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Bonus Quotation of the Day…

Tweet [1]

… is from pages 220-221 of Deirdre McCloskey’s and Alberto Mingardi’s superb 2020 book, The Myth of the Entrepreneurial State [2]:

Profits signal the preferences of ordinary people massing about in markets, proving that a certain move, a certain technique, a certain innovation has been wisely put forward. Entrepreneurs are free to enter new lands, imagine useful goods and graceful services. Consumers are free to choose. Such a negative liberty has led in the past two centuries to an enormous increase, too, in the ill-named “positive liberty,” also known as “income.”

DBx: Yes.

People who decry profits (and losses) decry accurate information.

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