I think that systems that are based on employment are illogical and attempts to meet them create all sorts of unnecessary complexities..

When you look at any experimental work not directly related to economics, but trying to test rational behavior in other ways, experiments have conspi….

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….

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

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….

The health care provisions are presumably for individuals. And whoever pays for them, whether it's paid by the individual, state, whatever, the value….

My undergraduate education, at the City College in New York, was made possible only by the existence of that excellent free institution and the finan….

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….

I think one of the things we learned from the physicists and also the theoretical biologists is the idea that when you're dealing with very complex s….

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….

In my [Impossibility] theorem I'm assuming that the information is a ranking. Each voter can say of any two candidates, I prefer this one to this one….

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

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

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

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….

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

Vast ills have followed a belief in certainty..

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 ….

Usefulness depends on tractability..

One way of looking at Impossibility Theorem is that we proposed some criteria for what a good system should be: what is it you want from a voting sys….

The trouble is that the risks that are being hedged very well by new financial securities are financial risks. And it appears to me that the real thi….