"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?'"
— Ely Devons (1913-1967) Quoted by Ronald Coase in a speech before the International Society of New Institutional Economics in Washington, D.C. (September 17, 1999)
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| Cover illustration of Jugend magazine by Heinrich Kley (January 29, 1910) |
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