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Quotation of the Day…

… is from page 370 of Frank Knight‘s monumental 1921 book, Risk, Uncertainty, and Profit:

The social theory of private property rests, then, not so much on the premise that productive resources will be more effectively used in the creation of goods for consumption, as on the belief that there will be a greater stimulus to progress through inducing men to take the risks of action increasing the supplies of productive resources themselves, inducing both material things and technical knowledge and skill.