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Quotation of the Day…

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… is from page 291 of the 1965 paperback edition of Jim Buchanan’s and Gordon Tullock’s justly celebrated 1962 classic, The Calculus of Consent [2]; it’s especially germane to any discussions that take place today regarding Europe’s and America’s efforts at fundamental fiscal reform (emphasis added):

It seems sheer folly to expect that the interest groups will, unilaterally and independently, exercise sufficient self-restraint, given existing rules.  To expect them to do so amounts to expecting them to act contrary to their raison d’être.

Or, as Milton Friedman [3] said, “cats don’t bark [4].”

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