Moms are great. One of the things I admire about my wife is she's a great mom. Being a mom is a lot of work, make no mistake about it, and they do it 24/7/365. I admire moms for their dedication.
So, I have a question, how much does your mom get paid for being a mother? I'm not talking about the money she uses to run the household, etc. Specifically, how much is your mom paid for being a mom? The answer is probably pretty close to, if not exactly, nothing. Moms are a great unpaid workforce, many work outside the house as well as being a mom. Some work to pay for being a mom.
This isn't about shaming anyone. I bring this up because it pokes a big hole into the mythos of the free-market. The free-market economy is a wonderful tool but it is not without its weaknesses. Mind you, I am not advocating socialism, communism or other market systems. Centrally planned economies are an invitation to abuse. The free-market system is the best going so far but, like any tool, you need to understand how to operate it safely.
One of the myths of the free-market is that it accurately and fairly determines the value of good and services. "Let the markets decide" is a catch phrase of the current administration and congress. Market efficiency is brought up as the cure to big government, a reason for de-regulation, as the tide that will lift all boats. This is BS
Hence the question about how much your mother is paid for being a mom. See the free-market theory here is that the more valuable a service or product is, the more you can demand for it. A quick look at your mother's paycheck puts the lie to this.
The jobs that moms do are probably the most valuable in society. We have all depended on our mothers at some point in our life otherwise we wouldn't be here. Free-market theory says therefore they should be the highest paid. Clearly this isn't true. Likewise with many other jobs, teachers, nurses, EMTs, etc. whose compensation doesn't seem to match the value of their jobs to society.
The evidence all around us doesn't support the premises of free-market theory. You have to wonder what is up. Why is it that people like Ken Lay, Bernie Ebers, Dick Cheney, whose services we could seem to do well without, can attract millions in compensation while moms, teachers, etc. struggle to get by.
So, is free-market theory worthless? I don't think so, but you do have to read the instructions and disclaimers. Free-market theory works well when applied to problems within its boundaries. It is not a cure all though. Applied to the wrong problems, used thoughtlessly, a free-market system is a recipe for disaster, just like socialism and communism.
Theory says a free-market rewards the creation of wealth. Well, that may be true, but it is not entirely the whole story. The reality is that the free market also rewards the control of resources and to a greater degree than the creation of wealth. This characteristic is recognized. Historical examples like Standard Oil, etc. have led society to control this risk through regulation. Some disagree and say that the regulations are a bad idea leading to inefficiencies and that if the regulations were removed the industry would choose the most efficient means of production. This is BS. An industry will choose the most profitable means of production. Warning, that profit may come at your expense. If a company makes more profit by limiting production, dumping untreated sewage, offshoring to India, etc. one will do it and they will have the advantage.
Free-market theory also assumes the free-flow of information. This is false, examples abound. Enron is a perfect example of where information flow about the off the books arrangements was thwarted until to late.
Free-market theory also assumes that you can easily switch to something else if what you are doing is not profitable. Another bit of BS. I could easily switch to something else quite frankly. I have considered it and went so far as to apply to the National Parks Service and be accepted once. As it turns out though, there is a whole lot of people, like my mortgage company, bank, car finance company expecting my disbursements to continue. I can switch what I am doing, but it is not instantaneous, and a lot of others concerned with the outcome unless I never want to own a home again.
This incidentally, is where moms lose out. Even though they are not being compensated in accordance with their value, they can't easily choose another profession. Even those who do decide to become stockbrokers are also still moms. It is hard to demand fair compensation when you can't stop doing your job. If they went on strike, it would be their children who suffer and they just can't handle that, I'd give it half a day max. Thanks mom!
Anyhow, my point behind all of this is: The next time some wing-nut starts going on about government regulation and how the free-market would solve our problems, etc. ask him how much his mom makes being mom. Probably not enough, I can guarantee you.