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When a population saves a lot, the funds are invested outside the country as well as inside. If the Japanese invest in the United States, it pushes their exchange rate down and makes their manufacturing more competitive.

Evan Davis

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Evan Davis
Age: 62
Born: 1962
Born: April 8
Economist
Journalist
Television Presenter
Worcs
Inside
Japanese
United
Exchange
Makes
Invest
States
Competitive
Pushes
Wells
Fund
Saves
Well
Population
Invested
Country
Rate
Funds
Outside
Manufacturing

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I've always been scared of advertising folk. I've met them at parties and I've been to their offices and I've always found them intimidatingly cool. At one company I visited, they held their meetings in a caravan that had somehow been installed in the place, a rather more exotic place to gather than the typical BBC glass box.
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I've never enjoyed sleep as much until I got the 'Today' job. There is something about early sleep that's much better than late sleep. I feel myself going to sleep I don't just plonk my head on the pillow. It's a sort of winding-down thing.
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Crossrail is a prime example of infrastructure. It is a rather deadly word, but I think it is exciting stuff, the civil engineering which makes Britain tick - the bridges, tunnels, power and water networks, which bind us together.
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Personally, I don't see old economics and behavioural economics as opposed. It is useful to assume people are rational as a good approximation to their long term behaviour, but it would be unwise not to think how in practice their behaviour may deviate from that simplifying assumption.
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I don't want to sound like 'chirpy Evan' who's just bouncing around with his unrealistic views and doesn't understand what's going on.
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I actually profoundly think the world's a better place when economics is fairly boring... The more boring the better.
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Reducing every issue to an argument can become stale but it's often a very good way of clarifying issues.
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A chair's function is not just to provide a place to sit it is to provide a medium for self-expression. Chairs are about status, for example. Or signalling something about oneself. That's why the words chair, seat and bench have found themselves used to describe high status professions, from academia to Parliament to the law.
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For years, we've grown dependant on American consumers as the world's spenders of last resort. They've kept Europe out of recession, allowed China to industrialise, and prevented global deflation. But at the same time, they've not been looking after their own futures.
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It's amazing, if you know what you want to say, how fast it is to write.
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Now I can broadcast to an audience of several million people on the 'Today' programme. I can talk about the day's news. But on radio, believe it or not, we have notes and scripts. And while we might ad lib the odd wryly amusing asides, they come at the frequency of a suburban bus. About one every 90 minutes.
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The Germans are clear about what they do - cars and machine tools the Japanese are clear about what they do - electronics the Chinese are clear about what they do - they're the workshop of the world.
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There is a strong link between the following three things: exporting, manufacturing and the degree of saving by the population. It's complicated, but if the population doesn't save, the economy will not tend to export as much, and if it doesn't export as much, it won't manufacture enough.
Evan Davis