--- title: "Meaning & Key Takeaway of: Economics, over the years, has become…" description: "\"Economics, over the years, has become more and more abstract and divorced from events in the real world. Economists, by and large, do not study the wor..." image: "https://sms4smile.com/quotes/i/2b1/ronald-coase-17623_abstract_economics-over-the-years-has-become-more_1691087.png" --- # Economics, over the years, has become more and more… ![“Economics, over the years, has become more and more abstract and divorced from events in the real world. Economists, by and large, do not study the workings of the actual economic system. They theorize about it. As Ely Devons, an English economist, once said in a meeting: 'If economists wanted to…” quote by Ronald Coase](https://sms4smile.com/quotes/i/2b1/ronald-coase-17623_abstract_economics-over-the-years-has-become-more_1691087.png) [Download](https://sms4smile.com/quotes/i/2b1/ronald-coase-17623_abstract_economics-over-the-years-has-become-more_1691087.png) [Open image](https://sms4smile.com/quotes/i/2b1/ronald-coase-17623_abstract_economics-over-the-years-has-become-more_1691087.png) > “Economics, over the years, has become more and more abstract and divorced from events in the real world. Economists, by and large, do not study the workings of the actual economic system. They theorize about it. As Ely Devons, an English economist, once said in a meeting: 'If economists wanted to study the horse, they wouldn't go around and look at horses. They'd sit in their studies and say to themselves, 'What would I do if I were a horse?' '” [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Economics has drifted into abstract theory, neglecting real-world dynamics, leading to disconnected analysis **In simple terms:** Economics is too abstract, missing real life Key Takeaway Ground theory in real-world observation Themes critique abstraction relevance Mood critical reflective Type analytical philosophical When to use this quote - policy analysis - academic curricula - business strategy Key Concepts economic methodology empirical research Questions to Reflect On - What real data could improve economic models? - How can economists stay connected to everyday markets? A Different Perspective Abstract models can miss crucial practical nuances ★ ★ ★ ★ ★ No ratings yet [Abstract](https://sms4smile.com/quotes/about/abstract/) [Devon](https://sms4smile.com/quotes/about/devon/) [Economic system](https://sms4smile.com/quotes/about/economic-system/) [Economic systems](https://sms4smile.com/quotes/about/economic-systems/) [Economics](https://sms4smile.com/quotes/about/economics/) [Economist](https://sms4smile.com/quotes/about/economist/) [Economists](https://sms4smile.com/quotes/about/economists/) [Events](https://sms4smile.com/quotes/about/events/) [Horse](https://sms4smile.com/quotes/about/horse/) [Meetings](https://sms4smile.com/quotes/about/meetings/) [Real world](https://sms4smile.com/quotes/about/real-world/) [World](https://sms4smile.com/quotes/about/world/) ## Related quotes > [I once read about a meeting of economists who agreed that if their forecasts were 33 1/3 % correct, that was considered a high…](https://sms4smile.com/quotes/gerald-m-loeb/i-once-read-about-a-meeting-of-economists-who-agreed-that-if-their/) [Gerald M. Loeb](https://sms4smile.com/quotes/author/gerald-m-loeb/) > [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…](https://sms4smile.com/quotes/ronald-coase/if-economists-wished-to-study-the-horse-they-wouldn-t-go-and-look-at/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [In my long life, I have known some great economists, but I have never counted myself among their number nor walked in their company.](https://sms4smile.com/quotes/ronald-coase/in-my-long-life-i-have-known-some-great-economists-but-i-have-never/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [The tools used by economists to analyze business firms are too abstract and speculative to offer any guidance to entrepreneurs and managers in their…](https://sms4smile.com/quotes/ronald-coase/the-tools-used-by-economists-to-analyze-business-firms-are-too/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [During the two centuries since the publication of 'The Wealth of Nations,' the main activity of economists, it seems to me, has been to…](https://sms4smile.com/quotes/ronald-coase/during-the-two-centuries-since-the-publication-of-the-wealth-of/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [Regardless Devon You Real Even If You Do Nothing!](https://sms4smile.com/quotes/anonymous/regardless-devon-you-real-even-if-you-do-nothing/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [“You don’t deserve me. Why should I waste my time on some bratty little whore who only wants someone to beat him until he…](https://sms4smile.com/quotes/rachel-haimowitz/you-don-t-deserve-me-why-should-i-waste-my-time-on-some-bratty-little/) [Rachel Haimowitz](https://sms4smile.com/quotes/author/rachel-haimowitz/) > [At heart, I am a country girl who grew up in Devon.](https://sms4smile.com/quotes/georgia-toffolo/at-heart-i-am-a-country-girl-who-grew-up-in-devon/) [Georgia Toffolo](https://sms4smile.com/quotes/author/georgia-toffolo/) > [Devon Love Life](https://sms4smile.com/quotes/jazg/devon-love-life/) JazG > [“Cole smiled. “Love you,” he whispered softly. “I’ll be back soon to show you how much.”](https://sms4smile.com/quotes/victoria-lynne/cole-smiled-love-you-he-whispered-softly-i-ll-be-back-soon-to-show/) [Victoria Lynne](https://sms4smile.com/quotes/author/victoria-lynne/) > [All who have travelled through the delicious scenery of North Devon must needs know the little white town of Bideford, which slopes upwards from…](https://sms4smile.com/quotes/charles-kingsley/all-who-have-travelled-through-the-delicious-scenery-of-north-devon/) [Charles Kingsley](https://sms4smile.com/quotes/author/charles-kingsley/) > [I used to live in Devon when I was 8 years old. My mum, my grandma, and grandpa are all British.](https://sms4smile.com/quotes/laurel-van-ness/i-used-to-live-in-devon-when-i-was-8-years-old-my-mum-my-grandma-and/) [Laurel Van Ness](https://sms4smile.com/quotes/author/laurel-van-ness/) > [In my third husband I had discovered a blissfully laid-back type who thought it nothing less than hilarious when I misread the map on…](https://sms4smile.com/quotes/julie-burchill/in-my-third-husband-i-had-discovered-a-blissfully-laid-back-type-who/) [Julie Burchill](https://sms4smile.com/quotes/author/julie-burchill/) > [I'm very fond of Norfolk. My husband came from there and the kids love it. Devon is beautiful, too.](https://sms4smile.com/quotes/honor-blackman/i-m-very-fond-of-norfolk-my-husband-came-from-there-and-the-kids-love/) [Honor Blackman](https://sms4smile.com/quotes/author/honor-blackman/) > [“Tell me,” Cole coaxed again, “how would you handle me?” “Well,” she began hesitantly, her eyes locked on his, “I suppose I’d begin by…](https://sms4smile.com/quotes/victoria-lynne/tell-me-cole-coaxed-again-how-would-you-handle-me-well-she-began/) [Victoria Lynne](https://sms4smile.com/quotes/author/victoria-lynne/) ## More by Ronald Coase > [The main reason why it is profitable to establish a firm would seem to be that there is a cost of using the price…](https://sms4smile.com/quotes/ronald-coase/the-main-reason-why-it-is-profitable-to-establish-a-firm-would-seem/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [A firm, therefore, consists of the system of relationships which comes into existence when the direction of resources is dependent on an entrepreneur... As…](https://sms4smile.com/quotes/ronald-coase/a-firm-therefore-consists-of-the-system-of-relationships-which-comes/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [Despite all the efforts of art dealers, the number of Rembrandts existing at a given time is limited; yet such paintings are commonly disposed…](https://sms4smile.com/quotes/ronald-coase/despite-all-the-efforts-of-art-dealers-the-number-of-rembrandts/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [Data can't speak for itself; it's up to you to give it a voice. Try to speak truthfully.](https://sms4smile.com/quotes/ronald-coase/data-can-t-speak-for-itself-it-s-up-to-you-to-give-it-a-voice-try-to/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [ I can't remember one \[example of regulation\] that's good. Regulation of transport, regulation of agriculture - agriculture is a, zoning is z. 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That is a much more accurate description the way I see it.](https://sms4smile.com/quotes/ronald-coase/ronnie-had-it-right-calling-it-torture-that-is-a-much-more-accurate/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [The tools used by economists to analyze business firms are too abstract and speculative to offer any guidance to entrepreneurs and managers in their…](https://sms4smile.com/quotes/ronald-coase/the-tools-used-by-economists-to-analyze-business-firms-are-too/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [The pollution problem is always seen as someone who was doing something bad that has to be stopped. To me, pollution is doing something…](https://sms4smile.com/quotes/ronald-coase/the-pollution-problem-is-always-seen-as-someone-who-was-doing/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [ I can't remember \[of a good regulation\]. Regulation of transport, regulation of agriculture — agriculture is a, zoning is z. You know, you go… ](https://sms4smile.com/quotes/ronald-coase/i-can-t-remember-of-a-good-regulation-regulation-of-transport/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [The law of property determines who owns something, but the market determines how it will be used.](https://sms4smile.com/quotes/ronald-coase/the-law-of-property-determines-who-owns-something-but-the-market/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [What I have done is to show the importance for the working of the economic system of what may be termed the institutional structure…](https://sms4smile.com/quotes/ronald-coase/what-i-have-done-is-to-show-the-importance-for-the-working-of-the/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [We must first note that economic factors are taken into account in a world in which ignorance, prejudice, and mental confusion, encouraged rather than…](https://sms4smile.com/quotes/ronald-coase/we-must-first-note-that-economic-factors-are-taken-into-account-in-a/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [In my long life, I have known some great economists, but I have never counted myself among their number nor walked in their company.](https://sms4smile.com/quotes/ronald-coase/in-my-long-life-i-have-known-some-great-economists-but-i-have-never/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [Existing economics is a theoretical system which floats in the air and which bears little relation to what happens in the real world.](https://sms4smile.com/quotes/ronald-coase/existing-economics-is-a-theoretical-system-which-floats-in-the-air/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) [Explore all 35 Ronald Coase quotes ](https://sms4smile.com/quotes/author/ronald-coase/) ## More Abstract quotes > [Love is like that, fragile and light. 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