Quotation of the Day…

by Don Boudreaux on April 15, 2012

in Competition, Complexity & Emergence, Inequality, Seen and Unseen

… is from page 135 of Richard Posner’s article in the Jan. 1979 issue of the Journal of Legal Studies, “Utilitarianism, Economics, and Legal Theory“:

Because people do not receive their full social product, in effect some (often much) of the wealth they produce is “taxed away” by consumers.  In general, the more wealth a person produces, the higher the “tax” he pays….

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