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Quotation of the Day…

… is from page 91 of volume 2 of The Collected Works of Armen A. Alchian (2006); specifically, it’s from the reprint of Alchian‘s March 1973 Journal of Economic History paper with Harold Demsetz, “The Property Rights Paradigm”:

The attempt to resolve scarcity-created problems by reducing the scope of private rights must inevitably result in a more centrally regulated or indoctrinated society.


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