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The theory of mechanism design can be thought of as the 'engineering' side of economic theory.

Design is a tool that either allows us to create new markets or disrupt existing ones.

Economics should be defined in terms of what it is about. It should be about how people produce things, how people exchange them, how people earn income, how they pay taxes, how the government provides infrastructure with tax revenue, and how it conducts monetary policy. The subject has to be defined in terms of the object of inquiry.

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.

A successful economic development strategy must focus on improving the skills of the area's workforce, reducing the cost of doing business and making available the resources business needs to compete and thrive in today's global economy.

We haven't shed our engineering pragmatism, so we accomplish things in the simplest manner possible. It helps with budget, obviously. We're not getting rich off web video, and we're supporting two families with our income, so we need to keep as much of the budget to ourselves.

Instead of ideological objectives of a political nature, today we are faced with ideological objectives of economic nature.

The ultimate purpose of economics, of course, is to understand and promote the enhancement of well-being.

Economic management involves the operation of economic frameworks in real time - for example, in the private sector, the management of complex financial institutions or, in the public sector, the day-to-day supervision of those institutions.

Intellectual property is a key aspect for economic development.