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Quotation of the Day…

… is from page 466 of my late colleague Jim Buchanan‘s 1986 Nobel Prize lecture, “The Constitution of Economic Policy,” as it is reprinted in volume 1 of The Collected Works of James M. Buchanan: The Logical Foundations of Constitutional Liberty; today – January 9th – is the 4th anniversary of Jim’s death:

unknown-3The constructivist urge to assume a role as social engineer, to suggest policy reforms that “should” or “should not” be made, independently of any revelation of individuals’ preferences through the political process, has simply proved too strong for many to resist.  The scientific integrity dictated by consistent reliance on individualistic values has not been a mark of modern political economy.