Quotation of the Day…

by Don Boudreaux on September 12, 2011

in Hubris and humility, Man of System, State of Macro

… is from page 79 of James M. Buchanan’s and Richard E. Wagner’s vital 1977 book Democracy in Deficit:

Perhaps it is best simply to say that [John Maynard] Keynes was not particularly concerned about institutions, as such.  His emphasis was on results and not on rules or institutions through which such results might be reached.  And if institutional barriers to what he considered rational policy planning should have worried him, Keynes would have been ready to set up a “national planning board” run by a committee of the wise.


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