The whole intention of empirical economics is to force theory down to Earth.

Prior to the early 1960s, economic theorists rarely constructed models customized to capture unique institutions or specific market characteristics.

I think what Bob Shiller and I are doing is we're focusing on macroeconomics and the role of psychology in macroeconomics.

My mother, whose interest in chemistry was rather minimal, nevertheless went to graduate school in the subject and married my father, for whom it was as important as life itself.