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Quotation of the Day…

… is from page 171 of the original 1960 Harvard University Press edition of Frank Knight’s collection of lectures, delivered in 1958 at the University of Virginia, titled Intelligence and Democratic Action:

Probably the supreme economic stupidity – real prejudice – generally held is that employees are working for the bosses, any more than these are working for the employees. All are working for themselves, indirectly and far more effectively by working for one another – which is the nature and supreme merit of exchange relations.

DBx: Yes. And while there is no shortage of economic stupidities to compete for the distinction that Knight assigns to this one, Knight’s central point is subtle and deep and vitally important.