I think on the efficiency level, not only the distribution level, capitalism is a flawed system. It probably has the same virtues as Churchill attributed to democracy: It's the worst system except for any other. And I think that's right, but it cannot be thought that some unmitigated belief in free markets is a cure even from the efficiency point of view.

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

It seems to me that at least as far as the financial markets are concerned, there is increasing evidence against rational expectations, even at the macro level.

In my [Impossibility] theorem I'm assuming that the information is a ranking. Each voter can say of any two candidates, I prefer this one to this one. So then we have essentially a ranking. It's a list saying this is my first choice. This is my second choice. Each voter, in principle, could be asked to give that entire piece of information. In the ordinary Plurality Voting, say as used in electing Congressmen, we generally only ask for the first choice. But, in principle, we could ask for more choices.

I think the idea that a society has to be responsible for all of its citizens, those who do well and those who do not, is really a precondition of a good society.

Vast ills have followed a belief in certainty.

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.