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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. ↗
I rarely come away from presenting the 'Today' programme without some sense of regret. There is always some question that I should have asked, or some point that I should have made. This is annoying but not surprising. Perfection is hard to achieve in a three-hour live programme. ↗
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. ↗
I'm doing my part, building plants at a record rate, having historic conservation levels. The only people not doing their part is the federal government that is siding with the energy companies against the interests of the people of California. ↗
