Sunday, December 16, 2012

Ronald Coase: "Saving Economics from the Economists"

Excellent piece by Ronald Coase in HBR,

"Economics thus becomes a convenient instrument the state uses to manage the economy, rather than a tool the public turns to for enlightenment about how the economy operates. But because it is no longer firmly grounded in systematic empirical investigation of the working of the economy, it is hardly up to the task."
Great comment, too: "[K]eynes really did a number on the profession by setting it back by about 100 years or so."

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