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A 1% improvement in efficiency could mean the difference between life and death.
In the semiconductor industry, falling behind one step may mean lagging behind for ten years.
In the digital age, emotional intelligence might be more valuable than technical skills.
"The future is about making the impossible possible."
You want to be extra rigorous about making the best possible thing you can. Find everything that's wrong with it and fix it. Seek negative feedback, particularly from friends.
The first step is to establish that something is possible; then probability will occur.
"Regulation is necessary, but too much can be harmful."
Economic history teaches us that change is possible, but it is rarely easy.
Financial innovation is like fire - it can be very useful, but it needs to be contained.
Regulation should focus on reducing the likelihood of runs, not just preventing failures.
Short-term debt can be dangerous because it creates the possibility of sudden runs.
The difference between correlation and causation is not just academic—it can have profound policy implications.
In economics, small changes in rules can lead to large changes in outcomes.
Market design is an ongoing experiment—what works today may need adjustment tomorrow.