… is from page 463 of volume 2 of The Collected Works of Armen A. Alchian (2006); specifically, it’s from Alchian‘s 1967 essay “Market Prices, Property and Behavior”:
The theorem refers to every desired activity – resting, playing or bullying people. The greater the sacrifice imposed on one who engages in some activity, the less he will engage in that activity. This law – the law of demand – holds in all societies and is a beautifully verified law of economics.
