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Quotation of the Day…

… is from page 103 of John Wallis’s 1993 essay “The Great Depression: Can It Happen Again?” – which is chapter 12 of the knowledge-packed, Deirdre N. McCloskey-edited volume Second Thoughts:

The most important lesson to be learned from the 1930s is that in a crisis it is politics, not economics, that determines what the goals of government policy will be.  Politically expedient policy can yield disastrous economic results.