I think in part the reason is that seeing an economy that is, in many ways, quite different from the one grows up in, helps crystallize issues: in one's own environment, one takes too much for granted, without asking why things are the way they are.

Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently.

There is a growing consensus that the European systems have worked better than the American: They have been able to deliver better health care to more people at lower cost.

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.

Temporary nationalization of the banks that are in very bad shape would mean basically that the government is the temporary owner. I always believe that the government should focus on its comparative advantages, and banking is not one of them. It should, therefore, if it nationalizes banks, sell them back to the private sector.

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

Anybody who has watched government from the inside recognizes that governments need institutions, need ways to respond to crises.