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Bonus Quotation of the Day…

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… is from page 253 of my late Nobel-laureate colleague James Buchanan [2]’s Fall 1991 Cato Journal paper, “The Minimal Politics of Market Order [3],” as this paper is reprinted in Choice, Contract, and Constitutions [4] (2001), which is volume 16 of The Collected Works of James M. Buchanan [5]:

A market economy is relatively more efficient for three reasons: It makes the incentives of participants compatible with the generation of economic value; it exploits fully the localized knowledge available only to participants in separated decentralized circumstances; and it allows maximal scope for the creative and imaginative talents of all participants who choose to act as potential entrepreneurs.

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