If economists wished to study the horse, they wouldn't go and look at horses. They'd sit in their studies and say to themselves, "what would I do if I were a horse?"
(Ronald Coase, speech to the "International Society of New Institutional Economics" in 1999. He said he was quoting fellow economist Ely Devons who reportedly said this in a meeting.)
(Ronald Coase, speech to the "International Society of New Institutional Economics" in 1999. He said he was quoting fellow economist Ely Devons who reportedly said this in a meeting.)
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