Quotation of the Day…

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… is from pages 141-142 of Thomas Sowell’s 2008 volume, Economic Facts and Fallacies [original emphasis]:

One of the most popular – and most fallacious – explanations of the very high salaries of corporate executives is “greed.” But when your salary depends on what other people are willing to pay you, you can be the greediest person on earth and that will not raise your salary by one dime. Any serious explanation of corporate executives’ salaries must be based on the reasons for those salaries being offered, not the reasons why the recipients desire them. Anybody can desire anything but that will not cause others to meet those desires.