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Quotation of the Day…

… is from page 20 of the 2000 Liberty Fund reissue of Geoffrey Brennan’s and James M. Buchanan’s 1980 volume, The Power to Tax:

Or if we prefer to return to Adam Smith’s illustration, we may acknowledge that our butcher and our baker are occasionally, and perhaps frequently, benevolent, but surely we should all feel more secure if the institutional structure is so organized as to make their self-interest coincident with our own rather than the opposite.