“Economists have uncovered the conditions necessary if Adam Smith’s results are to be achieved and where, in the real world, such conditions do not appear to be found, they have proposed changes which are designed to bring them about. It is what one finds in the textbooks. Harold Demsetz has said rightly that what this theory analyses is a system of extreme decentralisation. It has been a great intellectual achievement and it throws light on many aspects of the economic system. But it has not been by any means all gain.”

—  Ronald H. Coase

1990s and later, "The Institutional Structure of Production" (1992)

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Ronald H. Coase 19
British economist and author 1910–2013

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“What is studied is a system which lives in the minds of economists but not on earth. I have called the result “blackboard economics.” The firm and the market appear by name but they lack any substance. The firm in mainstream economic theory has often been described as a “black box.””

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And so it is.
1990s and later, "The Institutional Structure of Production" (1992)

“What I have written will bring no change to our textbooks or to the education system which produces them. Few will read this book. Fewer will remember it after reading it. Our own little stubborn world will go on as it has been going on for 45 years.”

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“The reason that economic textbooks now begin with imaginary villages is because it has been impossible to talk about real ones. Even some economists have been forced to admit that Smith's Land of Barter doesn't really exist.

The question is why the myth is perpetuated anyway.”

David Graeber (1961) American anthropologist and anarchist

Source: Debt: The First 5,000 Years (2011), Chapter Three, "Primordial Debts", p. 43

“For a long time, people have been trying to characterize or define the notion of system. After all, “systems” are supposed to be what System Theory is about. The results so far have been contradictory and unsatisfactory. This confusion at the foundations has led many to conclude that there is no such thing as a "system" and hence to deny that System Theory is about anything. Even those most sympathetic to the notion have difficulties at this level. The very founders of System Theory did not try to say what a system was; and as for System Theory, they characterized it only obliquely, by saying it comprised all studies of interest to more than one discipline. They thereby begged the entire question.”

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Source: 1970s, Outline of a new approach to the analysis of complex systems and decision processes (1973), p. 28

“And that is what the Constitution is all about -- providing freedom from abuse by those in authority. Anyone who says the American Constitution is obsolete just because social and economic conditions have changed does not understand the real genius of the Constitution. It was designed to control something which has not changed and will not change - namely, human nature.”

W. Cleon Skousen (1913–2006) ex FBI agent, conservative United States author and faith-based political theorist

The 5,000 Year Leap (1981)

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“Poverty has been created by the economic and social system that we have designed for the world. It is the institutions that we have built, and feel so proud of, which created poverty.”

Muhammad Yunus (1940) Bangladeshi banker, economist and Nobel Peace Prize recipient

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Kenneth E. Boulding (1910–1993) British-American economist

Kenneth Boulding et all. (1978) From Abundance to Scarcity Implications for the American Tradition https://kb.osu.edu/dspace/bitstream/handle/1811/6209/FROM_ABUNDANCE_TO_SCARCITY_IMPLICATIONS_FOR_THE_AMERICA.pdf?sequence=1
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“While economic theory in general may be defined as the theory of how an economic condition or an economic development is determined within an institutional framework, the welfare theory deals with how to judge whether one condition can be said to be better in some way than another and whether it is possible, by altering the institutional framework, to achieve a better condition than the present one.”

John Hicks (1904–1989) British economist

Kenneth Arrow and John Hicks (1972) From Nobel Lectures, Economics 1969-1980, Editor Assar Lindbeck, World Scientific Publishing Co., Singapore, 1992 ( online http://www.nobelprize.org/nobel_prizes/economics/laureates/1972/presentation-speech.html)

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“While economic theory in general may be defined as the theory of how an economic condition or an economic development is determined within an institutional framework, the welfare theory deals with how to judge whether one condition can be said to be better in some way than another and whether it is possible, by altering the institutional framework, to achieve a better condition than the present one.”

Kenneth Arrow (1921–2017) American economist

Arrow and Hicks (1972) From Nobel Lectures, Economics 1969-1980, Editor Assar Lindbeck, World Scientific Publishing Co., Singapore, 1992 ( online http://www.nobelprize.org/nobel_prizes/economics/laureates/1972/presentation-speech.html)
1970s-1980s

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