I think nobody is in a position to react to these big macro-issues. Where is the dollar going to be or what is G.D.P. growth going to be in China? For every smart person on one side of the question, there is another smart person on the other side.
The interesting thing about the China story, getting back to the macro and micro, and as dire as I think the macro story is - due to bad credit and credit extension that makes Greece and Spain and the U.S. look like child's play - when you get to the micro of individual companies, they look even worse.
One of the most important skills of the economist, therefore, is that of simplification of the model. Two important methods of simplification have been developed by economists. One is the method of partial equilibrium analysis (or microeconomics), generally associated with the name of Alfred Marshall and the other is the method of aggregation (or macro-economics), associated with the name of John Maynard Keynes.
Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.
But if a peaceful world is beyond politics it is also beyond religions as these presently exist. A change is needed in every phase of human life. This lies mainly in recognition that the micro phase, the particular or national traditions, must find their context and fulfillment in the macro phase, the global or panhuman phase of human existence.
The micro-compositions are the pieces themselves, but the macro-composition is the whole set of them and how it moves from track to track and how the titles relate to one another, for example. Always when I do records like this of a selection of instrumental pieces - the titles, to me, are very important.
My general writing preface is to write an outline and then ignore about half of it, both on a micro level with the individual book, and on a macro level with the series as a whole, and that's pretty much what's happened.
Micro trends matter more than macro ones, but most of all, people matter. Individual human beings with names and wants and interests.
I'll put it to you this way: I never, ever think about the things that I get involved with on a macro means-to-an-ends scale.
Two factors explain our success. One, MIT's renaissance after World War II as a federally supported research resource. Two, the mathematical revolution in macro- and micro-economic theory and statistics. This was overdue and inevitable, MIT was the logical place for it to flourish.
Inappropriate macro economic policies in some economies, characterised by [a] low savings rate and high consumption [and] failure of financial supervision and regulation to keep up with innovation which allowed financial derivatives to spread.
I have shown that those who deplore Artificial Intelligence are also those who deplore the evolutionary accounts of human mentality: if human minds are non-miraculous products of evolution, then they are, in the requisite sense, artifacts, and all their powers must have an ultimately mechanical explanation. We are descended from macros and made of macros, and nothing we can do is beyond the power of huge assemblies of macros.
The behavior of the economy as a whole, at the aggregate, macro-level, is built up from the individual equations at the micro-level.
Our new economic approach is rooted in ideas which stress the importance of macro-economics, post neo-classical endogenous growth theory and the symbiotic relationships between growth and investment, and people and infrastructure.
Ultimately, I don't know if love is an organizing principle we choose or if it's innate. I'm not sure the distinction matters to me much anymore; I just care about how we can reduce unnecessary suffering. I think that means learning to love in both the micro and the macro; engaging in ethical action at the level of intimacy and friendship, but also at the vocational level through our chosen work in the world, our right livelihood.
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