"In an industry with highly sequential innovation, it may be better for society to scrap patents alto..." — Eric Maskin

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.

What we mean by an outcome will naturally depend on the context. Thus, for a government charged with delivering public goods, an outcome will consist of the quantities provided of such goods as intercity highways, national defense and security, environmental protection, and public education together with the arrangements by which they are financed.

If budget planning requires gathering information from people who may not always have the incentive to disclose that information, then the principles of mechanism design can definitely be of use in such planning.

Leo Hurwicz is the father of mechanism design theory and has inspired much of my work, and Roger Myerson is an old friend and collaborator and a tremendous economist.