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Quotation of the Day…

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… is from page 16 of the 5th edition (1996) of Mark Blaug’s Economic Theory in Retrospect [2]:

As for the mercantilist approval of public works, that was frequently based on nothing more than the typical belief in the magical efficacy of state action, simply because it is action undertaken in the public interest.

(Or, more accurately, action allegedly undertaken in the public interest.)

Plus ça change, plus c’est la même chose.