Airport High School - Beacon Yearbook (Carleton, MI)

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THE TEN PILLARS OF ECONOMIC WISDOM 1. Nothing in our material world can come from nowhere or go nowhere, nor can it be free: everything in our eco- nomic life has a source, a destination and a cost that must be paid. 2. Government is never a source of goods. Everything pro- duced is produced by the people, and everything that government gives to the people, it must first take from the people. 3. The only valuable money that government has to spend is that money taxed or borrowed out of the people's earn- ings. When government decides to spend more than it has thus received, that extra unearned money is created out of thin air, through the banks, and, when spent, takes on value only by reducing the value of all money, savings and insurance. 4. In our modern exchange economy, all payroll and em- ployment come from customers, and the only worthwhile job security is customer security; if there are no customers, there are no customers, there can be no pay- roll and no jobs. 5. Customer security can be achieved by the worker only when he cooperates with management in doing the things that win and hold customers. Job security, therefore, is a partnership problem that can be solved only in a spirit of understanding and cooperation. 6. Because wages are the principal cost of everything, wide- spread wage increases, without corresponding increases in production, simply increase the cost of everybody's living. 7. The greatest good for the greatest number means, in its material sense, the greatest goods for the greatest number which, in turn, means the greatest productivity per worker. 8. All productivity is based on three factors: 1) natural re- sources, whose form, place and condition are charged by the expenditure of 2) human energy (both muscular and mental), with the aid of 3) tools. 9. Tools are the only one of these three factors that man can increase without limit, and tools come into being in a free society only when there is a reward for the temporary self- denial that people must practice in order to channel part of their earnings away from purchases that produce im- mediate comfort and pleasure, and into new tools of pro- duction. Proper payment for the use of tools is essential to their creation. 10. The productivity of the tools — that is, the efficiency of the human energy applied in connection with their use — has always been highest in a competitive society in which the economic decisions are made by millions of progress- seeking individuals, rather than in a state-planned society in which those decisions are made by a handful of all- powerful people, regardless of how well-meaning, unsel- fish, sincere and intelligent those people may be. CARLETON GLEN GOLF COURSE Congratulations to the Class of 1974! DODGE DODGE GRACE JONES CAKE DECORATING SUPPLY 210 Monroe St. Daily 10-5 Sat. 10-3 654-6915 Lessons! Supplies! 118

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PULSE NEWS — SERVING — FLAT ROCK ROCKWOOD GIBRALTER SOUTH ROCKWOOD BROWNSTOWN WOODHAVEN 22215 HURON RIVER DRIVE ROCKWOOD, MICH. 48173 379-9645 or 379-9646 Telegraph Ready Rd. Carleton Congratulations Seniors from: MASSERANT'S GARAGE Complete Bottled Gas Sales and Service Appliances and Sandblasting 7923 N. Dixie Hwy. 586-2977 Newport, Mich. 48166 Congratulations Seniors from FOOD BEER WINE ROSS' PARTY STORE 840 Monroe St. Carleton, Michigan HY-LUMBER LUMBER CO. Phone: CH 1-8400 117

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NIEMANN BROTHERS GREENHOUSE 654-8212 Waltz, Mich. BASKIN ROBBINS Open 11 A.M. 'till 11 P.M. Seven Days a Week I Ph. 241-5211 4 E. Front St. Downtown Monroe GERALD SMITH SON CUSTOM HOME BUILDERS 654-2111 Insurance Bonds SCHAFER AGENCY OF CARLETON 850 Monroe St. Carleton, Mich. Ph. 654-6269 MIDPORT PARTY STORE John Geri Antanelli Congratulations Seniors of 1974 SCHEEL'S CONCRETE Otto Scheel Sons Inc. Transit Mix — Supplies 27710 N. Telegraph Rd. Flat Rock, Michigan 119