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Quotation of the Day…

… is from page 167 of my colleague Larry White’s excellent 2012 book, The Clash of Economic Ideas (footnote deleted, links added):

In this connection Hayek quoted the tart observation of the economist Frank Knight: “the probability of the people in power being individuals who would dislike the possession and exercise of power is on a level with the probability that an extremely tender-hearted person would get the job of whipping-master on a slave plantation.”


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