Whatever you tax you get less of.

Indeed, better risk management may be the only truly necessary element of success in banking.

Revolutions are something you see only in retrospect.

This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets. Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.

Well, you probably will always believe there should be laws against fraud, and I don't think there is any need for a law against fraud.

Productivity is notoriously difficult to predict.

While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.