Thursday, September 12, 2013

Great Ronald Coase Story and Quote

I just wanted to share this great story about the recently deceased Nobel Laureate economist Ronald Economist from NPR's Planet Money. In particular, I'd forgotten that Coase had authored a book on the rise of China at the age of 101! I loved this quote from him at the end of the story,

"China's rapid emergence as a global economic power — one of the most important developments of the past generation — took him completely by surprise." 'I thought it would take 100 years, if not more,' Coase said."It seemed striking that an economic legend could be so wrong about such an important subject. I asked Coase what he made of this." 'I've been wrong so often I don't find it extraordinary at all,' he said."

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