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Quotation of the Day…

… is from page 317 of the 2007 Liberty Fund edition (Bettina Bien Greaves, ed.) of Ludwig von Mises’s 1949 treatise, Human Action:

Many people simply do not realize that the only effect of protection is to divert production from those places in which it could produce more output per unit of capital and labor expended to places in which it produces less.  It makes people poorer, not more prosperous.