A contingent bailout policy - implicit or explicit - must be coupled with some regulation of what banks can and cannot do. For example, a ban on lending to uncreditworthy customers might well make sense.

In an industry with highly sequential innovation, it may be better for society to scrap patents altogether than try to tighten them.

Specifically, in the software industry, progress is highly sequential: progress is typically made through a large number of small steps, each building on the previous ones.

Eric Maskin Quotes