Quotation of the Day…

(Don Boudreaux)

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… is from pages 495-496 of the 11th (2006) edition of one of greatest economics textbooks of all time: Paul Heyne’s, Peter Boettke’s, and David Prychitko’s The Economic Way of Thinking:

[image error]Voluntary trade is mutually beneficial, regardless of whether it’s between Harry and Sam involving baseball cards back in the neighborhood, or between Joe and Mr. Smith at the grocery store, or between Mrs. Smith in Virginia who purchases furniture sold by Mr. Jones in North Carolina, or between Mr. Jones who purchases fine suits from producers in Italy and wine from producers in France. And what is true for baseball cards, furniture, suits, and wine, is also true for the purchase of labor services – be that on a factory floor in Latin America or from a radiologist in India.