John Kay



Profile:


Full name: John Kay

Area of interest: Relationship between economics and business

Journals: Financial Times

Email: [mailto:johnkay@johnkay.com johnkay@johnkay.com]

Website: John Kay.com | FT.com/John Kay

Blog:

Agent: press kit (johnkay.com) | Leigh Bureau

Networks:



Biography:
Education/Academia:
 * Royal High School Edinburgh University: Mathematics/Economics
 * Nuffield College Oxford: Economics.
 * Fellow of St John's College, Oxford since 1970.
 * Lecturer in economics at Oxford University 1971–78

Career: biographical note

Current position/role:


 * also writes/has written for:

Other roles:

Other activities:

Disclosures:

Viewpoints/Insight:
 * philosophy
 * Beware fat cats and dreamers interview by Larry Elliott, The Guardian, 3rd May 2003

TV/Radio:

Controversy/Criticism:

Awards/Honours:

Other: Research fellow at the Institute for Fiscal Studies



Books & Debate:
Latest work: The Long And The Short Of It, January 2009 - "This book provides a guide to the complexities of modern finance. It describes the basics of investment and the sophisticated innovations of the modern financial system. It explains how twice in the last decade - in the new economy bubble and the credit crunch - the follies of finance have threatened the stability of the world economy"
 * The British tax system OCLC 3770519, 1978 (with Mervyn King)
 * The economy and the 1983 budget OCLC 10362411, 1983
 * The state and the market: the UK experience of privatisationOCLC 16801003, 1987
 * Privatization and economic performance OCLC 30072727, 1994 (with Matthew Bishop, C P Mayer)
 * Why firms succeed OCLC 30815141, 1995
 * The business of economics OCLC 35008288, 1996
 * The economics of business strategy OCLC 51983209, 2003
 * The truth about markets: their genius, their limits, their follies OCLC 51622571, 2003 (more info)
 * Everlasting light bulbs: how economics illuminates the world OCLC 249495335,2004 (with Roger Beale)
 * The hare and the tortoise OCLC 156800985, 2006

see John Kay.com: bookshop

Speaking/Appearances:



Financial Times:
Column remit: Economics and business

Section: Comment

Role: Commentator

Pen-name:

Email: [mailto:johnkay@johnkay.com johnkay@johnkay.com]

Website: FT.Com / John Kay

Commissioning Editor:

Day published: Tuesday

Regularity: Weekly

Column format:

Average length: 800 words



Articles: 2011

 * at the nucleus may not have the best view'' - When someone tells you something is too complex for you to understand, it usually means they do not understand it - 2nd February
 * war on moral hazard begins at home'' - The mobility of capital, and even bank headquarters, does not prevent unilateral action to protect domestic depositors and national taxpayers - 26th January
 * trust in finance was carried off by the carpetbaggers'' - The decline of partnership and mutuality sowed the seeds of a crisis - 19th January
 * smart business is dressed in principles not rules'' - People will always violate the spirit of a regulation as they adhere to its letter - 12th January
 * years of taxiing on UK runways'' - British government is not suited to the long horizons needed for airport planning - 5th January



Articles: 2010

 * expect markets to bend it like Beckham'' - When it comes to the economy, assumptions of perfection are dangerous - 29th December
 * giving – and the true meaning of Santa'' - People who complain that the spirit of Christmas is eroded by commercialisation are not simply priggish - 22nd December
 * England should spare a thought for Modigliani-Miller'' - Its value lies as much in the questions it raises as in the truths it reveals - 15th December
 * thebearer of bad news'' - Potentates of today prefer to create their own reality than to face the truth - 8th December
 * Scots may gripe but now, let there be light'' - Shifting the clocks forward would bring fewer accidents at work and on the roads. We could spend less on heat and light - 1st December
 * innovation rarely comes from within'' - Competition means different things to businesses and consumers - 24th November
 * designed to leave savers bemused'' - Savers will find it hard to assess the risk of these financial products - 17th November
 * a filthy habit deserves a fair hearing'' - Claims about smoking and drink-driving must be questioned - 10th November
 * a distant judge than a pliant regulator'' - Even the best-intentioned of overseers comes to see issues in much the same way as the corporate officers he deals with every day - 3rd November
 * the British prefer to register displeasure'' - When Americans pick up their guns, and the French protest, the British agonise over whether life is fair - 27th October
 * you can have an economy of people who don’t sweat'' - It is time for manufacturing fetishists to move beyond categories set by Stone Age man’s requirements for food and shelter - 20th October
 * to spot a good from a bad quango'' - Dislike of quangos partly reflects dislike of the people who are often in them - 13th October
 * at the gates of complexity'' - Where there is a collateralised debt obligation, there will soon be a CDO squared - 6th October
 * job of business secretary is to put the future first'' - His task is not to reward grandees with favours but to encourage a new generation - 29th September
 * fiscal watchdog should not need a crystal ball'' - Forecasting is no job for the Office for Budget Responsibility - 22nd September
 * must press on with breaking up banks'' - Pledges of co-ordinated international action to reform global finance in the aftermath of the crisis have proved empty - 15th September
 * rate a return, think of what you’re missing'' - Rewards to risk are not the same as rewards to patient waiting - 8th September
 * all rights should be defended to the death'' - There is a difference between internet access and free speech - 1st September
 * bird in the hand can make a lot of sense'' - 'Rational' responses are often nothing of the sort - 25th August
 * barons of the Rhine'' - The distinction between those who add value to cargo and those who help themselves is vital - 18th August
 * good economist knows the true value of the arts'' - You can't measure the value of a play by how much it costs to clean the theatre - 11th August
 * Street play for which we pay'' - Much has changed since Shakespeare’s day yet for many of us much remains the same - 4th August
 * needs more robust stress tests than these'' - Financial regulators have much to learn from engineering - 28th July
 * may be a Rembrandt to you, but markets can beg to differ'' - Differences in perceptions and beliefs make the business world go round - 21st July
 * Market should sometimes get his way'' - Speculators command authority from the money they put behind the views they express - 14th July
 * spread its own risks but left ours alone'' - The risks that the financial sector has devised techniques to manage are not the everyday risks of an uncertain world - 7th July
 * chance to restore confidence in Britain’s official data'' - Government documents should treat information and citizens with respect - 30th June
 * costs so often leads to cutting corners'' - Managers have to strike a balance between expenditure and efficiency and between the cost of anticipation and that of repair. Sometimes they will get this wrong – as they probably did at BP - 24th June
 * should all have a say in how banks are reformed'' - The value of banks lies in what they do for the rest of the economy, not for themselves - 16th June
 * the cult of the heroic chief executive'' - Among the catastrophes are smaller disasters - 9th June
 * to stay ahead of the angry brigade'' - For both consultants and the Socialist Workers the objective is the process of change - 26th May
 * royal invitation to raise the debate on finance'' - We need to increase the scope for authoritative independent inquiry - 19th May
 * yourself, Britain, for higher taxation'' - The British have no appetite for fewer public services - 12th May
 * left is still searching for a practical philosophy'' - What happened to the intellectual revolution we were promised in 1997? - 5th May
 * a bonus culture is just a poor joke'' - Why teachers and doctors oppose importing the culture of assembly lines - 28th April
 * our leaders get to grips with a scare story'' - The political incentives are either to downplay risks or exaggerate them – or to do each at different time - 21st April
 * may be dismal, but it is not a science'' - New economic thinking must necessarily be eclectic - 14th April
 * cows, communities and credit default swaps'' - Why gambling with CDS should be banned - 7th April
 * can’t blame the UK housing market'' - There was no UK housing bubble and banks had little to do with mortgage losses - 31st March
 * to make money without trying'' - Complex goals are often best achieved indirectly - 24th March
 * before you tear up an unwritten contract'' - In many cases, the formal contract is necessarily incomplete - 17th March
 * Everyone should have a few'' - The capacity to acknowledge mistakes is too rare - 10th March
 * who pander to public opinion lose respect'' - The relationship between politicians and the public has changed. And not for the better - 3rd March
 * should stand up to shameful bullying'' - Depositors in Icelandic banks have no claim on ordinary people - 24th February
 * and fair values melt under a spotlight'' - No accounting principles will cover all conceivable situations - 17th February
 * profits and rock ’n’ roll'' - Media moguls have no focus on the bottom line - 10th February
 * ‘too big to fail’ insurance is the worst of all worlds'' - As well as leading to greater potential calls on taxpayers, it would mean less public control of risk and entrench the position of incumbent institutions - 3rd February
 * political ideology found a new world'' - In Europe, the collapse of socialism removed the main issue that divided the political parties. In America, it removed the main issue that united them. That is why European politics was more ideological than US politics then, and US politics is more ideological than European politics now - 27th January
 * blight markets and motorways'' - Self-delusion is possible because cognitive dissonance separates the occasional accident from the frequent success - 20th January
 * books drive needs a wider debate'' - It’s too important for the present court case - 13th January
 * cause of our crises has not gone away'' - Public support of markets provides the fuel - 6th January



Articles: 2009

 * back in anger at the spirit of the age'' - The comment that best captures the past decade must surely be Chuck Prince’s “We’re still dancing”. but the Citigroup chief executive’s folly is repeated in every age of excess - 29th December
 * is not about wearing a white coat'' - Pioneers are routinely pushed aside by rivals whose skills are in the marketplace rather than the laboratory - 16th December
 * reality check for fiscal Pollyannas'' - Almost without exception, forecasts of Britain’s public finances have been unduly optimistic. To depoliticise the presentation of data, we need an independent fiscal policy commission - 9th December
 * real cost to business of government guarantees'' - Instead of renewing self-regulatory mechanisms, we have effectively abolished them - 2nd December
 * digital plan gets in the way of real progress'' - The market is the best progress tool - 25th November
 * the market proved no panacea for BT'' - The verdict must be that privatisation provided a route for the managed decline of a business whose historic purpose was disappearing - 18th November
 * interests are trying to control the market'' - ‘Rent-seeking’ is found whenever economic power is concentrated – in the state, in large private business, in groups of co-operating and colluding firms. America has a new generation of rent-seekers: investment bankers and corporate executives - 11th November
 * evolution defines the market economy'' - Markets are not a well-oiled machine: they are a constantly changing, adaptive biological systemn - 4th November
 * big to fail’ is too dumb to keep'' - While regulators may be at fault in not having acted sufficiently vigorously, to say they caused the crisis is as ludicrous as saying that crime is caused by the indolence of the police - 28th October
 * survivors do not clutch at straws'' - We are all inclined to believe we have more influence over events than we do. The answer is to maintain a sense of our long-term objectives while acknowledging the limits to our freedom - 21st October
 * the skies proved the limits of regulation'' - The experience of the airline industry illustrates the phenomenon of regulatory capture – the tendency for regulators to see through the eyes of the industry they regulate - 14th October
 * after the age of efficiency'' - Warren Buffett said most of what you need to know about efficient markets. “Observing correctly that the market was frequently efficient, they [academics, investment professionals and corporate managers] went on to conclude incorrectly that it was always efficient. The difference between the propositions is night and day.” - 7th October
 * is the real hidden hand in business'' - Large and complex corporations, like biological organisms, could only be the product of incremental change and adaptation. Their common essential characteristic is inexact replication - 30th September
 * not discount what you cannot measure'' - Bogus measures add nothing to our understanding – they attempt to compress complex problems and analyses into single observations - 23rd September
 * banking with no bill to the taxpayer'' - Deposits need to be backed by safe assets otherwise the mismatch of risk provides an unjustifiable public subsidy - 16th September
 * in financial markets puts us all at risk'' - Carry trades offer transitory profits and these are entirely offset by unrealised, but inevitable, future losses - 9th September
 * magic or in markets, it is never rational to be wrong'' - Consistency is a characteristic to be prized in a world simpler, more predictable and better understood than the one that we live in – the world described by certain kinds of economic model - 2nd September
 * brought down by new Peter Principle'' - Companies diversify too much - 26th August
 * Eliot wrote the book on moral hazard'' - John Kay turns to Middlemarch for lessons on how to teach feckless gamblers to behave responsibly while minimising future expenses - 19th August
 * driving makes little economic sense'' - On Britain’s M6 toll road you pay for the sole privilege of sharing the road only with other drivers who have paid the toll, making it an unusual luxury - 12th August
 * may be dismal but economics flies off the shelves'' - Not long ago it was impossible to get a publisher interested in a “popular book on economics”. But in less than a decade ‘tipping points’, ‘nudges’ and ‘black swans’ have become staples of dinner table conversation - 5th August
 * democracy is not just about taking part'' - Technology brings superficiality - 29th July
 * big to fail? Wall Street, we have a problem'' - We should learn from modular design. In the business context, modularity means that different activities are conducted through different corporate vehicles, so are less likely compromise the whole - 22nd July
 * doomed to repeat the mistakes of history'' - Running companies or countries by the numbers has failed, but few are learning from past errors - 15th July
 * banks are beyond the control of mere mortals'' - We would be wiser to look for a simpler banking system, more resilient to human error and inevitable misjudgments - 8th July
 * has sunk itself deep into a fiscal black hole'' - Even if economic recovery is rapid, there would still be a large deficit. At least half the current deficit will need to be eliminated by cuts in public expenditure and increases in taxes - 1st July
 * throw the book at our crazy television market'' - Broadcasting’s competitive genie is out of the bottle and is not going back in and although a liberalised market will initially be flooded with dross, the licence-fee-based BBC is outdated - 1st July
 * a television monopoly ended in mediocrity'' - Broadcasting’s competitive genie is out of the bottle and is not going back in and although a liberalised market will initially be flooded with dross, the licence-fee-based BBC is outdated - 24th June
 * errors: from the fat cats to long tails'' - Extreme adverse events happen much more often than they are supposed to in the world of classical statistics. This explains why it is so damaging to be out of the market even for a few days, if they happen to be the wrong days - 23rd June
 * slow drip of the ‘faster’ payments system'' - We have just passed the first anniversary of the introduction of a ‘faster payments system’ by British banks, but it is still only partly operational - 17th June
 * in markets is best judged by the beholder'' - John Maynard Keynes likened the processes of stock exchanges to a newspaper beauty contest. He anticipated that professionalisation of markets would drive out analysts who focused on fundamental value - 10th June
 * lessons from the downfall of a carmaker'' - General Motors, the failing giant was the iconic corporation of the 20th century and introduced many of the industrial practices that were adopted the world over. Yet the factors that had once been the company’s strengths were became its weaknesses - 3rd June
 * ‘too big to fail’ is too much for us to take'' - Facilitating failure is better - 27th May
 * the bail-out kings and backbench barons'' - We may be relaxed that some people do become filthy rich, but we should not be relaxed about how they become so - 20th May
 * have caught MPs with their pants down'' - Values of integrity, of public service, and of responsible stewardship of the money of others can never be replaced by rules or imposed by regulation - 13th May
 * boom based on little more than a bezzle'' - There is an interval during which an embezzler benefits from stolen money but the victim does not know he has lost it. In the past decade this has been happening on a massive scale - 6th May
 * should not be the ones making decisions'' - When the emphasis is placed on procedure over substance the opportunity to exercise skill and judgment invariably drain away, and the proceedings become mind-numbingly boring - 29th April
 * affair with bankers is to blame for this sorry state'' - Little has changed. The UK government still sees financial services through the eyes of the financial services industry - 25th April
 * economics lost sight of real world'' - Policymakers and the public are not interested in whether models are rigorous, but in whether they are illuminating - 22nd April
 * vindicates the science of muddling through'' - An article by American political scientist Charles Lindblom about decision-making was included in a 1959 collection mainly to poke fun at those who acted on his advice. Fifty years later he doesn’t seem so wide of the mark - 15th April
 * not depend on Otherland to apply the rules'' - The best answer would be more Europe – a pan-European regulator and a single Europe-wide scheme for protecting depositors. But this will not happen. If there cannot be more Europe, there should be less - 8th April
 * the fat cats to long tails: when all is not normal'' - Extreme adverse events happen much more often than they are supposed to in the world of classical statistics. This explains why it is so damaging to be out of the market even for a few days, if they happen to be the wrong days - 1st April
 * fallacy of equating economic power with influence'' - In the modern world, there is no observable relationship between the size of a country and its standard of living - 25th March
 * havens exist because of the hypocrisy of larger states'' - In the 1860s, the typical client of a haven was a patron of the entrepreneur François Blanc’s casino. In the years after 2000, the typical client of a haven was a hedge fund registered in Grand Cayman - 21st March
 * the ‘Madoff twist’ entices the astute'' - The fraudster hints at impropriety, but implies that the target will be the beneficiary rather than the victim - 18th March
 * from a 1930s rebound that petered out'' - The analogue of the 1929 Wall Street crash is not the 2007 credit crunch, but the 2000 bursting of the New Economy bubble - 11th March
 * the competent bankers can be assisted'' - An interlude of nationalisation, followed by the reflotation of narrowly focused retail banks, is now the least bad route to the principal public objective - 4th March
 * could have found cure at pharmacy'' - Where Alan Greenspan went wrong. His memoirs have proved that his skills were in politics rather than in economics - 25th February
 * professional standards for bankers'' - Doctors and lawyers have rigorous training and examinations. There is no such requirement for financial service employees, but there should be - 18th February
 * the buccaneers from the meticulous'' - The dispute over pay and bonuses is more than a focus for populist anger – it raises basic questions about the structure of the financial services industry - 11th February
 * levels of ‘Great Leap Forward syndrome’'' - Although the UK’s National Health Service has spent heavily on IT, the management of information remains poor - 4th February
 * models are no excuse for resting your brain'' - A model will tell you only what you have already told the model. It cannot replace an understanding of market psychology - 28th January
 * down the market in five-legged dogs'' - How can a package of loans be worth more than the sum of their individual values? The amount borrowers pay is just the same even if you call the loans an asset-backed security or a collateralised debt obligation - 21st January
 * words have teeth to kill great ventures'' - Living within the lie, because it does not face reality, is the way great organisations fall into catastrophic errors - 14th January
 * Tesco knows and Woolies forgot'' - The people who succeed in business are passionate about it. And, by the way, you can make a lot of money in the process - 7th January



Articles: 2008

 * for the contrarian'' - It is mostly people who appreciate the uncertainty of our complex world who have worthwhile things to say about the future - 30th December 2008
 * titans’ inability to say sorry'' - It would be consoling to believe these individuals know in their hearts they are at fault, but are advised not to admit it - 17th December 2008
 * companies are too powerful to fail'' - The larger the business, the more likely that legislators will see political advantage in being helpful - 10th December 2008
 * east’s innovators are no threat to the west'' - The technological capabilities of China and India create more commercial opportunities than threats - 2nd December 2008
 * passive approach to bank stakes is inadequate'' - Taxpayers have rescued these institutions for a specific purpose and we should use our stakes in them to insist that this is fulfilled - 26th November 2008
 * is right to opt for pragmatism'' - The ‘third way’ of Blair and Clinton degenerated into platitude and vacuity. Can the president-elect do better - 19th November 2008
 * and the limits of academic pluralism'' - Anything does not go on campus - 12th November 2008
 * Life’s lessons for the bank crisis'' - If there was a failure of prudential supervision at Equitable Life, was there not also a failure at RBS and HBOS - 5th November 2008
 * Napoleon have coped in a credit crunch?'' - Our desire to see history through the lives of great men blinds us to the complexity of politics, business and finance - 29th October 2008
 * capital is not for wimps'' - In good times, you may feel you do not need it and may resent paying for it. In bad times, you can never have enough - 22nd October 2008
 * got burned by their own ‘innocent fraud’'' - The participation of banks in the recent round of follies brought humiliation. Is the deception of others more or less venal when one has also deceived oneself? - 15th October 2008
 * must first protect taxpayer'' - Experience has shown temporary public aid to get companies over a bad patch is rarely either temporary or effective - 8th October 2008
 * pain is good – in both medicine and finance'' - Pain is beneficial because evolution is smarter than you at deciding how you should respond in situations that hurt you - 1st October 2008
 * let down diligent folk at the Halifax'' - The road to nemesis began, not at conversion, but on the day it was decided that treasury should be a profit centre - 24th September 2008
 * will fund another run on the casino'' - The next crisis will be different in origin – the rules that will have been introduced by regulators will prove irrelevant - 17th September 2008
 * can be about better – not more'' - We use a lot of stuff. The average European gets through 50 tonnes a year. But the amount is not increasing - 10th September 2008
 * cannot be trusted to set the fiscal rules'' - Too many subjective issues involve people whose careers depend on pleasing ministers to make the assessment - 3rd September 2008
 * reasons for irrational behaviour'' - Analytic skills are neither necessary nor sufficient for good performance – as many barely articulate Olympians show - 27th August 2008
 * demands a warm heart and a cold eye'' - The desire to give people chances they may not deserve is admirable but it is not the trait you want in examiners - 20th August 2008
 * damned statistics and value added'' - The difficulty of measuring value added is the reason financial services are exempt from value added tax - 13th August 2008
 * rules for public duty and private failure'' - The obligations of government are the product of future political expectations, not current legal duties - 6th August 2008
 * Scotland's sense of injustice blights its future - Why has the nation’s growth rate not matched that of other small European states in the ‘arc of prosperity’ - 30th July 2008
 * Brown's rules are a flawed basis for policy - The effect of the target is to focus attention on the target rather than its purpose. The target is met; the objective is not - 23rd July 2008
 * Fannie Mae and the limits of public obligation - Still the bills roll in. Taxpayers have already written impressively large cheques for Northern Rock and Bear Stearns - 15th July 2008
 * Forget the meltdown, worry about goo and asteroids - The best way of dealing with grave uncertainties, as with more banal disasters, is to buy options against them - 9th July 2008
 * Metaphors in free fall: the anti-bubble named - Commendations go to several readers who, even if not coming up with the best word, identified key features of our current crisis - 2nd July 2008
 * The strange financial physics of the inverse bubble - Bubbles are puffed up, not puffed down. That is why we need a phrase to describe the anti-bubble - 25th June 2008
 * There is a better way to stop bank failures - If public agencies are to supervise seriously the strategies of high street and investment banks, we might as well nationalise them; the proposal is entertained only because everyone knows it is not really serious - 18th June 2008
 * Rhetoric will never feed the world's hungry - We make the poor better off not by holding back technical and economic progress, but by accelerating it - 11th June 2008
 * Smoking, cynicism and sheer muddled thinking - The measure of the productivity of an activity is the public and private benefit from a good or service that results from that activity - 4th June 2008
 * Books: the good the bad and the cheesy - Ideas - even those about business - often find their best expression in fiction - 28th May 2008
 * Seeing is believing when it comes to inflation - Perceptions of inflation are formed, not by the ONS, but by the most salient prices - 21st May 2008
 * Darwin's wife and war in Iraq: a missing link - The modern world of business and politics is plagued by spurious rationality and bogus quantification. The desire to do what is right is overtaken by the necessity to do what is easy to defend - 14th May 2008
 * Buy as bankers move from denial to depression - 7th May 2008
 * A ban on touts will not fix a rigged game - The present systems of ticket allocation have much more to do with the maintenance of networks of patronage than the carefully targeted allocation of seats to “genuine fans” - 30th April 2008
 * An innumerate mistake haunting the government - Do not tinker with the tax system for short-term political advantage. Tax is always more complicated than you think and the results come back to haunt you - 23rd April 2008
 * Lennon was right about the music and the man - The notion that extending intellectual property rights in the music industry would provide pensions for ageing and impoverished crooners is an engaging fantasy - 16th April 2008
 * In times of complexity, common sense must prevail - Confidence in the models used for risk management in financial institutions is a casualty of the credit crunch - 9th April 2008
 * How I blew my money on the wrong video discs - There are historic lessons to be learnt from the recent high definition format war: the importance of the installed base and the unpredictability of consumer markets - 2nd April 2008
 * More regulation will not prevent next crisis - Regulation in a market economy is targeted at specific market failures and should not be a charter for the general scrutiny of business strategies of private business - 26th March 2008
 * No need to own a road: buy the tollbooth - Mr Buffett’s success demonstrates the weakness of one economic theory, the efficient market hypothesis, and the strength of another – the central role that the pursuit and defence of economic rents plays in modern corporate life - 19th March 2008
 * Just think, the fees you could charge Buffet - Warren Buffett's emergence as the world's richest man illustrates the power of compound interest. Warren neither pays nor makes management charges. The effect is larger than you would believe possible - 12th March 2008
 * Sloppy talk means executives are lost in space - The corporation’s unique identity is defined by its distinctive capabilities - 5th March 2008
 * Sovereign wealth is a force for stability - The political consequences of international trade are different from the political consequences of international investment - 27th February 2008
 * No time to emphasise Scotland's fealty - Scottish banknotes are not legal tender in England – or in Scotland. What matters is not what is legal tender, but what others will accept - 20th February 2008
 * Bankers, like gangs, just get carried away - The analytic mind argues that those promoting incomprehensible financial products or military invasions must either be liars or fools. But neither need be - 13th February 2008
 * A fall in prices can often be good news - Asset prices are a measure less of our wealth than of our propensity for self-congratulation - 6th February 2008
 * Business lessons from chess grand masters - People who hold to a single idea, or a fixed design, generally lose in chess, as they lose in battle, in business and in economics - 30th January 2008
 * Christmas shopping and the chowkidar - There are many ways of interpreting the complexities of published economic statistics, with the result that commentators can find snippets of data to support any story they want to tell - 23rd January 2008



Links:

 * John Kay recent articles (John Kay.com)