Ronald Coase on theory and practice
10 Jan
As we embark on an examination of what it means to be both a scholar and a Baha’i, this passage from Ronald Coase seems to align generally with our conceptual framework:
“As I see it, progress in understanding the working of the economic system will come from an interplay between theory and empirical work. The theory suggests what empirical work might be fruitful, the subsequent empirical work suggests what modification in the theory or rethinking is needed, which in turn leads to new empirical work. If rightly done, scientific research is a never-ending process, but one that leads to greater understanding at each stage.”
–Ronald Coase, “The Conduct of Economics: The Example of Fisher Body and General Motors, 2006″
And this in light of the following quotation from the Prosperity of Humankind document prepared by the Baha’i International Community:
The most important role that economic efforts must play in development lies, therefore, in equipping people and institutions with the means through which they can achieve the real purpose of development: that is, laying foundations for a new social order that can cultivate the limitless potentialities latent in human consciousness.
–BIC, The Prosperity of Humankind
