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January 03, 2008
Externalities of work stoppages c. 1908
The Jan. 3, 1908 NYT reports an interesting negative exteranality arising from a work stoppage of the Bakers' Union in Chicago: Four men, said to be members of the Bakers' Union, have been arrested on the charge of putting acid on hundreds of loaves of bread distributed among the Jewish residents on the west side. A strike is in progress at a local bakery, and it is alleged that strike sympathizers threw acid as wel as iodoform on wagon loads of bread and rolls after they had left the bakery. Posted by Craig Depken at 10:07 AM in Economics
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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