It was at the graduate school at Columbia University that I first met Wesley C. Mitchell, with whom I was associated for many years at the National Bureau of Economic Research and to whom I owe a great intellectual debt.
War and peace type products... cannot be added into a national product total until the differences in the valuation due to differences in the institutional mechanisms that determine their respective market prices are corrected for.
With the variety of fields within economics, broadly conceived and the increasing specialization of scholarly world, the award of a Nobel Memorial Prize honors not only the individual scholar but, implicitly, also a special field or a distinctive method.
The welfare of a nation can scarcely be inferred from a measurement of national income as defined by the GDP.
When, over fifty years ago, I first became interested in economics - as a discipline that provided the key to social structure and social problems - it never crossed my mind that one day I might be the honored recipient of a Nobel Memorial Prize.
