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Economics 24-1: Understanding the Lesser Depression: October 21, 2011 Readings: The Policy Response to the Collapse in Demand

Quote of the Day: October 16, 2011: The Value of Representative Government

"Representative institutions are of little value, and may be a mere instrument of tyranny or intrigue, when the generality of electors are not sufficiently interested in their own government to give their vote, or, if they vote at all, do not bestow their suffrages on public grounds, but sell them for money, or vote at the beck of some one who has control over them, or whom for private reasons they desire to propitiate. Popular election thus practiced, instead of a security against misgovernment, is but an additional wheel in its machinery."

--John Stuart Mill, Considerations on Representative Government

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