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" 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? "

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" 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

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

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

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

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

" 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. "

Eric Maskin

Pretty

Car

" 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? "

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

Eric Maskin

Good

Clean

" 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. "

" Of course, MIT was notable not just for its faculty but also for its students. And, facing such extremely bright kids as a rookie teacher was something like being thrown to the wolves. "

" 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. "

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

" 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. "

" 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. "

" 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. "

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

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

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

" 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. "

" 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. "

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

Eric Maskin

Work

Much

" 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. "

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

" 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. "

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

Eric Maskin

Say

Storm

" 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. "

" 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. "

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

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

" 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. "

Eric Maskin

Rescue

Will