Quotation of the Day…

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… is from page v of the untitled introduction, by an anonymous author, to the late Harvard and AEI economist Gottfried Haberler’s 1974 book, Economic Growth & Stability: An Analysis of Economic Change and Policies:

The great body of economic and political literature since World War II – both academic and popular – has presented a misleading picture of the performance of private enterprise and of the State in the economies of the free world. This literature exaggerates the defects of the one and the merits of the other. Freedom will remain in jeopardy unless the public gains a clearer picture of the workings of the free market and comes to realize that its greatest virtue is not its extraordinary capacity to produce widely diffused material benefits, important as this merit is, but its unique capacity to protect the great immaterial values of our Western Heritage.