Much of the complexity of modern finance is the result of regulatory arbitrage – avoiding or minimising restrictions by engaging in a transaction with more or less identical effect but more favourable regulatory treatment. Many regulators still cling to the hope that it could be eliminated if only rules were sufficiently extensive and sufficiently carefully prescribed. But this is an illusion.
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27 August 2014, Financial Times
01 April 2014, Financial Times
Whatever initial misconceptions spin doctors may promote, reality will out.
12 March 2014, Financial Times
No economic model can describe “the world as it really is”.
12 February 2014, Financial Times
Big data can help us understand the past and the present but it can help us understand the future only to the extent that the future is, in some relevant way, contained in the present.
29 January 2014, Financial Times
The dispersion of productivity among already rich countries has increased. Norway and Switzerland have surged ahead but laggards such as Italy – and indeed Britain – have struggled to keep up with the pack.
22 January 2014, Financial Times
Politicians, like gang bosses and football fans, routinely attempt to establish or reinforce their leadership by inciting hostility to other groups.
15 January 2014, Financial Times
Economics is not a method but a subject – one defined by the problems it sets out to tackle not the techniques it uses.
27 November 2013, Financial Times
The Olympiad was a good party, which cost the British population about £200 per head.
30 October 2013, Financial Times
British technological failures have been compounded by a political phenomenon I have come to think of as “great leap forward syndrome”. The idea is that the best way to compensate for stumbles and missteps is to move, at one bound, ahead of the field.
18 September 2013, Financial Times
If we engineered the financial system with the same care and competence as the electricity network, financial crises would be less common.
28 December 2009, Financial Times
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