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Quotation of the Day…

Posted By Don Boudreaux On April 6, 2014 @ 7:10 am In Man of System,Myths and Fallacies,Other People's Money,Property Rights,Reality Is Not Optional | Comments Disabled

… is from page 231 of Frank M. Machovec’s excellent 1995 volume, Perfect Competition and the Transformation of Economics [1] (original emphasis; footnote deleted):

Real social security cannot be created through constitutional declarations and other political card tricks that create material ‘human rights’ that satisfy the something-for-nothing mentality of voters – and create moral hazards in health care and employment search – but do nothing to foster the institutions required to give substance to such material promises via enhancements in factor productivity.  A rude awakening is in store for all those who have come to believe in – and hence to rely upon – the illusion of income ‘guarantees’ proffered by the men of system of this century.

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[1] Perfect Competition and the Transformation of Economics: http://www.amazon.com/Competition-Transformation-Economics-Routledge-Foundations/dp/0415115809/ref=sr_1_1?s=books&ie=UTF8&qid=1383437191&sr=1-1&keywords=frank+machovec+perfect+competition

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