Thursday, November 10, 2011

Economic History

It is impossible to understand the history of economic thought if one does not pay attention to the fact that economics as such is a challenge to the conceit of those in power. An economist can never be a favorite of autocrats and demagogues. With them he is always the mischief-maker, and the more they are inwardly convinced that his objections are well founded, the more they hate him.
Source: Ludwig Von Mises, Human Action, Chapter 2, The Procedure of Economics, 1949

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