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" 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. "
Eric Maskin
Explain
Much
Work
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" 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. "
Eric Maskin
Out
Think
Trying
" Economic forecasting has actually got pretty good over the years, though admittedly, we don't always get it right. "
Eric Maskin
Right
Always
Good
" What we mean by an outcome will naturally depend on the context. Thus, for a government charged with delivering public goods, an outcome will consist of the quantities provided of such goods as intercity highways, national defense and security, environmental protection, and public education together with the arrangements by which they are financed. "
Eric Maskin
Together
Environmental
Education
" 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. "
Eric Maskin
Eyes
Who
Teachers
" 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. "
Eric Maskin
Leo
Friend
Father
" 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. "
Eric Maskin
Financial
Day
Economics
" 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? "
Eric Maskin
Cake
Problem
Children
" A properly designed tax system can strike a balance between helping the poor and, at the same time, giving people the incentive to work. "
Eric Maskin
Tax
Giving
Balance
" Most policy makers embrace a religious-like belief that the market can and should solve every problem. "
Eric Maskin
Policy
Market
Problem
" I choose questions to work on according to how much they excite me. "
Eric Maskin
Work
Me
Much
" The market doesn't work very well when it comes to public goods. "
Eric Maskin
Work
Goods
Public
" I was born in New York City but grew up across the Hudson River in Alpine, New Jersey. "
Eric Maskin
Born
City
New
" 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. "
Eric Maskin
Working
Big Brother
Time
" I'm not a housing market expert, and I don't want to pretend to be one. "
Eric Maskin
Want
Pretend
Market
" Many markets work best with little or no outside interference. But others - especially those subject to big 'externalities' - need a helping hand. "
Eric Maskin
Helping Hand
Work
Best
" 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. "
Eric Maskin
People
Design
Information
" 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. "
Eric Maskin
Because
Information
Know
" 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. "
Eric Maskin
Hope
Lead
Better
" I entered economics because of a course I took on 'information economics,' which I found fascinating. "
Eric Maskin
Found
Economics
Information
" The theory of mechanism design can be thought of as the 'engineering' side of economic theory. "
Eric Maskin
Design
Side
Thought
" The market is no god - it cannot solve every problem. "
Eric Maskin
Market
God
Cannot
" I have a strong attachment to Harvard. "
Eric Maskin
Attachment
Harvard
Strong
" 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. "
Eric Maskin
Think
Colleagues
Economics
" I don't want to make public statements about issues that I have not studied in detail. "
Eric Maskin
Issues
Public
Make
" 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. "
Eric Maskin
Customer
Bank
Own
" In an industry with highly sequential innovation, it may be better for society to scrap patents altogether than try to tighten them. "
Eric Maskin
Better
Try
Society
" Devising a mechanism is a lot like solving a puzzle - and gives you the same kind of kick. "
Eric Maskin
Puzzle
You
Same
" 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? "
Eric Maskin
How
Public
Right
" Through meteorology, we know essentially how hurricanes form, even though we can't say where the next storm will arise. "
Eric Maskin
Next
Say
Storm
" Markets work well with goods that economists call private goods. "
Eric Maskin
Economists
Work
Well