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Quotation of the Day…

… is from page 194 of Mark Pennington’s important 2011 book, Robust Political Economy:

[P]rivate property institutions are more robust because they enable people to cope with uncertainty by reducing the prospect of systemic error.  Compared to regimes where decisions are taken at the centre, the dispersal of ownership in a market tends to confine the effects of any errors to a relatively smaller sphere and provides decision-makers with greater scope to respond to changing circumstances as they face them.