They [free market policies] were never based on solid empirical and theoretical foundations, and even as many of these policies were being pushed, academic economists were explaining the limitations of markets for instance, whenever information is imperfect, which is to say always.

Amherst is a liberal arts college, committed to providing students with a broad education.

Anybody who knows about capitalism knows that bankruptcy is an essential part of capitalism.

The striking thing about America is - it's historically, extraordinary unusual, I don't of any other instance - is that productivity of workers and wages have not moved in tandem.

There was a hope then by some people that what we call trickle-down economics would work. That if you made the economy pie bigger, everybody would benefit. Twenty-five years after NAFTA, we know that that is not true. We should have known then that it was not true.

But individuals and firms spend an enormous amount of resources acquiring information, which affects their beliefs; and actions of others too affect their beliefs.

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