John Kay

When the Chinese ask how to establish the institutions to support a stable, prosperous economy, it is not enough to mumble: “Property rights and rule of law – go to Denmark and see.”

The belief that the right response to the failures of Basel I and II is a more elaborate version of the same global regime is a triumph of hope over experience.

If unplanned social interactions are the key to a vibrant city, they are also the key to a vibrant organisation.

Restriction of business on moral grounds is not always unsuccessful but measures have to be applied with great care.

For a time, the coalition government seemed willing to let figures tell their own story rather than one written by their political advisers; but that time seems to have passed.

The most remarkable thing about Warren Buffett’s achievements is not that no one has rivalled his record, it is that almost no one has seriously tried to emulate his investment style.

Probabilistic reasoning has become the dominant method of structured thinking about problems involving risk and uncertainty – to such an extent that people who do not think this way are derided as incompetent and irrational.

You can lower the marginal rate of tax on an individual without changing their average rate – and vice versa. Every politician who wants to help the low paid by reducing their income tax rate should write that sentence out 50 times.

The objective of monetisation has not been to put money in the hands of consumers and businesses but to put money in the vaults of banks.

If trust and confidence in financial intermediation are to be re-established, principles of loyalty and prudence are a prerequisite.