Wisdom in fragments

BitCoin might not be the final model but it is definitely here to stay. Many have criticized BitCoin because it enables illegal transactions. I think the critique is lame. Did you know that 75% of the value of all U.S. cash is in $100 bills? Cash is the problem.

Duke University finance professor; pioneering research on market anomalies and asset pricing

The block chain or general ledger could be a secure repository of private information, property ownership, and conditional contracts. For example, consider buying a car. The dealership sells it to you and it goes into the block chain. You have a private code that identifies you as the owner.

Duke University finance professor; pioneering research on market anomalies and asset pricing

The BitCoin general ledger is called the block chain. It is remarkably secure. To break into the chain, you would have to amass 25,000 of the world's fastest supercomputers. That seems completely infeasible.

Duke University finance professor; pioneering research on market anomalies and asset pricing

Crypto-currency is a means by which people can exchange property in a secure way without the use of a central institution like a bank or the Federal Reserve. The currency is digital and particular crypto-currencies like BitCoin go to extreme lengths so that you can only spend your digital currency once.

Duke University finance professor; pioneering research on market anomalies and asset pricing

Sometimes people view disability as something permanent when, in fact, our bodies are malleable with technology. One could be disabled for a portion of one's life, and then not be for another; the body is malleable and transformable with technology. Disability is not a fixed condition, it's fluid. This is good news- it means that we can ultimately eliminate disability

Bioengineer and amputee who pioneered advanced prosthetic limb technology

Disability is an impairment, but an impairment is not necessarily a disability. The interaction of an impairment with the social barriers that surround you may or may not turn that impairment into a disability. For example; I am a wheelchair user, and If I see a building in front of me with three steps, I cannot get into it. If I cannot get into it, it's not because I'm on a wheelchair; it's because the building has 3 steps. If the same building had a ramp, my wheelchair would not be an impairment and I could easily get into the building.

Disability Rights Activist & Founder of the National Centre for Promotion of Employment for Disabled People

In the standard putty-clay model, firms, able to get access to long-term capital at a very low interest rate, will invest in highly capital-intensive technologies, because wages have not fallen as much as the cost of capital. But this means that, at any given level of demand for output, employment will actually be reduced.

Nobel Prize-Winning Economist & Critic of Globalization

There are many in Europe and America who believe that our current troubles arise from excess debt, at both the household and national level. Those focusing on debt at the national level have warned that debt financed spending will in the long run be counterproductive.

Nobel Prize-Winning Economist & Critic of Globalization

While the crisis made the problems of the euro-structure clear, they were present long before. Indeed, the euro helped create the crisis: for the markets seemed to have vastly overestimated the extent to which the single market/single currency had reduced risk (another example of market irrationality), leading to excessive lending to the afflicted countries.

Nobel Prize-Winning Economist & Critic of Globalization

The representative agent model (and its descendants) imposed a straightjacket that made it difficult to think clearly about what was going on [in the economy]… To me [Stiglitz], the strangest aspect of modern macroeconomics was that the central banks were using a model in which banks and financial markets played no role.

Nobel Prize-Winning Economist & Critic of Globalization

A lot of businesses these days are markets. Companies like Google make markets for advertisements, Amazon is a market in and of its own right. Uber, AirBnB and many more are becoming big businesses by creating markets.

Nobel Prize-winning economist specializing in market design theory

If I may return to the biology analogy too; human beings get a lot of benefit from walking erect, but our backs and our feet are sometimes sore because we are made of parts that were put together before we could walk erect.

Nobel Prize-winning economist specializing in market design theory

I use the word repugnance to describe transactions that some people would like to engage in, that other people would not like them to; it's often hard to pin-down what harm the transaction does to anyone else.

Nobel Prize-winning economist specializing in market design theory

You only get to really redesign markets root and branch when they are failing so dramatically that everyone acknowledges it. Markets are a little like language. It's hard to change the spelling of certain words in the English language, even though those spellings are dysfunctional. Markets that are getting-along but not doing as well as they could are very hard to change.

Nobel Prize-winning economist specializing in market design theory

Markets are human artefacts; however we often treat them as natural phenomenon in the same way we might treat a language. People are the ones who ultimately make language, but we feel have no control over it as it's such an emergent phenomenon. Markets are emergent phenomenon too, but individual market-places have proprietors and groups of users and therefore markets are more amenable to change. When something isn't working, we can change the rules!

Nobel Prize-winning economist specializing in market design theory

Generally power is diffusing. New corporations such as Google and Facebook are also examples of power diffusing from nation states and moving to new forms of entities. Technology will only accelerate this trend.

Former NATO Supreme Commander & Military Strategist