Douglass North Quote

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


Understanding the Process of Economic Change (ed. Princeton University Press, 2010) - ISBN: 9780691145952

Picture Quote 1

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...

Picture Quote 2

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...

Picture Quote 3

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...

Picture Quote 4

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...