John Kay

It is particularly easy for those who work in financial institutions to make the mistake of believing that their success is the result of exceptional skill rather than good fortune. Until vanity is vanquished, I anticipate that diversification to the level of incompetence will continue to be a powerful element in business behaviour.

Do not waste any time on sermons and the prohibition. Even if the Good Lord himself were to deliver the Sermon on the Mount, He would be ignored. Hardened gamblers only give up when they have made the resolution to quit themselves.

The benefit of road improvements is principally the reduced time and strain on private motorists, not the economic advantages to road transport operators: that lesson should influence the way we plan our road networks. Fast roads for light traffic are much cheaper to build than superhighways.

If you want to understand how the City came to play such a central role in British economic and political life, why a crash was inevitable, and why the crisis is being resolved on terms which give so much and ask so little of the financial sector, this is the most important thing you need to understand: the influence of investment banks on modern politics and policy.

We should learn lessons from the Apollo programme and the people who design our television sets. Modular constructions are more robust.

Great and enduringly successful organisations are not stages on which geniuses can strut. They are structures that make the most of the ordinary talents of ordinary people.

A licence-fee-based BBC was the guarantor of quality television in a monopoly market. But a licence-fee-based BBC is now the main obstacle to quality television in a competitive market.

Regulatory agencies often come to see their functions through the eyes of those they regulate. The label for this process is regulatory capture.

The decline of GM is as instructive as its rise. The challenge of how to reconcile professional management with a culture of innovation remains for ever a central issue for management thinkers.

Liberal democracies of the modern world based on lightly regulated capitalism acknowledge two mechanisms of accountability – the marketplace and the ballot box.