Bonus Quotation of the Day…

by Don Boudreaux on November 16, 2017

in The Economy

… is from page 253 of my late Nobel-laureate colleague James Buchanan’s Fall 1991 Cato Journal paper, “The Minimal Politics of Market Order,” as this paper is reprinted in Choice, Contract, and Constitutions (2001), which is volume 16 of The Collected Works of James M. Buchanan:

A market economy is relatively more efficient for three reasons: It makes the incentives of participants compatible with the generation of economic value; it exploits fully the localized knowledge available only to participants in separated decentralized circumstances; and it allows maximal scope for the creative and imaginative talents of all participants who choose to act as potential entrepreneurs.


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