≡ Menu

Quotation of the Day…

… is from page 206 of 1991 Nobel laureate Ronald Coase’s, and Ning Wang’s, superb 2012 book, How China Became Capitalist:

The stupendous loss in the depth and richness of human nature is a noticeable part of the price we have paid in transforming economics from a moral science of man creating wealth to a cold logic of choice in resource allocation. No longer a study of man as he is, modern economics has lost its anchor and drifted away from economic reality. As a result, economists are hard pressed to say much that is coherent and insightful, although their counsel is badly needed in this time of crisis and uncertainty.