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.

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

In 1972 I married again, to Elisabeth Case; she continues to be wife, companion, critic and editor: a partner in the projects and programs that we undertake.

What the war did was give me the opportunity of three years of continuous reading, and it was in the course of reading that I became convinced that I should become an economist.

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

Economists have the correct insight that economics is a theory of choice, the key to the story is the variety of options and centralised political control limits the options. The best recipe is adaptive efficiency coping with novel uncertainty in a non-ergodic world, the maintenance of institutions which enable trial & error experiment to occur, and an effective means of eliminating unsuccessful solutions

I continue to be a photographer; I have enjoyed fishing and hunting with a close friend; and have owned two ranches, first in northern California and then in the state of Washington.