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Quotation of the Day…

… is from page 361 of Frank Knight‘s monumental 1921 book, Risk, Uncertainty, and Profit:

The real trouble with bureaucracies is not that they are rash, but the opposite.  When not actually rotten with dishonesty and corruption, they universally show a tendency to “play safe” and become hopelessly conservative.  The great danger to be feared from a political control of economic life under ordinary conditions is not a reckless dissipation of the social resources so much as the arrest of progress and the vegetation of life.