John Kay is one of Britain’s leading economists. His interests focus on the relationships between economics and business. His career has spanned academic work and think tanks, business schools, company directorships, consultancies and investment companies. For more details of John’s biography, see the About section.
John Kay chaired the Review of UK Equity Markets and Long-Term Decision-Making which reported to the Secretary of State for Business, Innovation and Skills on the 23rd July 2012. He is a visiting Professor of Economics at the London School of Economics, a Fellow of St John’s College, Oxford. He is a Fellow of the British Academy, a Fellow of the Royal Society of Edinburgh. He is a director of several public companies and contributes a weekly column to the Financial Times. He is the author of many books, including The Truth about Markets (2003) and The Long and the Short of It: finance and investment for normally intelligent people who are not in the industry (2009) and his latest book, Obliquity was published by Profile Books in March 2010. Some of his most influential, recent work has been on banking regulation, and you can read about his vision for the sector in his 2009 essay, Narrow Banking.
Obliquity – Why our goals are best achieved indirectly
Now available as paperback!
Order your copy in John’s Bookshop.
If you want to go in one direction, the best route may involve going in another. This is the concept of ‘obliquity’: paradoxical as it sounds, many goals are more likely to be achieved when pursued indirectly. Whether overcoming geographical obstacles, winning decisive battles or meeting sales targets, history shows that oblique approaches are the most successful, especially in difficult terrain.
Obliquity is necessary because we live in an world of uncertainty and complexity; the problems we encounter aren’t always clear – and we often can’t pinpoint what our goals are anyway; circumstances change; people change – and are infuriatingly hard to predict; and direct approaches are often arrogant and unimaginative.
Obliquity was published by Profile Books as hardback in March 2010 and paperback in February 2011. For dates of John’s book signings and talks check the NEWS section.
“John Kay is an admirable debunker of myths and false beliefs –he can see substantial things others don’t. Read this book.”
Nassim N Taleb, Author of The Black Swan
“Read this book for pleasure, and indirectly – obliquely – you will gain invaluable insights into how successful decisions are made.”
Mervyn King, Governor of the Bank of England
28 January 2015, Financial Times
Our perception that inflation is the normal condition is no more than a reflection of the experience of people alive today. And there is no qualitative difference between an economy in which prices are rising slightly and one in which prices are falling slightly.
21 January 2015, Financial Times
Two decades ago, the American economist Laurence Kotlikoff proposed a structure of “intergenerational accounting” to enable us to better understand the ways in which our actions today impinge on the welfare of generations to come. Only if we develop and broaden that framework can we start to address the question Roche put to his fellow parliamentarians 350 years ago.
14 January 2015, Financial Times
In the face of an event like the attack on Charlie Hebdo, the urge to respond decisively is natural and strong. But the bias to immediacy and action is as pervasive in finance as it is in politics.
06 January 2015, Financial Times
The people who ran big companies were always relatively well paid, but the meaning of “relatively well paid” is now altogether different. Finance employs more people, recruits more able people and pays them a lot more. These effects have not been seen in countries, such as France and Germany, that have proved more resistant to financialisation.