiday season on perfectly capable pianos. Why the fuss about automobiles?
Without going much in depth about the Free Market, if that term is even applicable to America these days, individuals vote with their dollar. Individuals vote for what they want, when they want it and how much they want it, with how much their willing to spend on an item. Consumers determine what industry is worth and what is not. Americans bought foreign built pianos and American piano manufacturers found other jobs in other fields. And yet we’re told we can’t survive without the American auto industry- tell that to the piano players across the country. I hear one now…Published in