Quotation of the Day…

(Don Boudreaux)

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… is from page 202 of my favorite of all of Richard Epstein’s many superb books, his 1995 volume, Simple Rules for a Complex World:

One advantage of markets is that they allow uniform solutions to spread quickly if appropriate, while allowing diverse solutions to emerge (somewhat more slowly) when required. A range of contractual solutions may be tailored not to the generic relationship, but to the particulars in  each case.