In 1958, I came to Chicago where I have remained.

That subject has lost its one time appeal to economists as our science has become more abstract, but my interest has even grown more intense as the questions raised by the sociology of science became more prominent.

It was in the 1960s that I began the detailed study of public regulation.

Even before I came to Chicago, I had gotten interested in the existence of dispersion of prices under conditions which economic theory said would yield a single price.

And yet I would not freely exchange my science for those of my fellow laureates. They are forever confined in their professional discussions to the small numbers of their fellow scientists.

Why, when the economist gives advice to his society, is he so often cooly ignored? He never ceases to preach free trade, and protectionism is growing in the United States. He deplores the perverse effects of minimum wage laws, and the legal minimum is regularly raised each 3 or 5 years. He brands usury laws as a medieval superstition, but no state hurries to repeal its law.

Mathematics has no symbols for confused ideas.