John Kay

This is an extract from work in progress by John Kay and Mervyn King, on the importance of radical uncertainty and the misuse of probabilities. The book is provisionally entitled “Through a Glass Darkly" More to come!

The Labour and Conservative party election manifestos mark a retreat from the economic liberalism of the years from 1980 to 2015. There is a risk that the real achievements in removing obstacles to productivity and innovation will be steadily eroded.

Why do business leaders often fail in applying their skills to politics?

Basic income schemes cannot work and distract from sensible, feasible and necessary welfare reforms.

John's contribution to this book, published by Springer in March 2017.

In a modern capitalist economy, almost everything is for sale, including risks. Markets can transfer known risks to people or institutions who can handle...

This is a paper John delivered at a festschrift for Leslie Hannah, the leading British business historian of his (and my) generation. Les and I have been friends and colleagues since we were both young fellows of St Johns College Oxford in the 1970s and my first book, Concentration in Modern Industry, published in 1977, was co-authored with him.

Rolls Royce's recent “deferred prosecution agreement” shows again that senior executives appear not to mind paying out large amounts of shareholders’ money to escape any personal liability for their actions.

Lewis provides a list of observations that cast substantial doubt on conventional rational choice models, although he fails to point us towards alternatives.

Background and responses to specific questions: