Those with health insurance are overinsured and their behavior is distorted by moral hazard. Those without health insurance use their own money to make decisions based on an assessment of their needs. The insured are wasteful. The uninsured are prudent. So what's the solution? Make the insured a little more like the uninsured.

If you think advantage lies in resources, then you think the best educational system is the one that spends the most money.

So, it's a very, you know - maybe we're wrong in - you know, we go around thinking the innovator is the person who's first to kind of conceive of something. And maybe the innovation process continues down the line to the second and the third and the fourth entrant into a field.

I'm someone who can provide an intellectual framework, but I can't tell people who are trying to sell Product X how to do that because I don't know, and I would be faking it if I attempted to step into that role.

And my advice for college graduates is don't reflexively give money to your alma mater, something particular to Americans that I find extraordinary. Take Princeton, for example - it has more money on a per capita basis than any educational institution in the history of educational institutions. There is no scenario where it can spend all the money its endowment generates every year. If there is anyone who gives a single dollar to Princeton, they have completely lost their mind. I will say that without reservation.

Sometimes the most modest changes can bring about enormous effects.

Our world requires that decisions be sourced and footnoted, and if we say how we feel, we must also be prepared to elaborate on why we feel that way...We need to respect the fact that it is possible to know without knowing why we know and accept that - sometimes - we're better off that way.