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Quotation of the Day…

Posted By Don Boudreaux On April 5, 2014 @ 7:37 am In Property Rights | Comments Disabled

… is from page 380 of volume 2 of The Collected Works of Armen A. Alchian [1] (2006); specifically, it’s from Alchian’s 1959 article “Private Property and the Relative Cost of Tenure”:

Loss of personal wealth is a powerful dissuader, while profits are a powerful persuader to pay heed to other people’s preference.

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[1] The Collected Works of Armen A. Alchian: http://www.amazon.com/The-Collected-Works-Armen-Alchian/dp/086597635X/ref=pd_sim_b_1?ie=UTF8&refRID=0XTE5HN3EZ15VAMS1TBB

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