The labor theory of value

Like most Americans, the old man was too deeply involved with labor and capital to think in those terms. Instead he thought in terms of people and whether their work - and their word - was good. He liked giving people a start.

There was Henry Johnson, for example, whom he'd hired as a boy - and taught how to fix shoes. Henry would stay with him for the next 50 years through the old man's various ventures, mastering one skill after another. His apprentice would grow old with him, teach him as much he'd learned, and die two weeks before the old man himself did. The family smiled knowingly. They knew Henry had just gone ahead, as usual, to scout things out.

On this Labor Day, a great deal will be said in the usual press releases, but none of it will be more eloquent than work done well. To me, two new soles on a pair of well-shined shoes still say more than all the Labor Day speeches ever written.