Prediction is certainly a valuable goal in science, but not the only one. Explanation is also important, and there are plenty of sciences that do a lot of explaining and not much predicting. Eric Maskin explainexplanationgoal Change image and share on social
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 brightextremelyface Change image and share on social
Markets work well with goods that economists call private goods. Eric Maskin calleconomistgood Change image and share on social
I was born in New York City but grew up across the Hudson River in Alpine, New Jersey. Eric Maskin alpinebearcity Change image and share on social
The market is no god - it cannot solve every problem. Eric Maskin godmarketproblem Change image and share on social
Many markets work best with little or no outside interference. But others - especially those subject to big 'externalities' - need a helping hand. Eric Maskin bigexternalityhand Change image and share on social
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 advancedesigndesigner share on social
When a bank calls in a loan, it obviously hurts the customer in question. But it also adversely affects other banks that have lent to this borrower. They are now less likely to be repaid and so can't as readily lend to their own customers. Eric Maskin adverselyaffectbank share on social
I don't want to make public statements about issues that I have not studied in detail. Eric Maskin detailissuemake Change image and share on social
If banks anticipate government will come to the rescue should the credit market go badly awry, they may make loans that would otherwise be imprudent, e.g. subprime loans with little prospect of repayment. Eric Maskin anticipateawrybadly share on social
