Daily Archives: June 18, 2025

Quote, Unquote

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A prince ought to have two fears, one from within, on account of his subjects, the other from without, on account of external powers. From the latter he is defended by being well armed and having good allies, and if he is well armed he will have good friends, and affairs will always remain quiet within when they are quiet without, unless they should have been already disturbed by conspiracy; and even should affairs outside be disturbed, if he has carried out his preparations and has lived as I have said, as long as he does not despair, he will resist every attack.
~ Niccolò Machiavelli

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Quote, Unquote

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The spontaneous individual optimization that drives the theories with which I began is important, but it is not enough by itself. If spontaneous Coase‐style bargains, whether through laissez-faire or political bargaining and government, eliminated socially wasteful predation and obtained the institutions that are needed for a thriving market economy, then there would not be so many grossly inefficient and poverty-stricken societies.
― Mancur Olson

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