Quotation of the Day…

by Don Boudreaux on May 25, 2012

in Competition

… is from page 27 of James M. Buchanan‘s important 2005 article, in Public Choice, entitled “Afraid to be free: dependency as desideratum” (original emphasis):

For far too many members of the body politic, the market order requires that persons subject themselves to “the blind forces of the market”, as if the independence so offered carries no offsetting gains.  There is a widespread failure to understand that the independence offered by the entry and exit option of the market offsets the dependence on others when markets are closed or displaced.  And such dependence, importantly, includes dependence on the state, and on its bureaucratic agents.  The individual can readily walk away from a market relationship.  He cannot walk away from the taxing authority.

(Or, he cannot walk away with sufficient ease.)

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