Eric Maskin Quotes

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The market is no god - it cannot solve every problem.

Most policy makers embrace a religious-like belief that the market can and should solve every problem.

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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.

I have a strong attachment to Harvard.

I'm not a housing market expert, and I don't want to pretend to be one.

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.

I don't want to make public statements about issues that I have not studied in detail.

Many markets work best with little or no outside interference. But others - especially those subject to big 'externalities' - need a helping hand.

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...

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.

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.

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.

In an industry with highly sequential innovation, it may be better for society to scrap patents altogether than try to tighten them.

The market doesn't work very well when it comes to public goods.

Markets work well with goods that economists call private goods.

If I buy a car, I use the car, you don't, and the market for cars works pretty well. But there are many other sorts of goods, often very important goods, which are not provided well through the market. Often,...

How do we ensure in the case of public goods that they are provided at all, and that they are provided at the right level, taking into account citizens' preferences?

The Nobel Prize is not very important for the winners - they are usually pretty successful people already. But it is valuable as a way of drawing the public's attention to important work in economics.

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