The market is no god - it cannot solve every problem. Eric Maskin More Quotes by Eric Maskin More Quotes From Eric Maskin Many markets work best with little or no outside interference. But others - especially those subject to big 'externalities' - need a helping hand. Eric Maskin helping-hand need best work There is universal consensus among experts that the earth's atmosphere is heating up - and that we are responsible for it by putting carbon dioxide in the atmosphere. We also know that the consequences of global warming are catastrophic. But how do we make sure that all countries reduce greenhouse gases? Eric Maskin how know global-warming earth There are some things that we value as a public good that the markets can't deliver, like clean air. Eric Maskin value things good like 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. Eric Maskin wolves something students teacher I like to work on a number of things simultaneously. If you're working on a variety of projects and if you get stuck on one of them, you can move to another without grinding your gears indefinitely. Eric Maskin your things you work I'm not a housing market expert, and I don't want to pretend to be one. Eric Maskin market pretend housing want 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. Eric Maskin through small progress building Devising a mechanism is a lot like solving a puzzle - and gives you the same kind of kick. Eric Maskin puzzle kick like you I was born in New York City but grew up across the Hudson River in Alpine, New Jersey. Eric Maskin river city new born At Tenafly High, I was lucky to have some dedicated teachers; I'm especially indebted to my calculus instructor, Francis Piersa, who opened my eyes to the striking beauty of mathematics. Eric Maskin teachers eyes mathematics beauty I probably learned most at MIT by teaching and working with Peter Diamond, who acted like a big brother to me during my time in the department. Eric Maskin big-brother me brother time Much theoretical work, of course, focuses on existing economic institutions. The theorist wants to explain or forecast the economic or social outcomes that these institutions generate. Eric Maskin explain economic social work The theory of mechanism design can be thought of as the 'engineering' side of economic theory. Eric Maskin side thought engineering design 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 intercity highways, national defense and security, environmental protection, and public education together with the arrangements by which they are financed. Eric Maskin will environmental together education Because mechanism designers do not generally know which outcomes are optimal in advance, they have to proceed more indirectly than simply prescribing outcomes by fiat; in particular, the mechanisms designed must generate the information needed as they are executed. Eric Maskin more because know information Economic forecasting has actually got pretty good over the years, though admittedly, we don't always get it right. Eric Maskin pretty good always economic If budget planning requires gathering information from people who may not always have the incentive to disclose that information, then the principles of mechanism design can definitely be of use in such planning. Eric Maskin planning information design people I entered economics because of a course I took on 'information economics,' which I found fascinating. Eric Maskin because economics information found I think I have met nearly all the Laureates in Economics. Among the few I haven't met, I suppose I'd most like to meet Ronald Coase because of his legendary power to persuade his colleagues of the validity of the Coase Theorem. Eric Maskin think colleagues economics power I choose questions to work on according to how much they excite me. Eric Maskin choose questions me work
