Quotation of the Day…

(Don Boudreaux)

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… is from page 22 of volume 1 (“Rules and Order,” 1973) of F.A. Hayek’s brilliant trilogy, Law, Legislation, and Liberty:

It came increasingly to be seen that the formation of regular patterns in human relations that were not the conscious aim of human actions raised a problem which required the development of a systematic social theory. This need was met during the second half of the eighteenth century in the field of economics by the Scottish moral philosophers, led by Adam Smith and Adam Ferguson….

DBx: In Kirkcaldy, Scotland, Adam Smith was born 298 years ago on this date (June 5th).