Tuesday , October 15 2019
Home / Cafe Hayek / Quotation of the Day…

Quotation of the Day…

Summary:
… is from page 346 of the 1990 Transaction Publishers reprint of W.H. Hutt’s 1936 volume, Economists and the Public: And it is when demand is impartial, when purchasers are completely ignorant or indifferent to the status (e.g. rank, age, sex, race, nationality or religion) of producers, and when other institutions do not protect status, that this tendency to equality finds realization. DBx: Occupational-licensing requirements, subsidies (such as those doled out through the U.S. Export-Import Bank to its crony clients), and protective tariffs are some of the chief means by which the state undermines the healthful impartiality here praised by Hutt. And the more this impartiality is undermined, the more does status replace contract as each person’s means of prospering and advancing in

Topics:
Don Boudreaux considers the following as important: , , , , ,

This could be interesting, too:

Don Boudreaux writes Some Links

Don Boudreaux writes Quotation of the Day…

Don Boudreaux writes Pittsburgh Tribune-Review: “Ignoring income inequalities”

Don Boudreaux writes Some Links

… is from page 346 of the 1990 Transaction Publishers reprint of W.H. Hutt’s 1936 volume, Economists and the Public:

Quotation of the Day…And it is when demand is impartial, when purchasers are completely ignorant or indifferent to the status (e.g. rank, age, sex, race, nationality or religion) of producers, and when other institutions do not protect status, that this tendency to equality finds realization.

DBx: Occupational-licensing requirements, subsidies (such as those doled out through the U.S. Export-Import Bank to its crony clients), and protective tariffs are some of the chief means by which the state undermines the healthful impartiality here praised by Hutt. And the more this impartiality is undermined, the more does status replace contract as each person’s means of prospering and advancing in life. This bargain works out well for the fortunate few who attain status; it’s a calamity for the great majority of their fellow citizens.

Comments

Don Boudreaux
He is a professor of economics at George Mason University in Fairfax, Virginia. Previously, he was president of the Foundation for Economic Education.

Leave a Reply

Your email address will not be published. Required fields are marked *