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" 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. "

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" 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

" 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. "

" 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? "

" I'm a theorist, not an institutionalist. "

Myron Scholes

Theorist

" 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. "

" Sometimes the early bird gets the worm, but sometimes the early bird gets frozen to death. "

" My career in academic research has not been involved with active management of securities. I've tried to understand risk-and-return relationships; also the pricing of derivative securities. "

" Every side of a coin has another side. "

" 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? "

" From an early age I was very, very fascinated by uncertainty. "

" 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. "

" If we internationalize everything, we end up with rules that stifle freedom and innovation. "

" All models have faults - that doesn't mean you can't use them as tools for making decisions. "

" 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. "

" A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.' "

" 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. "

" 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. "

" 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. "