The extra curricular activity in which I was most engaged - debating - helped shape my interests in public policy.

Trump is particularly unfit to serve because he approaches these without any view of what the truth is, and he approaches these with an enormous amount of prejudice. You cannot begin saying we want to solve the problem when you have a mindset that is against the Mexicans, against Islamists.

What you measure affects what you do. If you don't measure the right thing, you don't do the right thing.

You saw on your TV what happened in New Orleans after Hurricane Katrina. The Reserves or National Guard are usually the people we use for those national emergencies. They weren't here, they were over in Iraq, and so we were less protected.

As I noted in my Nobel lecture, an early insight in my work on the economics of information concerned the problem of appropriability - the difficulty that those who pay for information have in getting returns.

What Trump has announced - that he is going to not obey rules by which we govern our relations with other countries. He's going to reject the treaties that we have had in the past. He is going to go from what is called a multilateral system, where we all work together, to trying to deal country by country and basically throw out what has been achieved over a 60-year period.

Any society has to delegate the responsibility to maintain a certain kind of order. Enforcing regulations, making sure people stop at stoplights. We can’t function as a society without rules and regulations, and the enforcement mechanism of those rules and regulations.