In terms of the actual curriculum for management education, my own view is very simple-minded: The world is incredibly complex, it changes all the time, and we should not even hope that we could create a general model that accurately describes the world in all its possible states.

I don't know what exactly the translation is but when we do consume something now, something else has to give at some point.

We don't really want a huge house, but we want the house to be slightly bigger than our neighbors, and a car that is bigger than our neighbor's, and they're going on vacation that's slightly more expensive, and this escalation happens that things got out of hand.

I always found the appeal to the market gods a bit odd. Why would the market fix mistakes instead of aggravating them?

If you think of people as making decisions actively, every time we think about the cup of coffee, we say, "How much will I enjoy the cup of coffee, what else could I not do in the future because I buy this cup of coffee?

When it comes to the mental world, when we design things like health care and retirement and stock markets, we somehow forget the idea that we are limited. I think that if we understood our cognitive limitations in the same way that we understand our physical limitations … we could design a better world.

Not all debt is bad. From time to time we should get into debt when there's a good reason for that.