The ability to focus attention on important things is a defining characteristic of intelligence.

I am worried that the collapse of home prices might turn out to be the most severe since the Great Depression.

Stock prices are likely to be among the prices that are relatively vulnerable to purely social movements because there is no accepted theory by which to understand the worth of stocks....investors have no model or at best a very incomplete model of behavior of prices, dividend, or earnings, of speculative assets.

There is more uncertainty than usual about job futures because computers are replacing more and more human intelligence, and globalization is proceeding at an accelerating pace.

Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity - or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories.

Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.

I have argued that we need livelihood insurance, which would protect people against the risk of seeing their skills and expertise no longer needed. Such insurance could be offered by the private sector.