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" What the banking system needs is creditors who monitor risk and cut their exposure when that risk is too high. Unlike regulators, creditors and counterparties know the details of a deal and have their own money on the line. "

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" I think people who are not rich can be extremely happy. And I think the chances to be happy in this new world - with many more opportunities to be creative, to be online, to educate yourself - there'll be a lot more chances to be happy. It's not to say everyone will take them, but there will be a lot of new paths to opportunity. "

Tyler Cowen

Opportunity

Happy

Yourself

" At least in the United States, most economic resentment is not directed toward billionaires or high-roller financiers - not even corrupt ones. It's directed at the guy down the hall who got a bigger raise. It's directed at the husband of your wife's sister, because he earns 20 percent more than you do. "

" If you and your skills are a complement to the computer, your wage and labor market prospects are likely to be cheery. If your skills do not complement the computer, you may want to address that mismatch. Ever more people are starting to fall on one side of the divide or the other. That's why 'average is over.' "

" We will be returning to historical levels of inequality. We'll view post-war America as a kind of strange interlude not to be repeated. It won't be the dreams that we all had that virtually all incomes go up in lockstep at three percent a year. It hurts to give that up. "

" I'm a pessimist about the euro, but not about Europe. So the southern periphery, Spain, Italy, Greece, leave - Italy might be the first to go - and the rest stay. That will work just fine. But unless they want to give up democracy, I don't see greater fiscal union as the answer. "

" I think higher ed in the U.S. is fairly healthy, and by global standards it dominates, and it makes people more productive. But a lot of our K-12 is a disaster. And the single most important reform would just be to fire the worst ten or 15 percent of teachers in the lot, and we would have massive improvements. "

" Economists love to talk about incentives, but the bottom line is that people hate being controlled or manipulated, even when done through voluntary institutions. This is one of the most important tensions in capitalism. "

" We need to accept the principle that sometimes poor people will die just because they are poor. "

Tyler Cowen

People

Sometimes

" Real cultural diversity results from the interchange of ideas, products, and influences, not from the insular development of a single national style. "

" Countries with lots of unmarried young men are the most vulnerable to sudden upheavals - this is what fueled the Arab Spring. "

" For the U.S., I think we should have a carbon tax, for environmental reasons. "

" A lot of local food is very tasty. I'm very happy to eat it. I just don't think it's the same thing as saving the world. "

" To get anything done, Obama has to be seen as having winning economy - which isn't easy. "

" At fancy and expensive restaurants (say, $50 and up for a dinner), you can follow a simple procedure to choose the best meal. Look at the menu and ask yourself: 'Which of these items do I least want to order?' Or: 'Which one sounds the least appetizing?' Then order that item. "

" The 'low' quality of many American films, and of much American popular culture, induces many art lovers to support cultural protectionism. Few people wish to see the cultural diversity of the world disappear under a wave of American market dominance. "

" What I would like to vote for is a candidate that is socially liberal, a fiscal conservative, broadly libertarian with a small 'l' but sensible and pragmatic and with a chance of winning. That's more or less the empty set. "

" In most of the world, breakfast is an important meal. "

" Buying from a local farmer can mean that he makes a two-hour extra truck drive, which can damage the environment more than a bunch of bananas on a boat. "

" France has not only built a bureaucratic barrier against American culture, it has constructed a notorious intellectual case against it as well. The French spend hundreds of millions of dollars subsidizing film production, extend interest-free loans to designated filmmakers, and have placed quotas not only on imports but on television time. "

" Sports is remarkably cognitive. I think it's underrated just how smart it is. Actually, if I had more time, I would spend more time with sports. Watching it, reading about it, I think it's oddly underrated. "

" Economics evolved as a more moral and more egalitarian approach to policy than prevailed in its surrounding milieu. Let's cherish and extend that heritage. The real contributions of economics to human welfare might turn out to be very different from what most people - even most economists - expect. "

" The way to make the world a better place, through your eating, is simply to eat a bit less meat. Local is sometimes good, sometimes bad. But even when it's good, its environmental impact is relatively small compared to other possible improvements. "

" In the early stages of negotiation software, on your smartphone, there may be programs that listen to the pitch of a voice, or that test for stress. You'll just ask the program, 'Was he lying? Was he eager to do business with me?' Maybe the computer will be right sixty per cent of the time. "

Tyler Cowen

Business

Voice

" When I hear people express extreme optimism about the Internet, I say, we've had it in mature form for about ten years. Macroeconomically speaking, those are about the worst 10 years we've had since about the 1930s. I don't blame the Internet for that - that would be ridiculous. "

" Everything will have a Yelp review. And if you're a worker, there will be like credit scores. There already are to some extent. How reliable are you? How many jobs have you had? Have there been lawsuits filed against you? How many traffic tickets? "

" Look at electricity in human history - it took a few decades for electricity to really revolutionize the American economy. And the Internet will be the same. At some point in the future, we will arrive at a new era of low-hanging fruit. "

" I think a lot of people will be liberated from a lot of oppressive manufacturing jobs, or a lot of service jobs, because they'll be done by computers. There'll be the world's best education available online and free. "

" There's so much free material on the Internet you can learn from, and some people are pure self-starters: they pick up computers and teach themselves everything. Certainly there are millions of people like that. But at the same time, I think it's a pretty small percentage of the population. "

" We're seeing an enormous amount of global upward mobility that's quite rapid and quite sudden, and undiscovered individuals have a chance - using the Internet, using computers - to prove themselves very quickly. So I think the mobility story will be a quite complicated one. "

" Presidents always want to do nice, noble, long-run things, and Congress is less keen to do so. We've seen that throughout the history of this country. "