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Quotation of the Day…

… is paragraph 55 of Chapter 4 (“Equalizing the Conditions of Production”) of the First Series of Frédéric Bastiat‘s brilliant collection entitled (in English) Economic Sophisms (original emphasis):

Unknown-2Thus, I was right in saying that every economic phenomenon in the long run diffuses its effects among the consumers, i.e., all mankind.  So long as you have not followed its consequences that far, so long as you stop at the immediate effects, those that concern only one man or one class of men as producers, you are not an economist; any more than you are a doctor if, instead of following the effects of a potion through the entire organism, you confine yourself to observing how it affects the palate or the throat.


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