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.

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

I was graduated in 1940 with a degree of Bachelor of Science in Social Science but a major in Mathematics, a paradoxical combination that was prognostic of my future interests.

But as you say, the fundamental stumbling block is the question of the future of the economy. And it's not just the sort of economic laboratory question, of what kind of system would best generate growth, which is the way it's presented.

When I started going to business school, I started getting calls from my peers asking for my help. I thought, 'Well, there are a lot of people like me who make a bunch of money and just get so scared of it and don't know what to do with it.' I just didn't want to be 60 years old and broke.

I don't think anybody ever makes any money buying and selling stock. They have to make money by keeping the stock.

What money is better bestowed than that of a schoolboy's tip? How the kindness is recalled by the recipient in after days! It blesses him that gives and him that takes.