“A rise in the level of saving can reduce aggregate activity temporaril...” — Martin Feldstein Quote

A rise in the level of saving can reduce aggregate activity temporarily but only a sustained high level of saving makes it possible to have the sustained high level of business investment that contributes to the long-run growth of output.

Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a price to pay. No one would make those arguments today.

Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like.

So just as I want pilots on the planes that I fly, when it comes to monetary policy, I want to think that there is someone with sound judgement at the controls.

Dogs like to learn stuff, if not from another dog, then people are OK... They love activity, playing, interesting walks, and just belonging, being together.

Nothing is more terrible than activity without insight.

The police should be focused on policing criminal activity, and that's sort of the beginning, the middle and the end of it for me.

That's one of the great things about creativity. You labor away in a room, and when you're writing a film, it couldn't be more of a solitary activity or a lonelier job, but if you then write a film that gets made and goes out into the world, it kind of flies away from you. It's not yours anymore.