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Quotation of the Day…

Posted By Don Boudreaux On September 30, 2011 @ 9:53 pm In Cooperation,Reality Is Not Optional | Comments Disabled

… is from page 17 of the indispensable Harold Demsetz’s 1988 collection Ownership, Control, and the Firm [1]:

Restricting one’s freedom to use pecuniary wealth to influence others, say by offering higher prices to win agreements to sell, results in greater emphasis on “personal characteristics competition.”

Ponder carefully this indisputable reality.

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[1] Ownership, Control, and the Firm: http://www.amazon.com/Ownership-Control-Firm-Organization-Economic/dp/0631178554/ref=sr_1_2?ie=UTF8&qid=1317433934&sr=8-2

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