Leonid Hurwicz Famous Quotes
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There are two kinds of games in economics. One is the game where people use only legal moves. Then there is the true game, the one like real life, where the strategies and moves people make, some of them contain illegal gains.
Just because there are people who violate rules, behave illegally and so on, it does not mean that everybody is like that. On the contrary, if you watch certain judges, you observe that they honestly try to implement what they believe the Constitution says and just put it into effect.
My father was convinced, I think rightly, that if he stayed in Russia, he would have trouble with Lenin.
Legal behavior is not incompatible with rational, self-interested behavior.
I had the belief that many troubles you could observe on the European continent were due to politicians not understanding economic phenomena. Even if they had good intentions, they didn't have the skills to solve problems.
A game is defined by the players' strategy domains and payoff functions.
