“[You know you are in a part of the economy dealing with grants instead of exchange when] A gives B something and B does not give A anything in the way of an economic good.”

— Kenneth E. Boulding

McCloskey (2013) commented earlier: "Boulding invented what he called, infelicitiously, "grants economics" (he might better have used the anthropologist's term gifts, or even the theologian's term grace... It's an idea about the economy, but draws the attention of economists to exactly what they do not attend to when thinking of exchange alone."
Source: 1970s, The Economy of Love and Fear, 1973, p. i as cited in: Deirdre Nansen McCloskey (2013) What Boulding Said Went Wrong with Economics, A Quarter Century On http://www.deirdremccloskey.com/editorials/boulding.php

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Kenneth E. Boulding 163

British-American economist 1910–1993

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