Douglass North Quotes About Economists

• Economists have the correct insight that economics is a theory of choice, the key to the story is the variety of options and centralised political control limits the options. The best recipe is adaptive efficiency coping with novel uncertainty in a non-ergodic world, the maintenance of institutions which enable trial & error experiment to occur, and an effective means of eliminating unsuccessful solutions

  Douglass North

  Mean, Errors, Keys

• What the war did was give me the opportunity of three years of continuous reading, and it was in the course of reading that I became convinced that I should become an economist.

  Douglass North

  War, Book, Reading

• The evolution of government from its medieval, Mafia-like character to that embodying modern legal institutions and instruments is a major part of the history of freedom. It is a part that tends to be obscured or ignored because of the myopic vision of many economists, who persist in modeling government as nothing more than a gigantic form of theft and income redistribution.

  Douglass North

  Character, Government, Vision

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