Quotation of the Day…

by Don Boudreaux on March 3, 2016

in Competition, Complexity & Emergence, Myths and Fallacies

… is from page 150 of Thomas Sowell’s 2008 volume, Economic Facts and Fallacies:

Most income is earned by the production of goods and services, and how much that production is “really” worth is a question that need not be left for third parties to determine, since those who directly receive the benefits of that production know better than anyone else how much that production is worth to them – and have the most incentives to seek alternative ways of getting that production as inexpensively as possible.

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