There's only one problem that bothers me. And that's something my theorem [ of Impossibility] really doesn't cover. In my theorem I was assuming peop….

The general uncertainty about the prospects of medical treatment is socially handled by rigid entry requirements. These are designed to reduce the un….

Venture capital has done much more, I think, to improve efficiency than anything..

Education is still, in spite of private education, a state matter..

Now virtue may not always be its own reward, but in any case it is not usually bought and paid for at market rates..

One doesn't like instabilities in markets; they may be damaging, but probably not fatal, as the October '87 crash showed. It turned out to be essenti….

I think on the efficiency level, not only the distribution level, capitalism is a flawed system. It probably has the same virtues as Churchill attrib….

My graduate study was interrupted, like that of many others, by World War II..

There are all sorts of institutions in the economic world which depart from the simple price/market model which I worked on in an earlier incarnation….

Knowledge is a free good. The biggest cost in its transmission is not in the production or distribution of knowledge, but in its assimilation. This i….

I think the idea that a society has to be responsible for all of its citizens, those who do well and those who do not, is really a precondition of a ….

Unsolved problems, that's one of the great signs of progress in my opinion..

Usefulness depends on tractability..

Vast ills have followed a belief in certainty..

The world is changing. We're not really proceeding on a stationary basis..

One thing I learned from meteorology is that being an actual science was no guarantee of exactness..

The MD is well aware that the forecasts are no good but he needs them for planning purposes..

My research, even before 1972, moved in directions beyond those cited for the Nobel Memorial Prize. Most of it, in one way or another, deals with inf….

The rate of growth of the relevant population is much greater than the rate of growth in funds, though funds have gone up very nicely. But we have be….

I'm struck by the fact that by and large equity capital doesn't play a big role in new financing; it's either bonds or internal financing but not rea….

I think the development of the venture capital system has been an example of something which is a successful improvement in risk-bearing. It doesn't ….