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Quotation of the Day…

… is from my emeritus colleague Vernon Smith‘s splendid speech “Human Betterment Through Globalization,” delivered in September 2005 at the Irvington-on-Hudson then-headquarters of the Foundation for Economic Education:

My message today is an optimistic one. It is about exchange and markets, which allow us to engage in task and knowledge specialization. It is this specialization that is the secret of all wealth creation and the only source of sustainable human betterment. This is the essence of globalization.