Economists have the correct insight that economics is a theory of choice, the key to the story is … - Douglass North

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The building of America has had its fair share of mistakes, but it's a constitution that's the jewel of democracy, the envy of many, and it's the most generous nation in the world.

Douglass North

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

Economics, Economists, Errors, Keys, Mean, Occur

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To predict the future we would have to know today what we will learn tomorrow which will shape our future actions

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Conformity can be costly in a world of uncertainty which requires innovative institutional creation because no one can know the right path to survival. Over time, the richer the cultural context in terms of providing multiple experimentation and creative competition, the more likely the successful survival of the society

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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.

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It was not until I got my first job, at the University of Washington in Seattle, and began playing chess with Don Gordon, a brilliant young theorist, that I learned economic theory.

Chess, Firsts, Jobs, Playing Chess, Theorist, Theory

I went back to graduate school with the clear intention that what I wanted to do with my life was to improve societies, and the way to do that was to find out what made economies work the way they did or fail to work.

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