…is from page 15 of Bruno Leoni’s excellent 1961 work Freedom and the Law: (emphasis in original)
It seems to be unquestionable that we should, on this basis, reject the resort to legislation whenever it is used merely as a means of subjecting minorities in order to treat them as losers in the field. It seems also unquestionable that we should reject the legislative process whenever it is possible for the individuals involved to attain their objectives without depending upon the decision of a group and without actually constraining any other people to do what they would never do without constraint. Finally, it seems simply obvious that whenever any doubt arises about the advisability of the legislative process as compared with some other kind of process having for its object the determination of the rules of our behavior, the adoption of the legislative process ought to be the result of a very accurate assessment.
JMM: So often in the field of economic policymaking, little thought is given toward whether an action should be taken. It’s trivially easy to come up with models that show, under certain circumstances, this or that policy can be enacted and it will resolve a market failure. But little thought is given to whether these policy prescriptions are prudent. There are no general maxims of economic policymaking that stand to guide actions; economists rarely discuss these matters deferring them to legislators, lawyers, or philosophers.
But economists are in a unique position to advise precisely on those general maxims. We built the models after all. Our job is to explore the kinds of processes that lead to rules of our behavior, and they are more than just the legislative. The economist who designs models without consideration to their prudence does a disservice to himself, his profession, and science as a whole.