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
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
16 April 2014, Financial Times
It is a poor criticism of a thermometer that it does not tell us how comfortable we feel.
21 March 2014, Financial Times
The man who “laboureth much, and sparing the fruits of his labour, consumeth little” should not, Hobbes argued, pay more “than he that liveth idlely, getteth little, and spendeth all he gets”.
12 March 2014, Financial Times
No economic model can describe “the world as it really is”.
05 March 2014, Financial Times
The most important source of economic advance comes not from doing the same things better, but from achieving the same objective in a completely different way.
19 February 2014, Financial Times
Anthropology helps us understand the world, in ways that are helpful whether we are talking about the internal contradictions of communism or the pathologies of financial crises.
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.
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.
14 January 2011, Scottish Affairs
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