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.

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

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.

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.

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.

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.