Conclusion

What is your philosophy of government?

My philosophy of government is that -- you know, some people went to Washington and their experience in Washington probably left them frustrated because they had hoped to be able to accomplish more, to get closer to their ideal of whatever it is they wanted to accomplish. My own sense was, I went with some doubt that that much could be accomplished and I felt that, relative to the constraints, we actually did, on balance, the right thing. So I left feeling probably at least as positive if not more positive than when I first went into the administration. I have friends for whom that's not true. They are more frustrated. They wanted it to be more perfect. Maybe that is the power of economics. Economics is a "dismal science," we don't believe things are perfect, we don't believe there are free lunches. We believe there are trade-offs and costs and sacrifices. I think that I'm going to do my entire introductory economics class this spring about that, because that is the most important insight into policy making: you can't have it all.

How would you advise students to prepare for the future and for a role in public service if they envision it?

Well, first of all, I think they need to prepare with a broad education that gives them a real feel for the rest of the world, because it is the case that we're so deeply embedded now with the rest of the world that in order to understand the prospects for the U.S. economy in 1998 you do have to understand what's happened in Asia. And I think that one of the goals I would have for an undergraduate education at Berkeley is at the end of that process. Whether you took economics or not, you should know enough to be able to make those links. So I think that is a very critical part of living in the global economy. I think it's also critically important for people to become technologically literate. Now I have to say that for me this is a kind of generational issue. I'm less technologically literate than younger people but I'm trying to catch up. I think that younger people recognize more clearly that you've got to understand this technology. You've got to understand what it can do for you and how you can use it as a research tool.

And what skill most enables you to serve in the public sector?

Clinton's economic team - group photo

Oh dear. I honestly think the ability to say what you really think, but to be willing to listen to what someone else thinks. That is, if you are an ideologue, if you are absolutely committed to your position, then I think that unless you are a politician that is going to be a very difficult place for you to be. If you are a policy person you have to be sure that no matter who the person you're talking to is, you will say what you think. But I think also you have to realize that you need to listen back. And also another thing is that you have to accept the fact that you will not always prevail. No matter how intelligent you think you are or how powerful your arguments are, you will lose. And you have to say, "I fought the fight, I gave my advice, and I was overruled."

Laura, thank you very much for this very engaging conversation on your career and your service in the Clinton administration.

Thank you.

And thank you very much for joining us for this Conversation with History.

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