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Quotation of the Day…
Posted By Don Boudreaux On April 15, 2012 @ 8:32 am In Competition,Complexity & Emergence,Inequality,Seen and Unseen | Comments Disabled
… 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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 Utilitarianism, Economics, and Legal Theory: http://www.jstor.org.mutex.gmu.edu/stable/724048
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