We Need To Get Back To Counting What Counts
Digital Tonto
AUGUST 28, 2022
The statistician George Box famously said, ““All models are wrong, but some are useful” and that’s especially true of economic models. When Ronald Coase argued that the “nature of a firm” was to reduce transaction costs, he didn’t mean that was the only purpose of an enterprise. To argue that there is a principal-agent problem between owners and managers should not imply that it only applies to profits.
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