A meritocracy is a system in which the people who are the luckiest in their health and genetic … - Ben Bernanke

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Ben Bernanke

A meritocracy is a system in which the people who are the luckiest in their health and genetic endowment; luckiest in terms of family support, encouragement and, probably, income; luckiest in their educational and career opportunities; and luckiest in so many other ways difficult to enumerate - these are the folks who reap the largest rewards.

Encouragement, Educational, Opportunity, Genetic, Folks, Career

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Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn't dirty, you haven't been in the game.

Dirty, Essentials, Fail, Failure, Games, Uniform

The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.

Financial, Impact, Likely, Problem, Problems, Subprime

The U. S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U. S. dollars as it wishes at no cost.

Allows, Dollars, Government, Technology, Wish, Wishes

Inflation is certainly low and stable and, measured in unemployment and labour-market slack, the economy has made a lot of progress. The pace of growth is disappointingly slow, mostly because productivity growth has been very slow, which is not really something amenable to monetary policy. It comes from changes in technology, changes in worker skills and a variety of other things, but not monetary policy, in particular.

Growth, Low, Progress, Technology, Variety

With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.

Incentive, Incentives, Safety, Use