"There is this popular misconception that the economy is kind of out there, it's kind of natural forces that can't be changed. They're immutable. We all sort of work for this economy. But in reality, the economy is a set of rules. There's no economy in the state of nature. They’re rules. I mean, there are rules about property and liability and anti-trust and bankruptuy and subsidies for certain things and taxes for certain things.
These rules really are the rules of the game. They determine economic outcomes. If we don't like them, we can change the rules. I mean, if we had a democracy that was working as a democracy should be working, we could adapt the rules so that, for example, the gains of economic growth weremore widely distributed without a sacrifice of efficiency or innovation."