My undergraduate education, at the City College in New York, was made possible only by the existence of that excellent free institution and the financial sacrifices of my parents.

My undergraduate education, at the City College in New York, was made possible only by the existence of that excellent free institution and the financial sacrifices of my parents.

The world is changing. We're not really proceeding on a stationary basis.

I am not really inclined to think there is any very effective regulation of the derivative securities markets that would be useful. People who go into it essentially ought to know what risks they're taking and I don't see any useful regulation.

I think that systems that are based on employment are illogical and attempts to meet them create all sorts of unnecessary complexities.

When you look at any experimental work not directly related to economics, but trying to test rational behavior in other ways, experiments have conspicuously failed to show rational behavior. Macro evidence certainly suggests deviations from rationality, but I don't want to say the rationality hypothesis is completely wrong. If you have any introspective idea or experimental idea about people's behavior, it seems to be incompatible with the really full scale rational expectations.

The Germans, for example, have some kind of compromise between single-member and broader districts. In Israel, you have nothing, you have only a national election. You have no local districts at all. And that's because of the idea that in addition to other ideological differences, locality matters. The question is does the congressman represent his district and the interests of his district? And as I said there's quite a variety of systems the democratic world. The implications need to be examined.