Innovation must lead infrastructure for a simple but compelling reason: Innovation produces new types of products and markets, and it is virtually impossible to know how to run those markets efficiently before they are created.

I'm a theorist, not an institutionalist.

All models have faults - that doesnt mean you cant use them as tools for making decisions.

If we internationalize everything, we end up with rules that stifle freedom and innovation.

Every side of a coin has another side.

Sometimes the early bird gets the worm, but sometimes the early bird gets frozen to death.

Innovation must lead infrastructure for a simple but compelling reason: Innovation produces new types of products and markets, and it is virtually impossible to know how to run those markets efficiently before they are created.