Nobel Laureate: 'I've Been Wrong So Often, I Don't Find It Extraordinary At All' | WAMU 88.5 - American University Radio

Nobel Laureate: 'I've Been Wrong So Often, I Don't Find It Extraordinary At All'

Play associated audio

I recently had a brief conversation with Ronald Coase.

"I'm 101 at the moment," he told me. "I get older by the minute."

Coase is a legend in economics. He won the Nobel prize. He has a theorem named after him. But China's rapid emergence as a global economic power — one of the most important developments of the past generation — took him completely by surprise.

"I thought it would take 100 years, if not more," Coase said.

It seemed striking that an economic legend could be so wrong about such an important subject. I asked Coase what he made of this.

"I've been wrong so often I don't find it extraordinary at all," he said.

Coase just co-wrote a new book. It's called "How China Became Capitalist."

Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

NPR

How'd A Cartoonist Sell His First Drawing? It Only Took 610 Tries

Tom Toro was a directionless 20-something film school dropout. Then, after an inspired moment at a used book sale, he started submitting drawings to The New Yorker ... and collecting rejection slips.
NPR

Will Environmentalists Fall For Faux Fish Made From Plants?

A handful of chefs and food companies are experimenting with fish-like alternatives to seafood. But the market is still a few steps behind plant-based products for meat and dairy.
NPR

Will We See Veto Battles On Capitol Hill?

With President Obama promising to vetoes, what are the possibilities of a few veto overrides during the next two years? NPR's Arun Rath puts that questions to the National Journal's Fawn Johnson.
NPR

3 Voices, 1 Threat: Personal Stories Of Cyberhacking

In President Obama's State of the Union address, he gave fresh emphasis to a problem that has been in the headlines: cybersecurity. Here are three people who have experienced security breaches.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.