Today's Quote of the Day...

…comes from page 66 of “Miscellaneous Writings”, part of the Liberty Fund’s collection “The Selected Writings of Edmund Burke.” This quote in particular is from Burke’s 1795 treatise “Thoughts and Details on Scarcity”

First, then, I deny that it is in this case [of the laborer working for an employer], as in any other of necessary implication, that contracting parties should originally have had different interests. By accident it may be so undoubtedly at the outset; but then the contract is of the nature of a compromise; and compromise is founded on circumstances that suppose it in the interests of the parties to be reconciled in some medium. The principle of compromise adopted, of consequence the interests cease to be different.

JMM: One of them ore egregious mistakes people make when discussing economics is the idea that labor and management are at odds with one another, that labor is in competition with employers. But in reality, labor enhances employers (otherwise they wouldn’t be employed). Employees cooperate with employers and compete with other employees, not the other way around.