Quote

There are values of humanity, culture, beauty, community that may require deviations from the cold logic of market theory.

Market type influences everything a company does. Strategy and tactics for one market type seldom work for another.

You can't create a mass market if you don't have a common standard.

There's a very good reason for why economics developed the way it did, and that is that in many situations, the assumption that people will exploit the opportunities available to them is very plausible, and it simplifies the analysis of how markets will behave.

Years ago, I noticed one thing about economics, and that is that economists didn't get anything right.

The European model is, first, a social and economic system founded on the role of the market, for no computer in the world can process information better than the market.

Much theoretical work, of course, focuses on existing economic institutions. The theorist wants to explain or forecast the economic or social outcomes that these institutions generate.

Much of my work in this period was concerned with exploring the logic of economic models, but also with attempting to reconcile the models with every day observation.

Creating a regulatory system that reflects the modern-day realities of financial markets is not as difficult as it may appear.

People employed in financial institutions are rarely interesting and even more rarely likable.