Economists often like startling theorems, results which seem to run counter to conventional wisdom.

Climate change is a reality.

We noted the psychological problems facing many of the returning from Iraq veterans - of the 700,000 returning veterans, more than a 100,000 have been diagnosed with problems, but the numbers are likely to get worse, as those with multiple deployments return. We should have valued the loss of life as a result of these suicides, using the same procedures we used for the loss of those who died in combat.

Certainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them.

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.

Our economy has not served large fractions of our population. Trump grasped that. And rather than saying, "What have we not done right?" he said, "It's those foreigners. Let's build a wall." He says globalization is unfair to the United States.

Amherst was pivotal in my broad intellectual development; MIT in my development as a professional economist.