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Thursday, August 17, 2017

Asset managers should compete on philosophy and style

The asset management sector in the UK is very competitive, but not very price competitive. This apparent paradox runs through the FCA’s report on asset management, but is never adequately recognised or explained. But only by acknowledging it can regulators help to create an industry which works better for investors and for the economy as a whole.

Technological change and the future of financial intermediation

John's presentation at the 44th Economics Conference of the Austrian central bank (ONB).

Forthcoming book explains why not to trust opinion polls

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!

Ugly descriptions of the the market economy undermine its real successes

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.
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Business is not politics

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

The basics of basic income

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

Economic Ideas You Should Forget: The Axioms of Revealed Preference

John's contribution to this book, published by Springer in March 2017.
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Gambling is a feature of capitalism – not a bug

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

The concept of the corporation

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.

Personal liability is the means of deterring repeat offences of corporate crime

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.
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