To predict the future we would have to know today what we will learn tomorrow which will shape our future actions

I went back to graduate school with the clear intention that what I wanted to do with my life was to improve societies, and the way to do that was to find out what made economies work the way they did or fail to work.

My early work and publications centered around expanding on the analysis of life insurance in my dissertation and its relationship to investment banking.

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.

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

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.

Our family life was certainly not intellectual.