“But a theory is not like an airline or bus timetable. We are not interested simply in the accuracy of its predictions. A theory also serves as a base for thinking. It helps us to understand what is going on by enabling us to organize our thoughts. Faced with a choice between a theory which predicts well but gives us little insight into how the system works and one which gives us this insight but predicts badly, I would choose the latter, and I am inclined to think that most economists would do the same.”

—  Ronald H. Coase

1960s-1980s, "How should economists choose?" (1981)

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Ronald H. Coase19
British economist and author 1910–2013

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