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Quotation of the Day…

… is from page 81 of the late, great Harold Demsetz’s richly rewarding 2008 book, From Economic Man to Economic System:

Capitalism is an economy based on decentralized private ownership of resources and open markets; “based on” means that private ownership rights are acknowledged and respected. Most members of society must feel a duty to respect the private rights of others. Ownership rights must be exercisable without fear, ridicule, or disrespect from other members of society. An economic system that is forced on people will not perform as would one to which there is general assent.

DBx: Indeed, and Deirdre McCloskey would agree.

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