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Bonus Quotation of the Day…

… is from page 119 of the 1990 Transaction Publishers reprint of W.H. Hutt’s excellent 1936 book, Economists and the Public (footnote deleted):

Graham Wallas likened the process of ‘Gresham’s Law’. ‘So in politics’, he said, ‘must the easier and more immediately effective drive out the more difficult and less effective method of appeal.’

DBx: Gresham’s Law declares that “bad money drives out good” (but note carefully the conditions). What might be called “Wallas’s Law” declares that, in politics, “bad discussion drives out good.” It’s difficult to disagree after listening to the bloviations, chirps, bellows, howls, double-talk, platitudes, half-truths, and lies of politicians.


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