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Quotation of the Day…

… 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.