We are delighted to be present today to share in the celebration of Steven Cheung’s 80th birthday. We bring best wishes from several others who could not be here – Yoram Barzel, Chris Hall, and Douglass North. Congratulations to Steve and thanks to Linda for this special occasion. Steve, congratulations on your keen observation, your broad experience, and the impact of your ideas. Our subject today is Steven Cheung’s advice to economists: that personal observation and real-world business experience can lead economists to greater insights and fewer errors. In his own words: “The world is my laboratory and I want to see things with my own eyes.” We certainly could use better economics. Is Steve right? And if he is right, how to implement his advice?
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