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Quotation of the Day…

… is from page 66 of the late, great Nobel-laureate economist Ronald Coase’s 1972 paper “Industrial Organization: A Proposal for Research“:

The desire to be of service to one’s fellows is, no doubt, a noble motive, but it is not possible to influence policy if you do not give an answer. It has therefore encouraged men to become economic statesmen – men, that is, who provide answers even when there are no answers.

DBx: Yes. Much, although hardly all, of what you hear and read from economists speaking and writing about public policies is the product of a desire simply to be heard, with insufficient attention given to the veracity and wisdom of what is said or written.


Ronald Coase was born on this date, December 29th, in 1910. He died on September 2nd, 2013.

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