≡ Menu

Quotation of the Day…

… is from the late historian Forrest McDonald’s 1987 Foreword to Burton W. Folsom’s volume The Myth of the Robber Barons: in particular, this quotation is found on page x of the 5th edition (2007):

Political promotion of economic development is inherently futile, for it invariably rewards incompetence; if incompetence is rewarded, incompetence will be the product; and when incompetence is the product, politicians will insist that increased planning and increased regulation is the appropriate remedy.

DBx: Yep. And what a gig for politicians: Foul matters up with government intervention, blame these problems on the private sector, and then seize more power to further intervene for the ostensible purpose of ‘solving’ these problems.

Next post:

Previous post: