Quotation of the Day…

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… is from page 151 of Thomas Sowell’s 2008 volume, Economic Facts and Fallacies:

Would anyone say that the pay of an airline pilot comes at the expense of passengers or of the airline’s stockholders, when both are better off as a result of the services rendered? Would anyone even imagine that one pilot is as good as another when it comes to flying a commercial jet airliner with hundreds of people on board, so that getting some crop-duster pilot at lower pay to fly the jet would make the stockholders and the passengers better off? Yet that is the kind of reasoning, or lack of reasoning, that is often applied when discussing the pay of corporate CEOs.