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During the early 1960s, I decided to supplement research support for quantitative economic studies at Pennsylvania by selling econometric forecasts to private and public sector buyers.

You go to any MBA program, and you will be taught the theory of the firm, that the purpose of the firm is the maximization of return on invested capital. I always thought this was a kind of lunacy.

Most business schools are geared toward churning out investment bankers and management consultants.

I was a great student at a great school, Wharton School of Finance.

College graduates work in every sector of the American economy, and the research engines incubated within our universities generate a wealth of ideas and innovations that have an enormous impact on our lives.

I think the association of economics with forecasting is unfortunate and is down to the fact that one great way to get an investment bank's name on business television is to hire a guy called a Chief Economist who will go and prognosticate.

As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about portfolio decisions, writing reports.

That's the value of a college education... I don't know anywhere in the world where you can make an investment and make that kind of return.

I will tell you, in the case of education, you have to make the investment if you're going to get the return. There's no doubt about that. It's a proven fact the return is there if you make the investment. It really is about priorities.

Money buys the most experienced teachers, less-crowded classrooms, high-quality teaching materials, and after-school programs.