If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system?

Much of my work in this period was concerned with exploring the logic of economic models, but also with attempting to reconcile the models with every day observation.

Amherst is a liberal arts college, committed to providing students with a broad education.

There must have been something in the air of Gary that led one into economics: the first Nobel Prize winner, Paul Samuelson, was also from Gary, as were several other distinguished economists.

I think in part the reason is that seeing an economy that is, in many ways, quite different from the one grows up in, helps crystallize issues: in one's own environment, one takes too much for granted, without asking why things are the way they are.

I grew up in a family in which political issues were often discussed, and debated intensely.

I recognized that information was, in many respects, like a public good, and it was this insight that made it clear to me that it was unlikely that the private market would provide efficient resource allocations whenever information was endogenous.

Economists often like startling theorems, results which seem to run counter to conventional wisdom.

But while I loved all of these courses, there was an irresistible attraction of economics.

I, like many members of my generation, was concerned with segregation and the repeated violation of civil rights.

My teachers helped guide and motivate me; but the responsibility of learning was left with me, an approach to learning which was later reinforced by my experiences at Amherst.

As I noted in my Nobel lecture, an early insight in my work on the economics of information concerned the problem of appropriability - the difficulty that those who pay for information have in getting returns.

The extra curricular activity in which I was most engaged - debating - helped shape my interests in public policy.

But individuals and firms spend an enormous amount of resources acquiring information, which affects their beliefs; and actions of others too affect their beliefs.

I went to public schools, and while Gary was, like most American cities, racially segregated, it was at least socially integrated - a cross section of children from families of all walks of life.

I went to Amherst because my brother had gone there before me, and he went there because his guidance counselor thought that we would do better there than at a large university like Harvard.

My research in this period centered around growth, technical change, and income distribution, both how growth affected the distribution of income and how the distribution of income affected growth.

Amherst was pivotal in my broad intellectual development; MIT in my development as a professional economist.

I knew that discrimination existed, even though there were many individuals who were not prejudiced.

In debate, one randomly was assigned to one side or the other. This had at least one virtue - it made one see that there was more than one side to these complex issues.

Certainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them.

The notion that every well educated person would have a mastery of at least the basic elements of the humanities, sciences, and social sciences is a far cry from the specialized education that most students today receive, particularly in the research universities.

If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system?

Development is about transforming the lives of people not just transforming economies.

We tried to set up a company that patterned ourselves after Southwest in all the fun, the spirit, the great people, the smile, the efficiency side of it, but we've added some extras that people aren't used to finding on Southwest.

It is difficult for me to believe that quantum mechanics, working very well for currently practical set-ups, will nevertheless fail badly with improvements in counter efficiency.

The Texas Energy Office's Loan Star Program has reduced building energy consumption and taxpayers' energy costs through the efficient operation of public buildings, saving taxpayers more than $172 million through energy efficiency projects.

Freud had a gene for inefficiency, and I think I have a gene for efficiency.

Obviously, the highest type of efficiency is that which can utilize existing material to the best advantage.

Corn ethanol can help in the short term, but it has serious limitations, and none of this is going to work if we don't dramatically improve the efficiency of our cars and trucks.

The outgrowth of conservation, the inevitable result, is national efficiency.

With respect to the environment in our state and our state's future - in addition to water which is very important here - I think it is crucial for him to make a sincere commitment to energy efficiency, fuel efficiency, by helping us to produce those cars of the future.

The American attitude towards efficiency and execution should always underlie architecture.

The limit is not as narrow as it might be. I do not claim for this action, as it now goes on, an ideal degree of efficiency. What I do claim is that this type of competition already reveals its nature and its ultimate power to hold seeming monopolies in check.

We need a number of solutions - we need more efficiency and conservation. Efficiency is a big one. I think car companies need to do a lot better in producing more efficient cars. They have the technology, we just need to demand them as consumers.

What we need to do is really improve energy efficiency standards, develop in full scale renewable and alternative energy and use the one resource we have in abundance, our creativity.

Well, there's no doubt about the fact that, that higher energy prices lead to greater conservation, greater energy efficiency, and they also, of course, play a useful role on the supply side.

Greater personal choice, individually tailored services, stronger local accountability, greater efficiency - these are all central to the new direction of travel we have set for our public services.

Applications for loans would be judged on a nation's social justice record as well as its economic efficiency.

But it is also clear that left entirely untouched by public policy, the capitalist system will produce more inequality than is socially healthy or than is necessary for maximum efficiency.

By increasing the use of renewable fuels such as ethanol and bio-diesel, and providing the Department of Energy with a budget to create more energy efficiency options, agriculture can be the backbone of our energy supply as well.

I will fight in the United States Senate this year to fund a servicing mission to Hubble by 2008, a mission that would potentially increase Hubble's power and efficiency by a factor of 10 and allow us to look back almost to the beginning of the universe.

Two things are going on at the same time with the flattening of the world: The relentless quest for efficiency is squeezing some of the fat out of life.

The State of Virginia is similar to a great business corporation... and should be conducted with the same efficiency and economy as any private business.

No data on air propellers was available, but we had always understood that it was not a difficult matter to secure an efficiency of 50% with marine propellers.

The trouble with lying and deceiving is that their efficiency depends entirely upon a clear notion of the truth that the liar and deceiver wishes to hide.

What I am saying is, all health care has a problem with costs. Medicare is growing slower than the private insurance plans. Why? Because of their efficiency. They don't have to give money to shareholders. Why should be defending shareholders?

Management is efficiency in climbing the ladder of success; leadership determines whether the ladder is leaning against the right wall.

In this country protection has always, to some extent, existed; but at some times it has been efficient, and at others not; and our tendency toward freedom or slavery has always been in the direct ratio of its efficiency or inefficiency.