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Quotation of the Day…

Posted By Don Boudreaux On August 28, 2013 @ 7:44 am In Growth,Myths and Fallacies | Comments Disabled

… is from page 247 of the third edition (2007) of Thomas Sowell’s Basic Economics [1]:

Fights over which individuals and groups get how big a slice of the national pie generate the kinds of emotions and controversies on which the media, politicians, and intellectuals thrive.  But the economic reality is that the main reason most Americans or Chinese have prospered is that the pie itself has gotten much bigger, not because this group or that group changed a few percentage points in its share of the national income.

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[1] Basic Economics: http://www.amazon.com/Basic-Economics-Common-Sense-Economy/dp/0465022529/ref=sr_1_1?s=books&ie=UTF8&qid=1377690230&sr=1-1

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