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Britain, however, has ended up specializing in the ones you don't see as much of: defense aerospace, making drive shafts for cars, pills and drugs, designing chips that go into 94 percent of the world's mobile phones.

Evan Davis

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Evan Davis
Age: 62
Born: 1962
Born: April 8
Economist
Journalist
Television Presenter
Worcs
Drug
Cars
However
Ended
Design
Britain
Aerospace
Percent
Drugs
Shafts
Ones
Phones
Designing
Making
Drive
Pills
Much
Defense
Chips
World
Car
Mobile

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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.
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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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Historically, the British have always been rather wary of grand engineering projects - perhaps understandably, given that many of them have been delivered late and over budget.
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Being funny, it turns out, is like being a bank. It's a confidence trick. As long as everyone believes in you, you are fine.
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We escaped the last big bursting of a bubble - the dotcom bubble - with a relatively light U.S. recession. On that occasion, the world economy found its way back on track fairly quickly.
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Interestingly, human irrationality is a hot topic in economics at the moment. Behavioural economics it's called, on the cusp of economics and psychology.
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Personally, I'd like us to have a few more women on the 'Today' programme.
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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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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.
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Interest rate cuts have an effect in stimulating an economy by directly or indirectly making someone, somewhere, spend more than they otherwise would. That extra spending increases demand and ensures that we all carry on with work to do, without us having to slash our prices or our wrists.
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We Brits print banknotes out in Debden in Essex, and have contracted it out to the private sector. Here in the U.S. it is a government operation right in the heart of Washington next door to the Holocaust Museum.
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Now undoubtedly, we face some very British challenges when it comes to infrastructure. We rightly cherish our back yards and green spaces, and we'll defend them passionately when projects are announced. We live in a democracy, and we like to debate these things, often for many years.
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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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We are more likely to cheat if we see others doing so. We tend to conform to accepted norms of reasonable behaviour, rather than adhere to strict rules.
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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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Someday we'll look back on this moment and plow into a parked car.
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For industry to settle in a country, you first need electricity for electricity, you need some trained workers for trained workers, you need some schools for schools you need some money for money, you need some industry.
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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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As it happens, I have personally been something of an enthusiast for the London Olympic games, mainly on the grounds a) that a bit of wasteland will be made nice and b) that it tends to make everybody happy that their country should be the centre of world attention for a couple of weeks in their life.
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I don't keep it secret that I live with my partner Gio. I'm very proud of my gayness. But there is lots I wouldn't want the press to write about me... it is a matter of regret that being gay is the most interesting thing about me.
Evan Davis