Share this sentence
— James M. Buchanan"If you create an artificial scarcity through public policy, artificial rent so to speak - setting up a new import quota or giving out a particular office that is very beneficial - people are going to invest money, time and resources in trying to secure that opportunity. If the value is created independently of the search for it, the search for it is wasted."
Discover more quotes
Previous Quote
Pop music - what used to be known as rock music, a loud novelty - can be something more than a pointless, artificial diversion.
— Paul Morley
Next Quote
We try to prevent the creation of artificial rents. Rather than setting up quotas to stop imports we levy a tariff, that would be better. Or we pay wages in the public sector which are roughly equivalent to the productivity in the private sector and we don't therefore make it a special benefit to get a bureaucratic position.
— James M. Buchanan
Loading recommended content...