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Quotation of the Day…

… is from page 292 of Vol. 19 (Ideas, Persons, and Events [2001]) of The Collected Works of James M. Buchanan; specifically, it’s from Jim’s 1996 essay “Adam Smith as Inspiration”: To suggest, with welfare economists, that market failure supports politicization, there must be not only departures from the necessary conditions for efficiency, but also some presumption that [...] [...]