Quotation of the Day…

(Don Boudreaux)

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… is from page 119 of John Mueller’s brilliant 1999 book, Capitalism, Democracy, & Ralph’s Pretty Good Grocery:

Much of the most widely accepted economic thinking of the time derived from the work of John Maynard Keynes, whose central theme, according to his biographer, was “the state is wise and the market is stupid.”

DBx: Those who nod in agreement with this Keynesian misperception foolishly pave the way for the stupid state to override the intelligence of competitive markets.

(The Keynes biographer to whom Mueller refers is Robert Skidelsky.)