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Quotation of the Day…
Posted By Don Boudreaux On May 6, 2012 @ 7:42 am In Adam Smith,Economics | Comments Disabled
… is from James M. Buchanan  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 :
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 .)
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URLs in this post:
 James M. Buchanan: http://www.econlib.org/library/Enc/bios/Buchanan.html
 Mercantilism as a Rent-Seeking Society: http://www.amazon.com/Mercantilism-Rent-Seeking-Society-Regulation-Perspective/dp/0890961204/ref=sr_1_2?s=books&ie=UTF8&qid=1336304341&sr=1-2
 here: http://www.amazon.com/Politicized-Economies-Mercantilism-University-Economics/dp/0890967458/ref=sr_1_1?s=books&ie=UTF8&qid=1336304341&sr=1-1
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