I do sense, as compared with let's say the early '50s, there's somewhat more of a careerism. I don't think it's anything special to economics; it's equally true with physics or biology. A graduate education has become a more career-oriented thing, and part of that is because of the need for funding. In fact, that's a much worse problem in the natural sciences than it is in economics. So you can't even do your work in the natural sciences, particularly, and even to some extent in economics, without funding.

There is a bit of a problem with the match between derivative securities markets and the primary markets. We have long ago instituted principles, essentially high margin requirements, to prevent certain instabilities in the stock market, and I think they're basically correct. The trouble is that there's a linkage, let's say, between something like the stock market and the index futures markets, and the fact that the margin requirements are very different, for example, played some role in the October '87 crash.

Unsolved problems, that's one of the great signs of progress in my opinion.

Evolutionary theory tends to explain quite well in retrospect how various species emerged. It's not very good on prediction. Nevertheless, one cannot say that there isn't a lot of knowledge that's been obtained in this field. In the same way, with these complex physical phenomena between solid state physics, you can say a lot of things without necessarily knowing the next step.

We have to be more modest in what we claim.

The health care provisions are presumably for individuals. And whoever pays for them, whether it's paid by the individual, state, whatever, the value is an individually based value. It has nothing to do with employment.

There's only one problem that bothers me. And that's something my theorem [ of Impossibility] really doesn't cover. In my theorem I was assuming people vote sincerely. The trouble with methods where you have three or four classes, I think if people vote sincerely they may well be very satisfactory. The problem is the incentive to misrepresent your vote may be high.