A true bubble is when something is overvalued and intensely believed. Education may be the only thing people still believe in in the United States. To question education is really dangerous. It is the absolute taboo. It's like telling the world there's no Santa Claus.

If you have technological progress, that will encourage more capitalist system. On the other hand, if you don't, if things are stalled, you end up with much more of a zero sum type thing, where there's no progress and basically everybody's gain is somebody else's loss.

If you focus on near-term growth above all else, you miss the most important question you should be asking: will this business still be around a decade from now?

I think that markets classically fail in cases where there are public goods that provide benefits that people cannot capture. The big debate is how big these public goods are, where they exist, things of that sort.

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.

By the time a student gets to college, he's spent a decade curating a bewilderingly diverse résumé to prepare for a completely unknowable future. Come what may, he's ready-for nothing in particular.

The developing world can just do things that are extensive or horizontal, that basically copy. The developed world needs to do things that are intensive or vertical, where we take our civilization to the next level.