The value of failure is greatly over-rated. It's a preposterous myth.

A true bubble is when something is overvalued and intensely believed.

University administrators are the equivalent of subprime mortgage brokers selling you a story that you should go into debt massively, that it's not a consumption decision, it's an investment decision. Actually, no, it's a bad consumption decision. Most colleges are four-year parties.

In the '30s, the Keynesian stuff worked at least in the sense that you could print money without inflation because there was all this productivity growth happening. That's not going to work today.

I'm in favor of free trade, but I think if you had to make a choice between having technological progress versus free trade, you had one or the other, you should always pick technological progress. I think it's an incredibly important variable for creating more prosperity.

We cannot take for granted that the future will be better, and that means we need to work to create it today.

In a world of scarce resources, globalization without new technology is unsustainable.