Quotation of the Day…

by Don Boudreaux on November 1, 2013

in Hayek, Monetary Policy, Seen and Unseen

… is from page 330 of F.A. Hayek’s 1960 volume, The Constitution of Liberty:

There is little need to take precautions against any practice the bad effects of which will be immediately and strongly felt; but there is need for precautions wherever action which is immediately pleasant or relieves temporary difficulties involves much greater harm that will be felt only later.  There is, indeed, more than a mere superficial similarity between inflation and drug-taking, a comparison which has often been made.
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