If you destroy a firm, you can't pull it out of bankruptcy overnight.

Similarly, payments for a dead soldier amount to only $500,000, which is far less than standard estimates of the lifetime economic cost of a death. This statistical value of a life in the US amounts to circa $6.5 million.

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.

It is trust, more than money, that makes the world go round.

Climate change is a reality.

Twenty per cent of American children grow up in poverty, and that means they get inadequate nutrition, inadequate health care, and because we have a very local education system, they get inadequate access to education. With those as a starting base, you perpetuate inequality. That's why, here in New York, Mayor de Blasio has made a big deal of trying to focus on preschool education, because by five years old, there are already huge differences. We've finally begun to recognize it.

Most people think the Iraq war has increased the probability of an attack. However, it's difficult to put this aspect into financial terms.