Sendhil Mullainathan

The problem with data is that it says a lot, but it also says nothing. 'Big data' is terrific, but it's usually thin. To understand why something is happening, we have to engage in both forensics and guess work.

No one would say, 'Hey, I think this medicine works, go ahead and use it.' We have testing, we go to the lab, we try it again, we have refinement. But you know what we do on the last mile? 'Oh, this is a good idea. People will like this. Let's put it out there.'

If someone who is poor says, 'I may not have much money, but for me, what's really important is to have a good television so my family can enjoy and watch,' we should be a little careful and recognize that just like we all have individual liberty to make the choices we want, that we not judge too much on that.

Having a Congress with a more diverse educational and professional background would serve the country well. And given the budget challenges facing America today, we might benefit from a few more cold, calculating problem solvers, and fewer courtroom impresarios.