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Quotation of the Day…

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… is from James M. Buchanan [2] writing in 1980 (in his article entitled “Rent Seeking and Profit Seeking”); Buchanan is here quoted on page 17 of the first (1981) edition of Robert B. Ekelund, Jr. and Robert D. Tollison, Mercantilism as a Rent-Seeking Society [3]:

But let us be honest.  How much more do we know about market process than Adam Smith knew that is of practical relevance?

(The much-revised, 1997 edition of the Ekelund-Tollison study on mercantilism and rent-seeking is available here [4].)