That is what happened in 2010. The administration and the leadership of the Republicans thought, 'Well, we're making a deal together; we're showing the world things can be done in a bi-partisan way. We're extending all our tax cuts for two years.'

Whenever I interview someone for a job, I always ask them whether they want to sit in Bernanke's chair. The only wrong answer is, 'Who's Bernanke?'.

The only question where there is disagreement is should the highest income rates above a quarter million dollars a year go back to where they were under Bill Clinton. That is the dispute about the taxes.

What Disneyland was to my kids at age 10, that's kind of what Chicago is for economists.

I would not minimize the digital divide, which separates the computerized world from the rest, nor would I underestimate the importance of traditional books.

To be clear, people are the most important part of any classroom. If given the choice between a great teacher and the world's most advanced education technology, I'd pick the teacher any day for my own children.

For the first time, entrepreneurs can monetize their own open-source and peer-to-peer network. They can crowdfund and raise money from people across the world on the Internet in crypto-currency.

If cheap immigrant labor is made unavailable, employers can hire Americans at a higher wage, or replace low-wage immigrant workers with technology and automation, which will create a smaller number of skilled jobs for Americans.