An essential commitment, which virtually all observers have emphasized — Joseph Stiglitz

"At the same time I have noted that some of the differences between the public and private sector may have been exaggerated they are differences among the activities being pursued, not differences of the sector within which they are pursued. Private sector organizations face incentive (principal-agent) problems no less than do public organizations. Some of the differences are not innate but are more a consequence of common practice. The most important of these is the absence of competition and the high degree of centralization. Government organizations no less than private organizations dislike competition. The difference is the government has the power to forbid competition, which private organizations do not and indeed government sees one of its roles as curbing unfair practices aimed at reducing competition."

"Informational constraints not only limit the ability of shareholders to control rent-seeking behavior on the part of top managers, they also limit the ability of top managers to control rent-seeking behavior on the part of their subordinates. How much of the time spent by a middle-level manager to prepare a report was absolutely necessary? To what extent was it devoted to acquiring information, of marginal value to the firm, but which would make that manager look relatively good compared to other managers? To what extent are the efforts and resources spent by a manager to cultivate a client really being directed to enhance that managers job opportunities? Private and organizational objectives are intricately intertwined, and in many cases they are not conflicting. But at the margin they frequently are, and there seems little reason to doubt that private objectives frequently, perhaps usually, win out."

"Once I undertook the analysis of a problem, I often looked at it from a variety of perspectives. I approached the problem as a series of thought experiments — unlike many other sciences, we typically cannot do actual experiments."

"At the core of the success of market economies are competition, markets, and decentralization. It is possible to have these, and for the government to still play a large role in the economy; indeed it may be necessary for the government to play a large role if competition is to be preserved. There has recently been extensive confusion over to what to attribute the East Asian miracle, the amazingly rapid growth in countries of this region during the past decade or two. Countries like Korea did make use of markets; they were very export oriented. And because markets played such an important role, some observers concluded that their success was convincing evidence of the power of markets alone. Yet in almost every case, government played a major role in these economies. While Wade may have put it too strongly when he entitled his book on the Taiwan success Governing the Market, there is little doubt that government intervened in the economy through the market."

"In short, whether for the obvious reason that in the absence of futures markets the price system cannot perform its essential coordinating role with respect to future-oriented activities, such as investments, or for the more subtle reasons just discussed, that in the absence of futures markets, extending infinitely far into the future, the market economy is likely to exhibit dynamic instabilities there is no reason to believe that even with rational expectations it will converge to the steady state; there is no presumption that markets, left to themselves, will be efficient. For advocates of market socialism, the implication of this analysis seems clear: There is a need for the kind of government control of the allocation of investment envisaged in market socialism."

"There is little doubt that the observation that quality may depend on price (productivity on wages; default probability on interest rates) has provided a rich mine for economic theorists: A simple modification of the basic assumptions results in a profound alteration of many of the basic conclusions of the standard paradigm. The Law of Supply and Demand has been repealed. The Law of the Single Price has been repealed. The Fundamental Theorem of Welfare Economics has been shown not to be valid. More than that, the theories that we describe here provide the basis of progress toward a unification of macroeconomics and microeconomics. They pro vide an explanation of unemployment and credit rationing, derived from basic microeconomic principles. It is a theory in which the extensive idleness that periodically confronts societys resources, human and capital, is seen as but the most obvious example of market failures that prevasively and persistently distort the allocation of resources."

"...talking as though the Standard Oil Company was the smallest thing he owned."

"The prophecy of Professor Yeshayahu Leibovitz, that the occupation would corrupt us through and through and turn us into a people of exploiters and secret-service-men, has come awfully true. Nothing has remained of the "beautiful Eretz Israel " but a cloying nostalgia, of which Naomi Shemer was a standard-bearer. A small and gallant state, progressive and (relatively) egalitarian, respected by the world, has become an occupying and looting state, hostage to delirious settlers, full of internal violence and "swinish capitalism" (a phrase coined by Shimon Peres, one of those most responsible for this situation). Throughout the world, the idea of boycotting Israel is gaining ground."

"... looking at woman suffrage from the larger standpoint, it would be to the advantage of the men of the present day to grant women that which is really their right--a full and complete equality in every particular. The double social standard which obtains at the present time, whereby a man may commit the social sin without being ostracized, should be done away with. Womans work should be paid as much as mans work, ... It would be of an enormous benefit to the race if she were given an equal right with man in every particular. For not until then can we hope to see reforms brought about that will really unite humanity. ... While laws are only makeshifts to bring humanity to a higher plane where each one will be a law unto himself, doing right without coercion, it is nevertheless necessary that such reforms should be brought about at the present time by legislation."

"While the double standard is galling, there is no ethical defense of Farrakhan’s anti-Semitic remarks. Mallory’s refusal to specifically disclaim Farrakhan’s anti-Semitism is a stain on her work and advocacy. But the argument that Mallory’s interest in Farrakhan is not rooted in anti-Semitism – that she could support Farrakhan’s advocacy for black equality despite his bigoted blind spots – is a more plausible and, frankly, common posture than most of the media is willing to recognize."

"Myths and fictions accustomed people, nearly from the moment of birth, to think in certain ways, to believe in accordance with certain standards, to want certain things, and to observe certain rules. They thereby create artificial instincts that enable millions of strangers to cooperate effectively. This network of artificial instinct is called Culture."

"The streets are still, the final battle has ended. Flushed with the fight, we proudly hail the dawn. See over the streets, the White mans emblem is waving. Triumphant standards of a race reborn."