While neurological studies have tried to identify components responsible for fear and greed, the impact on finance is less clear.

Financial crises are an unfortunate but necessary consequence of modern capitalism.

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

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

While neurological studies have tried to identify components responsible for fear and greed, the impact on finance is less clear.

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

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.