Quotation of the Day…

by Don Boudreaux on May 11, 2014

in Competition, Complexity & Emergence, Inequality, Seen and Unseen

… is from page 313 of the 1977 reprint of Ludwig Lachmann’s deeply profound 1956 essay “The Market Economy and the Distribution of Wealth“:

The market process is thus seen to be a leveling process.  In a market economy a process of redistribution of wealth is taking place all the time before which those outwardly similar processes which modern politicians are in the habit of instituting, pale into comparative insignificance….

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