Quotation of the Day…

by Don Boudreaux on March 20, 2012

in Civil Society, Other People's Money, Reality Is Not Optional

… is from page 115 of Harold Demsetz’s superb 2008 volume, From Economic Man to Economic System (original emphasis):

The only true alternative to the marketplace is an institution that can use a greater measure of coercion than is available to participants in the marketplace.

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