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" I was involved with Wells Fargo Bank as a consultant in the late 1960s and early 1970s, when I suggested to them that they develop a product that has become known as index funds. "
Myron Scholes
Product
Early
Bank
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" If we internationalize everything, we end up with rules that stifle freedom and innovation. "
Myron Scholes
End
Freedom
Innovation
" From an early age I was very, very fascinated by uncertainty. "
Myron Scholes
Fascinated
Age
Uncertainty
" Every side of a coin has another side. "
Myron Scholes
Coin
Every
Side
" My first reaction on being awarded the Nobel Prize was, actually, I thought of Fischer Black, my colleague. He unfortunately had passed away. And there was no doubt in my mind that if he were still alive, he would have been a co-recipient of the Nobel Prize. "
Myron Scholes
Thought
Mind
Doubt
" Sometimes the early bird gets the worm, but sometimes the early bird gets frozen to death. "
Myron Scholes
Bird
Death
Sometimes
" If someone says to you, 'Go to an old-folks' home,' that's kind of ridiculous, because a lot of old people are doing terrific things for society. "
Myron Scholes
People
Society
Doing
" A bank needs models to measure risk. The problem, however, is that any one bank can measure its risk, but it also has to know what the risk taken by other banks in the system happens to be at any particular moment. "
Myron Scholes
Measure
Risk
Moment
" A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.' "
Myron Scholes
Contract
Call
Them
" Most of the time, your risk management works. With a systemic event such as the recent shocks following the collapse of Lehman Brothers, obviously the risk-management system of any one bank appears, after the fact, to be incomplete. We ended up where banks couldn't liquidate their risk, and the system tended to freeze up. "
Myron Scholes
Risk
Bank
Management
" The experience of the '90s, whether it's the '94 peso crisis or the '97 crisis in Asia, the '98 crisis, even the 2001 crisis, is that we recovered pretty readily. There wasn't great consequence. "
Myron Scholes
Asia
Crisis
Experience
" My view is that one should diversify broadly across different fund investments. However, it's tough for investors to try to pick the appropriate risk level that they should manage their funds at. Having a personal adviser would be helpful. "
Myron Scholes
Level
Personal
Risk
" Innovation must lead infrastructure for a simple but compelling reason: Innovation produces new types of products and markets, and it is virtually impossible to know how to run those markets efficiently before they are created. "
Myron Scholes
Impossible
Simple
Run
" Building a road might create temporary jobs, but does it really create wealth if it doesn't also shorten commute times or otherwise make society better off? "
Myron Scholes
Building
Better
Society
" I'm a theorist, not an institutionalist. "
Myron Scholes
Theorist
" I think in our global economy, uncertainty is ever increasing. So to accommodate to that, we need to build a dynamic economy and dynamic rules that can adapt to changing circumstances. "
Myron Scholes
Rules
Uncertainty
Think
" Keynesian modelling relies on marginal propensity to consume and marginal propensity to invest. The idea that if we give more money to the poor, they have a propensity to consume that's much higher than the wealthy, though I wish they would talk to my wife about that; she seems to have a propensity to consume. "
Myron Scholes
Talk
I Wish
Money
" All models have faults - that doesn't mean you can't use them as tools for making decisions. "
Myron Scholes
Mean
Faults
You
" Tax incentives might spur hiring in the short run, but how lasting are those gains if the jobs expire with the tax credits and they come at the expense of investing in the new technologies of the future? "
Myron Scholes
New
Tax
Short