An open society is a society which allows its members the greatest possible degree of freedom in pursuing their interests compatible with the interests of others.

I put forward a pretty general theory that financial markets are intrinsically unstable. That we really have a false picture when we think about markets tending towards equilibrium.

The assumption of perfect knowledge is very far from reality ... a lot of the evil in the world is actually not intentional.

You need a government that believes in government. It also believes in markets and wants to give markets the best, the greatest opportunity, but is trying to govern well.

I think there's a lot of merit in an international economy and global markets, but they're not sufficient because markets don't look after social needs.

In the case of a meltdown, the regulatory authorities may find themselves obliged to step in to preserve the integrity of the system. It is in that light that the authorities have both a right and an obligation to supervise and regulate derivative instruments.

I am for maximum supervision and minimum regulation.