Economists suffer from a deep psychological disorder that I call 'physics envy'. We wish that 99 percent of economic behavior could be captured by three simple laws of nature. In fact, economists have 99 laws that capture 3 percent of behavior. Economics is a uniquely human endeavor.

Labor is getting more expensive and technology is getting cheaper.

Economists suffer from a deep psychological disorder that I call 'physics envy'. We wish that 99 percent of economic behavior could be captured by three simple laws of nature. In fact, economists have 99 laws that capture 3 percent of behavior. Economics is a uniquely human endeavor.

Great investors need to have the right combination of intuition, business sense and investment talent.

Maybe we should teach schoolchildren probability theory and investment risk management.

My mother died of lung cancer last year. I felt helpless. As an economist, I thought, What can I do?

The risks facing hedge funds are non-linear and more complex than those facing traditional asset classessuch risks are currently not widely appreciated or well-understood