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Quotation of the Day…

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… is from page 380 of volume 2 of The Collected Works of Armen A. Alchian [2] (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.