American - Economist | December 12, 1950 -
It wasn't that Harvard was deliberately trying to overwork me, but I think I had a tendency to take on more things out of enthusiasm than were good for me.
Eric Maskin
GoodMeThinkEnthusiasmTryingOut
I have a strong attachment to Harvard.
StrongHarvardAttachment
I'm not a housing market expert, and I don't want to pretend to be one.
WantExpertHousingPretendMarket
If I'm a bank, and I'm making risky loans, I have an incentive, if I can, to make those loans using other people's money: in other words, to make highly leveraged loans.
MoneyWordsPeopleI CanBankRisky
I don't want to make public statements about issues that I have not studied in detail.
DetailWantMakeIssuesPublic
When a bank calls in a loan, it obviously hurts the customer in question. But it also adversely affects other banks that have lent to this borrower. They are now less likely to be repaid and so can't as readily lend to their own customers.
CustomerNowLoanQuestionBankOwn
If banks anticipate government will come to the rescue should the credit market go badly awry, they may make loans that would otherwise be imprudent, e.g. subprime loans with little prospect of repayment.
GovernmentCreditGoWillLittle
A contingent bailout policy - implicit or explicit - must be coupled with some regulation of what banks can and cannot do. For example, a ban on lending to uncreditworthy customers might well make sense.
PolicyWellSenseMustExampleSome
Specifically, in the software industry, progress is highly sequential: progress is typically made through a large number of small steps, each building on the previous ones.
ProgressBuildingSmallSoftware
The market doesn't work very well when it comes to public goods.
WorkWellMarketVeryPublicGoods
Markets work well with goods that economists call private goods.
WorkEconomistsCallWellMarkets
If I buy a car, I use the car, you don't, and the market for cars works pretty well. But there are many other sorts of goods, often very important goods, which are not provided well through the market. Often, these go under the heading of public goods.
CarYouGoImportantBuyPretty
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