I trace the inequality to a particular set of decisions that we took when we lowered the tax rate from 91% down to very low levels at the top, where we stripped away regulations. So the result of that was not a more dynamic economy, but a more unequal society. We tried the experiment of trickle-down. A third of a century later, we can say fairly definitively that it was a failure.

The only surprise about the economic crisis of 2008 was that it came as a surprise to so many.

America has had to turn to foreigners to finance its debt - not surprising since household saving in the last years has plummeted to zero. China is one of the largest holders of American debt.

One of the real costs of the war is that our security is actually less than it otherwise would have been - ironic, since enhancing security was one of the reasons for going to war. Our armed forces have been depleted - we have been wearing out equipment and using up munitions faster than we have been replacing them; the armed forces face difficult problems in recruitment -by any objective measures,including those used by the armed forces, quality has deteriorated significantly.

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

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

Workers' rights should be a central focus of development.