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Quotation of the Day…

… is from page 273 of my emeritus Nobel laureate colleague – and now Chapman University professor – Vernon Smith’s essay “Adam Smith and Experimental Economics: Sentiments to Wealth,” which is chapter 16 in the 2016 volume Adam Smith: His Life, Thought, and Legacy (Ryan Patrick Hanley, ed.) (original emphasis):

Consequently, justice is secured by suitably punishing acts of injustice, not by rewarding justice, which is your duty. Justice is the residual (a negative virtue) that consists in what remains, or is left over, after the civil order has instituted proportional punishments for unjust actions.