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Quotation of the Day…

… is from page 258 – which is in the chapter entitled “Consumers’ Sovereignty” – of the 1990 Transaction Publishers reprint of W.H. Hutt’s 1936 book, Economists and the Public:

As a ‘consumer’, each directs.  As a ‘producer’, each obeys.

This relationship is essential for markets to work in ways that improve the living standards of the masses.  Yet too many government intrusions – including tariffs and occupational-licensing restrictions – are meant to reverse this relationship; they are meant to make the producer the commander and the consumer the servant obliged to obey.


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