Quote

An actual understanding of our economy is that our economy most depends on our rate of innovation... It's not actually understood by most of the people running for office, but it's not in fact disputed.

Most of us understand that innovation is enormously important. It's the only insurance against irrelevance. It's the only guarantee of long-term customer loyalty. It's the only strategy for out-performing a dismal economy.

If we are going to be able to create a new economic vision, companies will need to rethink every aspect of their operations; their bottom lines, ownership structures, demands on financial returns, how they raise capital. For example, an ethical company would say it should only take a fair share of the planet's resources and campaign on this.

If you want to attract more investment, foreign investment, more talent, more business, I think having some level of certainty that the business environment respects, those who have been your partners for a long time, is important.

One of the most important aspects that feed a thriving economy is successful businesses, so the more startups that take off, the better the financial picture is for everyone.

Economics is extremely useful as a form of employment for economists.

Rob Engle and I are concerned with extracting useful implications from economic data, and so the properties of the data are of particular importance.

The tools used by economists to analyze business firms are too abstract and speculative to offer any guidance to entrepreneurs and managers in their constant struggle to bring novel products to consumers at low cost.

Perhaps concentrated wealth will inspire a nation of innovative problem-solvers. But if the view of many economists is right - that it sometimes discourages innovation - then we should worry.

I think the understanding of the role of markets has really helped advance the values of entrepreneurship. It's helped shape public policy discussions in a whole variety of ways.