Quotation of the Day…

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… is from page 105 of my late Nobel-laureate colleague James M. Buchanan’s 2005 book, Why I, Too, Am Not a Conservative: The Normative Vision of Classical Liberalism:

Nonetheless, economics emerged from and intrinsically requires a moral stance or predisposition that views social relationships among persons, including those explicitly labeled as economic, as relationships between and among moral equals. In its very foundation, economics is equalitarian rather than hierarchical, a distinction that must be interpreted to be a moral one.

DBx: Buchanan was born on this date – October 3rd – in 1919 in Tennessee.