American - Economist | December 12, 1950 -
Because mechanism designers do not generally know which outcomes are optimal in advance, they have to proceed more indirectly than simply prescribing outcomes by fiat; in particular, the mechanisms designed must generate the information needed as they are executed.
Eric Maskin
InformationKnowMoreBecauseMust
Economic forecasting has actually got pretty good over the years, though admittedly, we don't always get it right.
GoodRightAlwaysOverYearsPretty
If budget planning requires gathering information from people who may not always have the incentive to disclose that information, then the principles of mechanism design can definitely be of use in such planning.
PeoplePlanningDesignInformation
I entered economics because of a course I took on 'information economics,' which I found fascinating.
EconomicsInformationBecauseFound
I think I have met nearly all the Laureates in Economics. Among the few I haven't met, I suppose I'd most like to meet Ronald Coase because of his legendary power to persuade his colleagues of the validity of the Coase Theorem.
PowerEconomicsColleaguesThink
I choose questions to work on according to how much they excite me.
WorkMeQuestionsChooseMuchHow
In various countries around the world, assets that had previously been in the hands of governments were sold off to the private sector in the hope that this would lead to a more efficient allocation, that these assets would be put to better use.
HopeWorldBetterHandsMoreLead
Prediction is certainly a valuable goal in science, but not the only one. Explanation is also important, and there are plenty of sciences that do a lot of explaining and not much predicting.
ScienceGoalImportantOnlyValuable
I like to work on a number of things simultaneously. If you're working on a variety of projects and if you get stuck on one of them, you can move to another without grinding your gears indefinitely.
WorkYouGearsWithoutVarietyGet
There are some things that we value as a public good that the markets can't deliver, like clean air.
GoodValueCleanAirThingsDeliver
The market is no god - it cannot solve every problem.
GodProblemCannotMarketEvery
Most policy makers embrace a religious-like belief that the market can and should solve every problem.
ProblemEmbraceBeliefPolicyMarket
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