"Both Warren [Buffett] & I insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think. So Warren and I do more reading and thinking and less doing than most people in business." - Charlie Munger

Friday, September 30, 2011

An Insightful Meditation

My best friend just read me a meditation from the book, The Language of Letting Go: Daily Meditations on Codependency. It resonated with me and I hope it inspires you:
"You are not a victim. I have learned that, if we set our mind to it, we have an incredible, almost awesome ability to find misery in almost every situation, even the most wonderful of circumstances. Be done with it. We are free to stand in the glow of self-responsibility. Set a boundary. Deal with the anger. Tell someone "No". Walk away from a relationship. Ask for what you need. Make choices and take responsibility for them. Explore options. Give yourself what you need. Claim responsibility for yourself.
Learn to enjoy what's good

Thursday, August 25, 2011

A and M Compubook

My friend Michelle Varat and I invented the Kindle in Elementary School, and she just found our prototype when she was visiting her parents the other night. So funny! I am impressed with our thoughtfulness with respect to functionality. She has our entire report that went along with it too...I am looking forward to reading it. Michelle is now a successful business owner: check out her amazing collection of women's intimates: www.topsecretsociety.com

Wednesday, August 10, 2011

Hiking in Italy (and the islands thereof)

^ The view from three-quarters of the way to the top of Monte Solaro in Anacapri.

^This was my favorite hike of all, in Ponza, "La Passeggiata al Faro della Guardia" or "walk to the lighthouse of the guard". We walked down to the tiny dock at the bottom and jumped straight in the water, where the ocean floor is full of large, soft, rounded rocks. It was magical!

^This is a picture from the same hike to the lighthouse, in Ponza. The time of day that you take the hike will have a big impact on your experience; I suggest starting the walk no earlier than 5pm.

^This picture is from one of the high points of the hike we took in Portofino, to San Fruttuoso.

^This picture is from the very top of the hike to Monte Solaro in Anacapri (Capri).

I just returned from Italy, where I experienced so many majestically beautiful hikes. The pictures above are directly linked to pages that include additional information on the trails (as close as I could find), as I have noticed that great hiking trails are often difficult to locate on the internet. As you see, I have also included captions with the name and location of each hike. I hope this is helpful; I am a strong believer of getting out and experiencing the natural landscape of any place you visit, and, when the topography permits, long walks and hikes to high viewpoints can be an ideal way to take in as much as possible.

Tuesday, August 9, 2011

The Startup Game: Inside the Partnership Between Venture Capitalists and Entrepreneurs

I just finished reading The Startup Game, on my flight back from Italy. I am pretty confident that just about anyone with an entrepreneurial spirit would enjoy reading this book. If you know little about the venture capital community and its relationship with entrepreneurs, you will be introduced to a highly intriguing, incredibly fast-paced and hugely value-creating ecosystem. If you are already familiar with this world, you will still benefit from the wisdom of one of the world's veteran, preeminent venture capitalists, William H. Draper III (also former President and Chairman of the Import-Export Bank of the United States, and former head of the United Nations Development Program), and gain valuable insights through the various anecdotes from years of his firms' investments in some the most innovative and important companies in the world, as well as from his notable stints at the aforementioned distinguished government agencies. As an added treat, Draper also discusses his more recent experience with venture philanthropy, by means of The Draper Richards Foundation (which he co-founded with partner Robin Richards Donohoe), his venture philanthropy fund, where he and Richards have aided the development of some of the most impressive, impactful and innovative non-profit organizations, including Ashoka, Kiva, and VisionSpring. All in all, a highly recommended, quick, entertaining read!

Monday, August 1, 2011

Nudge by Richard H. Thaler & Cass R. Sunstein

I just finished reading Nudge, and I am glad I read it. This book emphasizes the little things ("nudges") that can be done to profoundly affect behavior, with a particular focus on potential applications for these nudges in public policy (health care, tax reform, education reform etc). Nudges are things that we, as a society, should take the time to explore and utilize so as to guide people to make sensible choices (within the context of free choice). An example of a successful nudge at work is the targets (flies, actually) that were painted in the bottom of the men's urinals/toilets in the airport in Amsterdam, which resulted in an 80% reduction in spillage. Such a small update contributes to consistent (and thus major over time) labor and capital savings for the airport, as well as significant improvements in sanitation (and thus health) and the overall user experience. The authors also emphasize the nudging power of "default options" and how every effort should be made to ensure that default options are presented in such a way so as to maximize optimal outcomes.

Thaler and Sunstein are self-professed "libertarian paternalists". They believe in a system of beneficent guidance that does not hinder or interfere with freedom of choice. Their public policy prescription lies somewhere between the Democratic one-size-fits-most mandates and Republic laissez-faire. It is certainly a worthwhile prescription to consider.

The book is dense and pedantic at times, but this is merely a testament to the amount of substantive research and analysis that the writing is based upon. The recommendations set forth by these two authors are steeped in years of dedicated research in the fields of psychology, neuroscience, behavioral science and so forth. This book provides refreshing insights, and will certainly have an effect on the way you think about your own methodology and especially that employed by the government.

As is well-stated on its back cover, Nudge is certainly a worthwhile read for "anyone with an interest in our individual or collective well-being" (I am assuming, or rather hoping, that means most of us).

Here are a couple of websites you can visit, which I read about in the book:

1. The blog associated with the book: http://nudges.org/

2. A website developed in-line with behavioral science to help you achieve your goals. I found this one to be pretty cool: http://www.stickk.com/

Sunday, May 15, 2011

As highly-evolved as they are poorly-photographed: insights surely worth pondering.

Monday, May 2, 2011

@aliparkerkay: The case for Twitter.

A while back, I signed up for Twitter and felt like I was " just not good at it", as I didn't really know what to say all the time, and I wasn't particularly interested in what I would see when I would log on. It wasn't until a month ago when I tried Twitter again and approached it as am information consumption tool, first and foremost, an output tool, secondarily, and a social tool, lastly and minimally, that I realized it is an incredibly useful engine, and a [much more] productive place to spend my leisure internet-browsing time (than the perceived alternative, Facebook). Clearly, this is not a unique breakthrough: Twitter, with its tagline of "follow your interests", had already understood its maximum value proposition and was trying to tell me it would be most successfully utilized as an information consumption tool. I just missed the message, and had to learn that for myself. This realization has ultimately helped me considerably, to organize, personalize and maximize my news intake. I now log on to Twitter (before and often instead of Facebook, mind you) to effectively scour my favorite news & information sources-- Financial Times, TechCrunch, Fast Company, Fortune Magazine, Social Edge--and the individuals I find incredibly intriguing, in the most efficiently-personalizing fashion: in less than 140 characters, I can either read a complete tidbit of information, or get a very good idea of what the linked article will explain to me, and I can click on only the ones most relevant to my quest for info. If you haven't yet, I do suggest giving Twitter a shot, approaching it the "right" way.

On a side note, I am getting better and more comfortable with my own Twitter output, as well:

Wednesday, March 16, 2011


^ that's me playing basketball with my fiancé in Miami

First of all, let me preface this post by emphasizing that, 1. I am by no means a health specialist, and, 2. I believe best health practices are individual to a certain extent, so in terms of quantitative values for the below-listed recommendations, they may be best-determined by paying attention to what your own body is telling you.
I am, however, a person who stays in great physical shape, gets sick extremely infrequently, and generally seems to be in exceptional health. Health optimization is something I think and read about often, and I have devised my own theory that I often share with my friends who are interested in improving their health habits, getting in better shape or simply feeling better. This is important to me, so I feel compelled to share.

With respect to health optimization, there are four main goals/rules I will identify and expand upon: 1. Eat and drink right; 2. Exercise as often as pleasurably possible; 3. Get enough high-quality sleep; 4. Avoid and/or reconcile stressors


In terms of eating, I have devised my own rule that I follow, and it is pretty simple. Basically, I only eat things that occur naturally (and are certified organic or the equivalent thereof). For example, a carrot grows out of the ground naturally, a fish swims in the sea naturally, but a cookie doesn't grow or swim anywhere! A cookie is just one example of something I will generally not eat, and advise you not to eat.
--Processed foods I recommend staying away from include: pasta, bread, crackers, candy, cakes and the obvious relatives of these. Generally speaking, stay away from anything that is or contains processed sugars or processed carbohydrates.
--Foods I recommend eating VERY OFTEN are: all vegetables, all fruits, rice, quinoa, and other beans, legumes, grains, seeds, nuts. Here is a great list of the healthiest foods.
--Some foods I recommend eating pretty often are: eggs or egg whites, specific types of granola that are made exclusively of grains, seeds and fruits.
--Foods I recommend eating a significant portion of only about once a week
maximum: Meat of some variety (ie fish (preferably lower in mercury if eating fish most often), poultry, red or other meat); dairy

Here's an interesting article I read recently about eating right: Murdock Health
As is highlighted by this article, fruit smoothies and vegetable soups are GREAT food choices.

In terms of drinking, I believe so much in the power of fresh juices. I recommend drinking mixed fresh juices almost every day. (and I do not mean those Naked juices distributed in grocery stores; I mean juices you either juice for yourself at home or buy at a health food store where they are juiced immediately before consumption).
--My favorite juice is: orange + apple + carrot + ginger + lemon + (sometimes garlic) juice.
--Another juice I drink relatively often is a Green Juice (celery + cucumber + kale + spinach + apple + I add lemon).

The benefits of drinking fresh juices are profound and many in number:
--high level of nutrient-absorption, to promote great health across the board
--getting your body much-needed enzymes (which are destroyed when food is cooked); these enzymes keep you energized and boost your metabolism
--getting important phytochemicals, which help your body fight [off] disease
--getting sufficient antioxidants and other vitamins, so as to keep the immune system at its highest functioning level and keep your skin from aging prematurely
--helps prevent a vitamin deficiency, so that you can also be at your best both psychologically and phisiologically

I assure you, if you start drinking fresh juices often you will notice a major improvement in the strength of your immune system, your energy and focus levels, and probably even in your aesthetic appearance.

Other than that, we all know drinking enough water is very important, so I make sure to do this too, especially when I am exercising. However, I will tell you that I am very skeptical of plastic bottled waters and I would not recommend drinking out of them. I always opt for filtered tap water, or glass bottled waters, like Voss water.

As far as coffee goes, I think it is just fine for you as long as intake is limited to one cup per day.


Did you play a sport when you were younger that you really enjoyed, and then suddenly stop playing just because you weren't on your college team? My recommendation: don't be shy: get back in it! If you enjoy playing sports, there may be no better way for you to exercise, and especially get your cardiovascular workout in. I typically play in a pick-up basketball game for three hours on Wednesday nights, and in a pick-up soccer game for a few hours on Saturday mornings. These are some of the most enjoyable hours of my week- and they also keep me toned and keep my endurance level high. Also, let me add that even if there was not a sport you loved to play when you were younger, there are many sports you can pick up pretty easily later in life. Some suggestions (obviously depending on your geography) are: paddle-boarding, tennis, surfing, kite-surfing, swimming, skiing, snowboarding, or even dance.

I do not enjoy the gym, so if I go to the gym, I like to splurge on a trainer or a yoga (or other exercise) class; otherwise, I will simply not stay engaged and I will get very little out of my exercise. If you can't fit a trainer or exercise classes in your budget-- which is highly likely and understandably so!--I recommend scheduling one or two sessions with a highly recommended trainer and take mental notes during the sessions; then run straight home to jot down some notes on the exercise and begin practicing on your own; there are also some really effective exercise videos out there that you can watch and follow-- Tracy Andersen puts out some great ones I have done a few times and I have really felt the effects. I recommend working out with a trainer or taking a exercise classes only as often as you want to. There is no need to do so every day if you don't like too; then exercising will feel like a chore, which is counterproductive. I do believe exercise should be something enjoyable and exciting (not stressful!). For me, making the same exact exercise a daily routine, would completely diminish the enjoyment factor.

Going for a quick run outside when you are feeling lethargic is an exercise no-brainer. Just throw on a pair of sneakers (or not!) and go for a quick, fast-paced run. I, personally, get bored running very long distances, and I tend to believe that a short, fast run is just as beneficial, if not more beneficial, than a long, moderate-paced run. I suggest running outside, as opposed to inside on a treadmill, because it is important to get outside and get some Vitamin D from the sun. These days, with skin cancer fears running rampant, many women in America have severe Vitamin D deficiencies. I take my dog for runs on the beach, which is a great way for me to accomplish a few things all at once: I get a quick dose of the exercise I need, my dog gets a dose of the exercise he needs, and he has gone out for one of his multiple daily walks!

Basically, I suggest doing some form of exercise every day, but I think it's best to mix it up a bit, and don't forget that the team sports you love are a viable option as a weekly exercise !


I recommend sleeping no less than six hours per night. Sleep is so incredibly critical and omnipotent that it is definitely worth getting a sufficient amount. I typically sleep eight hours per night! There is no doubt in my mind that sleeping patterns greatly affect the way you look and feel. We all know, there is no better way to recover from common sickness than to get a lot of sleep. This speaks volumes.

Six reasons not to scrimp on sleep from Harvard Medical School.


I am a firm believer that stress is one of the most deleterious threats to one's health. I believe that high levels of stress make us especially vulnerable to disease. (Did you ever realize that so many of the most notorious carcinogens are directly linked to your level of stress: think cigarettes and deodorant)

Here is a VERY interesting article (written by a friend of mine who writes for the Wall Street Journal, and whose articles you should keep up with) about the physiological impact of stress:
Stress Health Link

The most advisable thing to do is, 1. identify the main causes of your stress and 2. find ways to manage and reconcile these stress patterns. All of the items I have already discussed above are natural stress-reducers, ie eating and drinking right, exercising and sleeping sufficiently. Here's a quick article from the Harvard University Health Publication re: stress management and reduction that you can take a look at: Taking the Sting out of Five Common Stressors

All in all, I strongly suggest taking steps to maximize your health and I hope a little insight into my own health management techniques has been helpful or even inspiring.

Wednesday, March 9, 2011

Mark Lombardi, I have never forgotten you.

(click on images for photo sources)

Contemporary Art is something I know relatively little about, but have recently begun to think about more often. I do have two simple rules (aside from simply liking the artwork) that I will follow if/when I decide to invest in a work of art:

1. The work of art must be distinguishable or recognizable, i.e. upon seeing it, one has a very good idea of the artist who created it. In other words, it should have name-brand quality. (some artists whose works, aside from being prohibitively pricey for me, perfectly exemplify this quality are Andy Warhol, Andreas Gursky, & Takashi Murikami)

2. The work of art must be big, i.e. large in size. If it were to hang in a museum, it would not look small or out of place.

The reasoning behind my criteria is simple. (First of all, when I say
'invest' in art, I mean buying art in the interest of seeing its value increase.) In this globalized economy, the end-users for all of the most valuable works of art are ultimately museums, and massive new museums are being constructed in rapidly emerging markets around the world, e.g. throughout the United Arab Emirates, China & Russia... and what will fill them? My assumption is: Name-brand art that is large in size!

When I was in Dubai recently, I saw a model of Saadiyat Island, which will be home to Dubai's new cultural center. The architects hired to build the Guggenheim and Louvre museums on the Island were not local UAE architects, but internationally reknowned "name-brand" architects, Frank Gehry and Jean Nouvel respectively. My guess is that, when it is time to fill the walls in these gargantuan museums, the strategy will be consistent.

OK, now let me get to my REAL POINT FOR THIS POSTING

Many years ago, when I was living in New York, I had a meeting with a highly-recommended art dealer who introduced me to the works of Mark Lombardi, an artist whom, I was told, had committed suicide a few years prior. I was completely struck by his works of art: they were so unique, thought-provoking, multi-dimensional and beautiful. Ever since then, every time I am in an art-related setting or conversation, my mind immediately wanders back to the works of Mark Lombardi. Clearly, his artwork had a profound impact on me.

Lombardi's work is often referred to as "Conspiracy Art".

According to Wikipedia: "Mark Lombardi (1951 – March 22, 2000) was an American Neo-Conceptualist and an abstract artist who specialized in drawings attempting to document financial and political frauds by power brokers, and in general 'the uses and abuses of power."

To create his work, Lombardi would reportedly embark on extensive investigatory missions, reading tons of published accounts related to specific conspiracies, and, using tens of thousands of scribbled-on index cards as layout guides, he would piece together the facts into explanatory diagrams. The result was Lomardi's artwork (pictured above this posting): profoundly beautiful webs depicting connections between people and events, where specific line shapes and pencil colors represent varying levels of intensity and/or involvement. The narrative of conspiracy underlying all of these diagrams is the ultimate impact.

Just to give you an idea of how specific these works were, here is the title of one of them:
"Banco Nazionale del Lavoro, Reagan, Bush, Thatcher, and the Arming of Iraq"

Please note: I am not ignoring the fact that it is quite suspicious that a person who was becoming famous for visibly documenting conspiracies (like the Iran-Contra affair) naming real people and interactions, killed HIMSELF-- but that's really none of my business

Today, where the term 'network' is ubiquitous, and where citizens in countries all over the world are joining forces en masse to topple authoritarian regimes on the basis of uncovered conspiracies, to me, the appeal of Lombardi's artwork is still strong as ever.

UNFORTUNATELY, although Lombardi's work does satisfy all of my main criteria, I don't necessarily think that buying Mark Lombardi's pieces is a wise investment, however badly I would like that to be. (Please share with me if you disagree, because I would love to be enticed to believe otherwise). Here are my reasons for assuming this:

1. ALL of his works are graphite and/or pencil on paper, which usually means that the artist would not be considered 'top-rate' museum quality. It is easy to make an argument against this in his case, but it's still a concern.
2. Conspiracy theorizing offends people, especially people who are named in the works, or related to those named in the works. (He did happen to call out some pretty 'powerful' people).

Not everything has to be a sound investment. I am going to snoop around to see who has some Lombardi inventory on-hand...just out of curiosity.

In case I've gotten you interested, here is a link to an interview about Mark Lombardi, conducted by NPR:

Monday, February 28, 2011

Why didn't I join the debate team in middle school?

Hi all,

I am working on a really interesting art-related blog post right now, but in the meantime I figured I would post Talita's new debate topics, to see if anyone has any interesting feedback. I've learned from helping her put together her debate outlines, that these are always topics worth knowing more about anyway.

Aside from simply posting the topics, I want to let you all know how incredible the debate program is, and how worthwhile of an activity it is to get your children (current or future) involved in from an early age (earliest they can become formally involved is usually 6th grade, and in some cases 7th grade). Debating develops so many skills for young students; they become more comfortable with and/or interested in: public speaking & oral communication, critical thinking, knowledge of current events and the social sciences, reading, research, reasoning skills, and, not to mention debate involvement is almost always correlated with significant increases in GPA (grade point average)! Aside from these things, I have noticed that being on the debate team gives kids the opportunity to associate and socialize with other kids who are especially dedicated to academic achievement and learning, which can never hurt, if you ask me...

Anyway, here are the topics...let me know your thoughts (note: debaters must come to the tournament prepared to argue both the opposition and the proposition for all of the below topics):

1. The United States should significantly expand its use of nuclear power.

2. Single sex education does more good than harm.

3. The California lottery should be abolished.

4. Public funding should not be used to attract professional sports teams to cities

If I have time, I will also try to post concise versions of our outlines for all of the topics...probably after the tournament.

Wednesday, February 23, 2011

Read this book.

Born to Run (A Hidden Tribe, Superathletes, and the Greatest Race the World Has Never Seen) by: Christopher McDougall

I read this book a while ago, but it is so worth reading, for so many reasons, that I feel compelled to go back in time and put this into a current blog posting.
You can find many summaries of the book by simply googling it, so I will not bother summarizing; however, I will tell you some of the more interesting things this book made me think about:

1. Evolution and Physiology. Why and how did we outlive the Neanderthals, even though they were bigger, stronger and even superior in brain size? How is it that we, at our greatest, can run down a deer? Interestingly, the answer to both of these questions has everything to do with our running endurance, specifically our running endurance under extreme conditions, like excessive heat/sun.

2. Diet and Exercise. I am already a very health-conscious person, when it comes to my eating and exercise habits. However, I do not get my information directly from nutritionists and other experts. Instead, I prefer to piece together my own diet and exercise belief system, from my reading, personal experience, intuition & logic. In this book, the Tarahumara Indians, arguably the best runners in the world, many of whom can run over 100 miles without rest, (and who also have nearly nonexistent incidences of modern diseases) subsist off of a diet of mainly the following foods:
pinto beans, squash, chili peppers, wild beans, pinole, chia, corn tortillas (made with limestone for calcium), rice, corn, and many other fruits and vegetables. They eat meat only occasionally. Aside from their homemade beer-type liquor, their diet consists of NO sugars or processed carbohydrates.
Also, Geranium Niveum (a.k.a Wild Geranium) is the Tarahumara super drug- as effective as red wine at neutralizing disease-causing free radicals.

3. Questioning the Benefits of Modernization. There is no question that some things modern are indispensably and indisputably incredible; I would never want to take back the advances achieved by modern medicines like penicillin. However, as most of us know, even modern medicine is certainly a double-edged sword: my mind automatically switches from penicillin to the more modern issues of toxic over-medicating and poisonous elective 'injectables'. This book discreetly highlights some of the counter-productivity associated with modernization. One of the most clear examples is the reality that, in nearly every single study done, the price of running shoes is positively correlated with the frequency and extremity of injury. Christopher McDougall points out that many experts would even go so far as to suggest that running barefoot, as the Tarahumara do, is far better for our bodies than running in a pair of Nike Shox!! As I pointed out in #2, the Tarahumara Indians experience nearly non-existent levels of modern disease, which most likely has something to do with any or all of the following variables: they do not ingest any of our 'modern' sugars and processed carbohydrates, they exercise outdoor regularly and extensively, and they have an extremely peaceful culture, free of many of the stressors associated with modern society (9 to 5 workdays, excessive use & consumption of technology etc). These are just a couple reasons, amongst many, why this book made me question the benefits of modernization.

So, basically I could go on and on about Born to Run and the things it made me think about, but I really suggest that you go out and buy it or stay home and download it, and start reading today.

Wednesday, February 16, 2011

ECONOMICS vs. BUSINESS, Paul Krugman breaks it down

On my flight from JFK to LAX, I just read "A Country is Not a Company" by Paul Krugman.

My reason for this posting is two-pronged:

1. I figure if I begin my blog with an exceedingly boring post, my next post can only be more exciting.

2. An understanding of Economics does not come as naturally to me as an understanding of Business & Finance. My mind is more practically-wired so theory often evades me. The perfectionist that I am, I like to improve where I am lacking. Maybe you can relate?!

Anyway, here is what I learned, and I will try and attach my complete outline, if, in fact, there is a place to attach a document here:

1. Contrary to the belief of many businesspeople, The U.S. Economy's success in creating jobs has essentially nothing to do with its ability to increase exports or cut back imports. I found it particularly interesting that the real factor that limits the overall number of jobs available is the Fed's belief that, if it were to create too many jobs, the result would be unmanageable inflation. The permissive factor does not have to do with the U.S. economy's ability to generate sufficient demand.

2. Again contrary to the belief of many businesspeople, a country that attracts large capital inflows (say, they become the 'hot' new hub for manufacturing in a particular industry and attract billions of dollars from multinationals) will necessarily run a trade deficit! This is basically because they will import some parts of their manufacturing equipment so their important demand will increase, and, at the same time, the investment inflow with either drive up the currency's value (in the case of a floating exchange rate) or the result may be inflation (in the case of a fixed exchange rate); their domestically-produced goods will then be priced out of the export markets, while the purchasing power of their currency will be greater, so import demand will further increase and the result will be a trade deficit.

3. Business strategy and economic analysis are profoundly and fundamentally different, and must be approached and understood as such. A business leader cannot just 'jump' into being an economic manager without some serious schooling: the vocabulary and concepts are different, business accounting is different from national income accounting (measure different things and use different concepts); personnel management and labor law are not the same; corporate financial control and monetary policy are very divergent as well. Furthermore, businesses are open systems that typically experience positive feedback; the U.S. Economy is a closed system that typically experiences negative feedback. "In spite of growing world trade, 70% of U.S. employment and value-added is in industries, such as retail trade, that neither export nor face import competition. In those industries, one U.S. company can increase its market share only at the expense of another, and, furthermore, no matter how well-managed they are, all of the businesses in the same industry would not be able to increase market share exponentially simultaneously. Businesses, on the other hand, can increase share in all of their markets simultaneously if managed well enough to do so, and, if one part of a business is doing well, the feedback to the other parts of the business, or to the business overall, is usually very positive.
Basically, from a management perspective, when someone is running a business, he or she can bake more pies; when someone is running a country, he or she is dealing with many pieces of the same pie.

Who is Paul Krugman and why is there a good chance his words on this topic are valuable?

Paul Krugman is the professor of economics and international affairs at Princeton University. He was awarded the Nobel Prize for Economics in 2008