- City
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- Nov 07, 2020
Eric Maskin Quotes
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- Last Updated on May 30, 2021
- Eyes
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- Nov 07, 2020
At Tenafly High, I was lucky to have some dedicated teachers; I'm especially indebted to my calculus instructor, Francis Piersa, who opened my eyes to the striking beauty of mathematics.
- Brother
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- Nov 07, 2020
I probably learned most at MIT by teaching and working with Peter Diamond, who acted like a big brother to me during my time in the department.
- Like
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- Nov 07, 2020
Of course, MIT was notable not just for its faculty but also for its students. And, facing such extremely bright kids as a rookie teacher was something like being thrown to the wolves.
- Explain
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- Nov 07, 2020
Much theoretical work, of course, focuses on existing economic institutions. The theorist wants to explain or forecast the economic or social outcomes that these institutions generate.
- Economic
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- Nov 07, 2020
The theory of mechanism design can be thought of as the 'engineering' side of economic theory.
- Government
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- Nov 07, 2020
What we mean by an outcome will naturally depend on the context. Thus, for a government charged with delivering public goods, an outcome will consist of the quantities provided of such goods as intercity highways, national defense and security, environmental protection, and public education together with the arrangements by which they are financed.
- Know
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- Nov 07, 2020
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.
- Economic
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- Nov 07, 2020
Economic forecasting has actually got pretty good over the years, though admittedly, we don't always get it right.
- Design
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- Nov 07, 2020
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.
- Economics
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- Nov 07, 2020
I entered economics because of a course I took on 'information economics,' which I found fascinating.
- Economics
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- Nov 07, 2020
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.
- Hands
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- Nov 07, 2020
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.
- People
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- Nov 07, 2020
A properly designed tax system can strike a balance between helping the poor and, at the same time, giving people the incentive to work.
- Only
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- Nov 07, 2020
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.
- Next
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- Nov 07, 2020
Through meteorology, we know essentially how hurricanes form, even though we can't say where the next storm will arise.
- Day
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- Nov 07, 2020
Perhaps one day earthquakes, hurricanes and financial crashes will all be predictable. But we don't have to wait until then for seismology, meteorology and economics to become sciences; they already are.
- Like
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- Nov 07, 2020
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.
- Like
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- Nov 07, 2020
There are some things that we value as a public good that the markets can't deliver, like clean air.
- Every
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- Nov 07, 2020
The market is no god - it cannot solve every problem.
- Embrace
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- Nov 07, 2020
Most policy makers embrace a religious-like belief that the market can and should solve every problem.
- Good
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- Nov 07, 2020
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.
- Harvard
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- Nov 07, 2020
I have a strong attachment to Harvard.
- Money
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- Nov 07, 2020
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.
- Detail
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- Nov 07, 2020
I don't want to make public statements about issues that I have not studied in detail.
- Big
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- Nov 07, 2020
Many markets work best with little or no outside interference. But others - especially those subject to big 'externalities' - need a helping hand.
- Now
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- Nov 07, 2020
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.
- Government
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- Nov 07, 2020
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.
- Make
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- Nov 07, 2020
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.
- Progress
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- Nov 07, 2020
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.
- Innovation
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- Nov 07, 2020
In an industry with highly sequential innovation, it may be better for society to scrap patents altogether than try to tighten them.
- Go
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- Nov 07, 2020