Information costs are reduced by the existence of large numbers of buyers and sellers. Under these conditions, prices embody the same information that would require large search costs by individual buyers and sellers in the absence of an organized market.

Our family life was certainly not intellectual.

I had hoped to go to law school, but the war started, and because of the strong feeling that I did not want to kill anybody, I joined the Merchant Marine when I graduated from Berkeley.

My brother and sister are both older than I am and were born before my father went off to World War I.

I learned to fly an airplane, and had my own airplane during the 1960s.

Conformity can be costly in a world of uncertainty which requires innovative institutional creation because no one can know the right path to survival. Over time, the richer the cultural context in terms of providing multiple experimentation and creative competition, the more likely the successful survival of the society

The supremacy of Parliament and the embedding of property rights in Common Law put political power in the hands of men anxious to exploit the new economic opportunities and provided the framework for a judicial system to protect and encourage productive economic activity