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Quotation of the Day…

Posted By Don Boudreaux On May 11, 2014 @ 4:34 pm In Competition,Complexity & Emergence,Inequality,Seen and Unseen | Comments Disabled

… is from page 313 of the 1977 reprint [1] of Ludwig Lachmann’s deeply profound 1956 essay “The Market Economy and the Distribution of Wealth [2]“:

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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[1] 1977 reprint: http://www.amazon.com/Capital-Expectations-Market-Process-Economic/dp/0836206789/ref=sr_1_fkmr0_1?s=books&ie=UTF8&qid=1318766123&sr=1-1-fkmr0

[2] The Market Economy and the Distribution of Wealth: http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=97&chapter=3326&layout=html&Itemid=27

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