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Quotation for Today

Quotation of the Day…

… is from James Buchanan‘s 1987 essay “Keynesian Follies,” reprinted in Vol. 1 of James Buchanan's Collected Works (pp. 164-178):
Folly is defined as (1) lack of good sense or of normal prudence, (2) inability or refusal to accept existing reality or to foresee inevitable consequences. Both of these definitions convey something of the policy stance that I associate with the term Keynesian.




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