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

Economics in college was very poor; I was not very impressed with it. I actually wanted to study statistics. I discovered mathematical statistics as an undergraduate and was fascinated with it.

One thing I learned from meteorology is that being an actual science was no guarantee of exactness.

The general uncertainty about the prospects of medical treatment is socially handled by rigid entry requirements. These are designed to reduce the uncertainty in the mind of the consumer as to the quality insofar as this is possible. I think this explanation, which is perhaps the naive one, is much more tenable than any idea of a monopoly seeking to increase incomes.

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

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

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.