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Quotation of the Day…

is from page xii of the 1971 Augustus M. Kelley edition of F.A. Hayek’s 1937 book, Monetary Nationalism and International Stability:

But while the politician – and the economist when he is advising on concrete measures – must take the state of opinion for granted in deciding what changes can be contemplated here and now, these limitations are not necessary when we are asking what is best for the human race in general. I am profoundly convinced that it is academic discussion of this sort which in the long run forms public opinion and which in consequence decides what will be practical politics some time hence. I regard it therefore not only as the privilege but as the duty of the academic economist to take all alternatives into consideration, however remote their realisation may appear at the moment.

DBx: Yes.
Hayek died on this date – March 23rd – in 1992.