Quotation of the Day…

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… is from page 108 of my late, great colleague Walter Williams’s excellent 2011 book, Race & Economics: How much can be blamed on discrimination?:

Our short discussion of the trucking industry before and after deregulation offers additional confirmation of our working hypothesis that government regulations close avenues of entry and reinforce economic handicaps. Deregulation has not only served to help minorities enter an industry in greater numbers; it has also benefitted consumers through lower prices and greater convenience in securing services.

Deregulation has been valuable in another important way. It has increased black participation in the trucking industry without depending upon controversial measures that have caused so much divisiveness in our society, namely quotas and racial preferences.