One doesn't like instabilities in markets; they may be damaging, but probably not fatal, as the October '87 crash showed. It turned out to be essentially inconsequential. So if that's true, I'm not very worried about the welfare of those who are investing any more than I am about the welfare of those who go into casinos.

Now virtue may not always be its own reward, but in any case it is not usually bought and paid for at market rates.

Education is still, in spite of private education, a state matter.

Venture capital has done much more, I think, to improve efficiency than anything.

My graduate study was interrupted, like that of many others, by World War II.

Classic economic theories recognize public goods aspects of one kind or another - the need for economic intervention in, obviously, the supply of infrastructure and of education. We're not supplying that infrastructure at an appropriate rate today. I don't doubt it isn't just money; it's organization and goals and so forth.

One way of looking at Impossibility Theorem is that we proposed some criteria for what a good system should be: what is it you want from a voting system, and impose some conditions. And then ask: can you have a voting system that guarantees that?