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Quotation of the Day…

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… is from page 58 of Hayek’s 1988 volume, The Fatal Conceit [2]:

Although Keynes was, in spite of himself, to contribute greatly to the weakening of freedom, he shocked his Bloomsbury friends by not sharing their general socialism; yet most of his students were socialists of one sort or other.  Neither he nor these students recognized how the extended order must be based on long-run considerations.

And thus the great appeal of Keynesianism to politicians.

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