Quotation of the Day…

by Don Boudreaux on February 25, 2016

in Crony Capitalism

… is from page 156 of Randy Simmons’s 2011 Revised Edition of his and the late William Mitchell’s superb 1994 volume, Beyond Politics:

Labor unions have, in fact, been the most singular example of government-mandated monopoly.  For decades, they have been awarded a special status in law permitting them to benefit in ways not permitted other organizations, especially, private firms.  Private firms must worry about how much demand for its products will change as prices change.  Unions, however, have been able to increase their members’ wages by excluding those willing to work for less.


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