32 Daily News LOS ANGELES, CALIFORNIA WEDNESDAY, OCTOBER 25, 1944 Boddy On Friday of last week I had out, will be bad for the com- the pleasure of listening to a esting from an academic point mon man; it will retard prog- of view to know in advance what paper by Dr. Ludwig von Mises, ress and will be a serious threat read before the directors of the experience will teach, such to civilization itself. Los Angeles Chamber of Com- knowledge has very little, if any, merce, Dr. Mises limited his paper to practical value. simple, elementary principles One economist at Dr. Mises' Dr. von Mises is recognized as that already were well under- lecture, for example, recalled one of the world's foremost stood by his audience, and dur- that in 1890 the general public economists, and his diagnoses of economic trends in Europe and ing the question period several held one view with respect to the United States are generally expressed the hope that he future economic development in would outline possible methods the United States whereas he accepted. In his paper of last Friday, of circumventing the difficul- a trained economist-held an en- ties he foresaw. The doctor of- tirely opposite view. Now, 50 Dr. Mises established the fered none. years later, it develops that he premise that a free market was right in 1890 and the public economy under the capitalistic As we see the situation, there now knows it. system is the highest achieve- is always a wide gap between Which means, of .course, that ment yet experienced in western what economists have learned what he was able to know civilization. Notwithstand- through study, and what the through study could only be ing this, he pointed out, the trend in Europe has been, and masses have learned through learned by the public through experience. experience. The fact that he is, away from a free market knew didn't save the country economy and toward state social- For many years I have fol- from learning-the hard way. ism. He sees a similar trend in lowed conferences and conven- And that is the point. the United States. tions devoted to economic theory There will never be a time In the beginning, the govern- as enthusiastically as our sports when knowledge gained through ments of Europe did not antici- editor follows football, baseball, experience coincides with ad- pate a socialistic economy any etc. And I have always been im- vance knowledge possessed by more than does the government pressed with the number of scientists. They will always be of the United States. The gov- bankers, industrialists and busi- several decades ahead of experi- ernments of Europe were con- nessmen who soak in everything ence. All of which means. that fronted from time to time with that recognized economists have the laborer, the banker, the in- specific ailments that called for to say and surprisingly enough, dustrialist and the businessman specific prescriptions. Each rem- there is very little disagreement must adjust his life to a contin- among qualified economists. edy-in itself-seemed relatively uous succession of experiences I have never encountered an innocent and certainly not suffi- and experiments. earnest effort to set forth what cient to bring about a drastic One final thought: There is the people have learned without always a succession of experi- economic change. Taken as a experience; always it is what ences. The parade never comes whole, however, they formed a the masses must somehow come to rest with a single "ism." We dynamic nucleus that created to know. There appears to be go through dictatorships, democ- more and more changes. And a general assumption that a way racies and monarchies; we ex- the changes, in toto, actually can be found whereby the gen- perience capitalism, communism, accomplished a result that was eral public can be told or taught state socialism; collectivism, to- not originally 'intended. what the economists know. talitarianism and individualism. Dr. Von Mises sees a similar It is my settled conviction It is never possible to say when history now being unfolded in that this is impossible. As I see one experience begins and the the United States. The end it, life is a succession of experi- other ends. product of all this, he pointed ence and, while it may be inter- Oct. 25, 1944