That economic decisions are made without certain knowledge of the consequences is pretty self-evident. But, although many economists were aware of this elementary fact, there was no systematic analysis of economic uncertainty until about 1950.

My research, even before 1972, moved in directions beyond those cited for the Nobel Memorial Prize. Most of it, in one way or another, deals with information as an economic variable, both as to its production and as to its use.

My undergraduate education, at the City College in New York, was made possible only by the existence of that excellent free institution and the financial sacrifices of my parents.

Not every business cycle has a financial crisis. Frequently they do.

I definitely was attracted to similar things in punk and science. They both depend on a healthy dose of skepticism.

In the male homosexual community, we love to label and categorize and organize each other as if we are in a never-ending high school biology class.

I was very good at math and physics. And that’s all. I can’t do music, art, so there was not a lot of choice for me. I think people should go with their strength and that was my strength."

My mother, whose family was heavily rabbinic, said she wanted me to continue the family tradition in the rabbinate. My father said he wanted me to be a scholar of the Talmud, but he wanted me to make my living in science.