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" I'm not a housing market expert, and I don't want to pretend to be one. "

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" I think I have met nearly all the Laureates in Economics. Among the few I haven't met, I suppose I'd most like to meet Ronald Coase because of his legendary power to persuade his colleagues of the validity of the Coase Theorem. "

" The market doesn't work very well when it comes to public goods. "

" The theory of mechanism design can be thought of as the 'engineering' side of economic theory. "

" I don't want to make public statements about issues that I have not studied in detail. "

" Specifically, in the software industry, progress is highly sequential: progress is typically made through a large number of small steps, each building on the previous ones. "

" The market is no god - it cannot solve every problem. "

" How do we ensure in the case of public goods that they are provided at all, and that they are provided at the right level, taking into account citizens' preferences? "

" I choose questions to work on according to how much they excite me. "

" If banks anticipate government will come to the rescue should the credit market go badly awry, they may make loans that would otherwise be imprudent, e.g. subprime loans with little prospect of repayment. "

" I have a strong attachment to Harvard. "

" The Nobel Prize is not very important for the winners - they are usually pretty successful people already. But it is valuable as a way of drawing the public's attention to important work in economics. "

" Through meteorology, we know essentially how hurricanes form, even though we can't say where the next storm will arise. "

" If budget planning requires gathering information from people who may not always have the incentive to disclose that information, then the principles of mechanism design can definitely be of use in such planning. "

" Economic forecasting has actually got pretty good over the years, though admittedly, we don't always get it right. "

" I was born in New York City but grew up across the Hudson River in Alpine, New Jersey. "

" Devising a mechanism is a lot like solving a puzzle - and gives you the same kind of kick. "

" A properly designed tax system can strike a balance between helping the poor and, at the same time, giving people the incentive to work. "

" If I'm a bank, and I'm making risky loans, I have an incentive, if I can, to make those loans using other people's money: in other words, to make highly leveraged loans. "

" Because mechanism designers do not generally know which outcomes are optimal in advance, they have to proceed more indirectly than simply prescribing outcomes by fiat; in particular, the mechanisms designed must generate the information needed as they are executed. "

" I like to work on a number of things simultaneously. If you're working on a variety of projects and if you get stuck on one of them, you can move to another without grinding your gears indefinitely. "

" Leo Hurwicz is the father of mechanism design theory and has inspired much of my work, and Roger Myerson is an old friend and collaborator and a tremendous economist. "

" There are some things that we value as a public good that the markets can't deliver, like clean air. "

" I probably learned most at MIT by teaching and working with Peter Diamond, who acted like a big brother to me during my time in the department. "

" Perhaps one day earthquakes, hurricanes and financial crashes will all be predictable. But we don't have to wait until then for seismology, meteorology and economics to become sciences; they already are. "

" In various countries around the world, assets that had previously been in the hands of governments were sold off to the private sector in the hope that this would lead to a more efficient allocation, that these assets would be put to better use. "

" Much theoretical work, of course, focuses on existing economic institutions. The theorist wants to explain or forecast the economic or social outcomes that these institutions generate. "

" Most policy makers embrace a religious-like belief that the market can and should solve every problem. "

" This may not be the most serious problem in the world, but it is a familiar one: How do you divide a piece of cake equally between two children and also make sure that each of them sees it as a fair division? "

" Prediction is certainly a valuable goal in science, but not the only one. Explanation is also important, and there are plenty of sciences that do a lot of explaining and not much predicting. "

" At Tenafly High, I was lucky to have some dedicated teachers; I'm especially indebted to my calculus instructor, Francis Piersa, who opened my eyes to the striking beauty of mathematics. "