We’re partial to putting out large amounts of money where we won’t have to make another decision.

To say accounting for derivatives is Americais a sewer is an insult to sewage.

As I talk about strengths and weaknesses in academic economics, one interesting fact you are entitled to know is that I never took a course in economics. And with this striking lack of credentials, you may wonder why I have the chutzpah to be up here giving this talk. The answer is I have a black belt in chutzpah. I was born with it.

The total amount paid out in dividends is roughly equal to the amount lost in trading and investment advice, so net dividends to shareholders are zero. This is a very peculiar way to run a republic.

You could argue that [the decline of public schools] is one of the major disasters in our lifetimes. We took one of the greatest successes in the history of the earth and turned it into one of the greatest disasters in the history of the earth.

How could economics not be behavioral? If it isn't behavioral, what the hell is it?

Determine value apart from price; progress apart from activity; wealth apart from size.