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