A Quote by Lars Peter Hansen
It's kind of a funny way to put it, but if you want to study a dynamic economic system, what you'd like to be able to do is focus on the linkages, say, between asset markets and the macro economy without having to model everything at the same time.
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In the 40 years I've been working as an economist and investor, I have never seen such a disconnect between the asset market and the economic reality... Asset markets are in the sky, and the economy of the ordinary people is in the dumps, where their real incomes adjusted for inflation are going down and asset markets are going up.
I think what they've been doing is largely almost in firefighting mode without a good conceptual framework - either at the micro or the macro level. Micro, you would ask: "What kind of financial or banking system do we want?" Macro, you would say: "What are the underlying problems in the structure of our economy?"
The principal linkages between Japan and the U.S. global economies are trade, financial markets, and commodity markets.
I always want my mouth to be like two steps ahead of my brain and I want my hands to move without thinking. I want to be able to dive into my computer or use my controllers without having to be, like, "Hmm, what would be a good choice here?" You just want music to happen like the same way the sweat's rolling off my face.
If you're a politician it's very useful to say that we can have economic growth and at the same time green the economy, but writers just have to face up to the fact that there are some fundamental tensions between the economic order and the biological order.
Markets, and the way they operate can't be frozen in time and place. A dynamic economy that is growing and increasing material well-being for a large number of people have to change over time.
It's in the nature of stock markets to go way down from time to time. There's no system to avoid bad markets. You can't do it unless you try to time the market, which is a seriously dumb thing to do. Conservative investing with steady savings without expecting miracles is the way to go.
When most people think of economists, they think of macro-economists. Macro-economists try to describe or - even harder - predict the movements of a hugely dynamic system. They're like a transplant surgeon trying to simultaneously transplant every failing organ in someone's body.
I like having songs that go from the personal to the kind of inter-relational, universal, because everything comes back to micro/macro and everything's tied in.
Most of the time, economic data is fairly benign. I don't wish to imply it is meaningless, but it is not a driver of stock markets. Indeed, the correlation between economic noise and how equity markets perform has been wildly overemphasized.
We are involved in a historic restructuring of the world economy. Virtually every country that matters has been striving to pursue the same economic model, and has bought into a set of market-based principles that has brought new players on the stage and new markets. We have to take full advantage.
But as you say, the fundamental stumbling block is the question of the future of the economy. And it's not just the sort of economic laboratory question, of what kind of system would best generate growth, which is the way it's presented.
It took a lot for me to be able to say that I'm a plus-size model or a model at all without feeling terror or this kind of panic, because it was something so unplanned.
Sometimes when I can't communicate that I'm frustrated, I'll just grab my guitar and I can play out that emotion and be able to cope with whatever is going on. So even being able to, like I said, share this gift with so many other people, it's definitely very therapeutic. It helps me just to focus and to be able to kind of get out those emotions that I'm having without reacting in such a way that's not acceptable in society.
It doesn't have the ability to think rationally this economic model. It thinks like a drug addict: 'Where can I get my next fix?' It doesn't learn wisely. Any kind of measure of natural wisdom would be: you make a mistake, you correct it the next time around. But a drug addict feels terrible... and then says: 'I want more'. Unfortunately we have an economic model that thinks like a crack addict.
We need to remake and reinvent our housing system so that it supports the flexibility and mobility of our economic system broadly. Home-ownership is rewarded by the federal tax code, which made great sense when that piece of the American Dream, and all the consumption that came with it, was essential to rebuilding the economy. These days, however, it feels like a huge penalty to people who want to travel light within the new mobile economy without a mortgage to hold them back.
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