John Kay

Our intuition is that a centrally planned allocation of resources will be more efficient than an uncoordinated one. In a market economy, that error constantly leads us to overestimate the economic advantages, and longevity, of large companies.

Modern titans derive their authority and influence from their position in a hierarchy, not their ownership of capital.

Rational expectations fail for the same reason communism failed – the arrogance and ignorance of the monopolist.

A small fraction of the ingenuity devoted to the construction of complex financial instruments that no one should want could advantageously be applied to the construction of less complex instruments that meet the needs of the Big Society.

Even if economic issues are more central to politics than ever before, argument today is less about the nature of economic systems than about the relative abilities of different politicians to administer a system on whose basic structure all are in agreement.