Abstract
Abstract. Coase once remarked that ‘a theory serves as a base for thinking’, but he never explained explicitly what he meant or developed the idea. Cheung, a friend of Coase for several decades, has inadvertently taken up the task. With his widely read literary economic essays, Cheung forcefully demonstrates the analytical power of economics and almost single‐handedly launched a unique literary tradition in the Chinese‐speaking world. If the economist can help improve the efficiency of resource allocation by advising policy makers, then his helping the general public to acquire the economic way of thinking would have an even more profound impact.
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