Quotation of the Day…

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… is from page 401 of the late, great UCLA economists Armen Alchian’s and William R. Allen’s Universal Economics (2018; Jerry L. Jordan, ed.); this volume is an updated version of Alchian’s and Allen’s magnificent and pioneering earlier textbook, University Economics:

Thousands of years of recorded history present a persistent story of poverty and tyranny, with an occasional experiment in personal freedom and opportunity being fulfillingly productive. If we are to foster the good society and its responsive, efficient economy, intellectual competence must be married to high character. Otherwise, we will defeat ourselves by generating increasingly efficient gulags.