“Of course, MIT was notable not just for its faculty but also for its students. And, facing such extremely bright kids as a rookie teacher was something like being thrown to the wolves.”

“The theory of mechanism design can be thought of as the 'engineering' side of economic theory.”

“Leo Hurwicz is the father of mechanism design theory and has inspired much of my work, and Roger Myerson is an old friend and collaborator and a tremendous economist.”

“What we mean by an outcome will naturally depend on the context. Thus, for a government charged with delivering public goods, an outcome will consist of the quantities provided of such goods as int...”

“That strategic rivalry in a long-term relationship may differ from that of a one-shot game is by now quite a familiar idea. Repeated play allows players to respond to each other’s actions, and so e...”

“We investigate how the degree to which credit markets are centralized affects efficiency when there is asymmetric information. Specifically, we argue that decentralization of credit may promote eff...”

“In preparing for battle I have always found that plans are useless, but planning is indispensable.”

“It's the fricking reality that destroys plans.”

“An exceedingly well-informed report,' said the General. 'You have given yourself the trouble to go into matters thoroughly, I see. That is one of the secrets of success in life.”

“I shiver, thinking how easy it is to be totally wrong about people-to see one tiny part of them and confuse it for the whole, to see the cause and think it's the effect or vice versa”

“At sunrise everything is luminous but not clear.”

“I think it's impossible to really understand somebody, what they want, what they believe, and not love them the way they love themselves.”

“We didn't actually overspend our budget. The allocation simply fell short of our expenditure.”

“If you don't have any good idea, you are likely to waste money if it's given to you! If you don't have an idea, you can't even know how much money you need... This is because; it's your ideas that ...”

“Without vision, a church devolves into a lukewarm, aimless organization characterized by infighting, budget grabbing and a dead heart for the lost.”