Quotation of the Day…

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… is from page 162 of the 2015 Matthew Dale translation of Weiying Zhang’s excellent 2010 book, The Logic of the Market:

Over time, when more entrepreneurial people switch to government jobs, economic growth slows down and even stagnates. Thus, we may conclude that the allocation of entrepreneurial talents between governments and businesses is one of the most important determinants – even if not the only determinant – of developing an economy. The reason some countries are undeveloped is not because they lack entrepreneurial resources; it is because their entrepreneurial talents have been allocated to the government or to other nonproductive sectors.

DBx: Indeed.

This truth should be kept in mind whenever you hear some politician or government bureaucrat described as a “public servant.”