The problem is a lot of what is called economics is not economics. It is more ideology or religion.

Not everybody is qualified to go to Stanford, but everybody should have access to the best qualify for which they are eligible.

I think that for the developing world there are many versions of capitalism, and countries have to choose one that's appropriate.

There must have been something in the air of Gary that led one into economics: the first Nobel Prize winner, Paul Samuelson, was also from Gary, as were several other distinguished economists.

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.

I've always been sceptical about the notion that the market is a person you can engage in an argument with, and that that person is an intelligent, rational, well-intentioned person: it is fantasy. We know that ... the market is subject to irrational optimism and pessimism, and is vindictive ... You're dealing with a crazy man ... Having got what he wants he will still kill you.

Now it is unambiguously clear that trickle-down economics does not work. But what does that mean? That means we have to structure our economic policies to make sure that we have shared prosperity. And you don't do that by giving a tax cut to the big winners and raising taxes on those who have not done very well. Your economic policy has to respond to the way our economic system has been working.