Quote of the Day 8th Sept 2013

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.)

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