Quotation of the Day…
by Don Boudreaux
on May 5, 2018
… is from page 238 of Vol. 19 (Ideas, Persons, and Events [2001]) of The Collected Works of James M. Buchanan; specifically, it’s from Jim Buchanan’s 1993 lecture “Consumption without Production: The Impossible Idyll of Socialism”:
If individuals are allowed the liberty to produce value in the expectation that they are, themselves, to be allowed to consume that which they produce, they can surely be predicted to produce a higher value of whatever it is that they may want than in any other setting.
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