Each additional child that you have is going to divide your time and your attention. You're going to have to cram them into a smaller house. They're going to have to share rooms, or you might have to move into the suburbs, somewhere cheaper, further away from where the job is.

Loss aversion is a really disproportionate anxiety about stuff that doesn't matter very much. So for instance, if you lose $5, you feel really bad about the $5 you've lost. You're cursing yourself. You're going through it again and again. If, on the other hand, you find $5, you go - hey, great, five bucks. And you've forgotten about it really quickly.

Failure in Innovation - it's a price worth paying.

Ten percent of American businesses disappear every year. ... It's far higher than the failure rate of, say, Americans. Ten percent of Americans don't disappear every year. Which leads us to conclude American businesses fail faster than Americans, and therefore American businesses are evolving faster than Americans.

How did the economy produce all these amazing things that we have around us - computers and cell phones and so on? There were a bunch of ideas, and the good ones grew and prospered. And the bad ones were pretty ruthlessly weeded out.

People today dont become economists to make the world a better place.

Norway has a relationship with the EU which is very close. It has to accept most EU rules. It has to pay EU membership fees. It has free movement of people just like other EU countries, but it's not actually in the EU.