The dangers of sound bites

Having finally had a chance to view yesterday’s CNBC video I realise I said something I did not mean to say. Although I think the item is good overall I do say that cutting back on consumption “may be part of the solution” in relation to the economic crisis.

What I was trying to say was that it is rational for western governments to examine both options – boosting production and curbing consumption – in dealing with the crisis. However, for the record my argument is that economic policy should be centred on raising output and definitely not on curbing consumption.

It is also true that there are some areas of public spending that could be cut – but then there are others that should be increased.

Obviously it is easy to lose such nuances in the rushed environment of a television studio. I will know better for next time.