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" Many markets work best with little or no outside interference. But others - especially those subject to big 'externalities' - need a helping hand. "

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" 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. "

" When a bank calls in a loan, it obviously hurts the customer in question. But it also adversely affects other banks that have lent to this borrower. They are now less likely to be repaid and so can't as readily lend to their own customers. "

" 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. "

" There is universal consensus among experts that the earth's atmosphere is heating up - and that we are responsible for it by putting carbon dioxide in the atmosphere. We also know that the consequences of global warming are catastrophic. But how do we make sure that all countries reduce greenhouse gases? "

" If I buy a car, I use the car, you don't, and the market for cars works pretty well. But there are many other sorts of goods, often very important goods, which are not provided well through the market. Often, these go under the heading of public goods. "

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

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

" It wasn't that Harvard was deliberately trying to overwork me, but I think I had a tendency to take on more things out of enthusiasm than were good for me. "

" 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. "

" I entered economics because of a course I took on 'information economics,' which I found fascinating. "

" Markets work well with goods that economists call private goods. "

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

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

" 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. "

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

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

" 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? "

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

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

" I have a strong attachment to Harvard. "

" In an industry with highly sequential innovation, it may be better for society to scrap patents altogether than try to tighten them. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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? "

" 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. "

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