… is from page 120 of John Mueller’s superb 1999 book, Capitalism, Democracy, & Ralph’s Pretty Good Grocery :
It would be difficult to overestimate the economically pernicious effects of efforts to determine the “just wage” and the “just price” by nonmarket judgments.
DBx: Indeed. Yet for centuries, priests and monarchs and court toadies issued such determinations.
It’s nothing short of astonishing that those who today call for a return to such dark-ages’ practices call themselves “Progressive” – and are so uninformed about history as to believe their self-flattery.