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.
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28 January 2015, Financial Times
17 December 2014, Financial Times
The belief that an aggregate of casual opinions provides a better process of value discovery than a flow of informed judgment through close engagement by investors, is an article of faith rather than a matter of empirical evidence.
26 November 2014, Financial Times
The days when economic power was acquired by inheriting the mill are long gone. Mr Buffett began his business career as a mill owner, but closed the mills and went into insurance. That is the reality of capital in modern economics.
05 November 2014, Financial Times
Price indices are compiled by measuring the changes in the cost of buying a fixed bundle of goods chosen to represent the consumption of an average household. But what the average household buys changes with the arrival of new goods; and with changes in relative prices; as well as with variations – good and bad – in quality
27 August 2014, Financial Times
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.
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.
14 January 2011, Scottish Affairs
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