Bonus Quotation of the Day…

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… is from pages 69-70 of the 1990 Transaction Publishers reprint of W.H. Hutt’s superb 1936 volume, Economists and the Public:

The warping of judgment may be observed in forms which vary from the deliberate propaganda of bodies like the Federation of British Industries of the Trades Union Congress, to the self-deception of the individual who convinces himself that what suits him must contribute to the general good…. We see it also in the enthusiasm of the debtor classes for inflationary measures which they are emphatic will stimulate the prosperity of all; in the universal concern of town-dwelling populations for the welfare of the rural dwellers who, they aver, will suffer moral and physical corruption if they are allowed to follow their inclinations and drift townwards; and in the general persuasion of social classes or races with superior status that the best interests of politically inferior classes and races are served by the maintenance of the existing regime.

DBx: The late economist W.H. Hutt is now among those persons who Nancy MacLean and her cadre of historically uninformed – and if one didn’t know better, also illiterate – co-authors and supporters insist was a white supremacist. Phil Magness and Art Carden masterfully expose the baselessness of this assertion by MacLean, et al. To supply yet a bit more evidence against the idiotic charges leveled by MacLean, et al., I offer the above quotation from what is my favorite of all of Hutt’s many superb books.