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Quotation of the Day…

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… is from page 186 of James Gwartney’s insightful 2013 paper “The Public Choice Revolution and Principles of Economics Texts,” which is chapter 13 of Public Choice, Past and Present: The Legacy of James M. Buchanan and Gordon Tullock [2] (Dwight R. Lee, ed., 2013):​

In essence, public choice applies the tools of economics to both the market and political processes. Without having knowledge about the operation of both, one is in a poor position to understand how alternative institutions and policies will affect outcomes.

DBx: Indeed so. Yet most economists continue to ignore public choice [3] or to discount its significance. The sad result is that most economists have no adequate understanding of how governments work in reality compared to how markets work in reality.

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