It is time to reengage the severely impoverished field of economics with the economy. Market economies springing up in China, India, Africa, and elsewhere herald a new era of entrepreneurship, and with it unprecedented opportunities for economists to study how the market economy gains its resilience in societies with cultural, institutional, and organizational diversities. But knowledge will come only if economics can be reoriented to the study of man as he is and the economic system as it actually exists.Harvard Business Review | Magazine
Saving Economics from the Economists
Ronald Coase | Nobel laureate in economics and a professor emeritus at the University of Chicago Law School. He is launching a new journal, Man and the Economy, with Ning Wang of Arizona State University, who contributed to this column.
(h/t Lambert Strether of Corrente at Naked Capitalism)
Professor Coase is still going strong at 101, and he making more sense than most economists today. Good on him.