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Ethics are about what to do when good behaviour and profitable business are not necessarily the same thing.
British technological failures have been compounded by a political phenomenon I have come to think of as “great leap forward syndrome”. The idea is that the best way to compensate for stumbles and missteps is to move, at one bound, ahead of the field.
If I had a million pounds for every time I have heard a possible reform opposed because “it wouldn’t have prevented Northern Rock or Lehman Brothers going bust”, I might now have enough money to bail out a bank.
My decision not to read the terms of agreement when purchasing a new television is not the result of my stupidity and ignorance, but my wisdom.
Modern life involves complex and multidimensional products. It is perhaps inevitable that price structures appear similarly complex and multidimensional.
Ronald Coase, who has died at the age of 102, played a key part in developing the intellectual arguments behind the market revolution that swept round the world in the 1980s.
Humans have always found it hard to cope with the idea that every individual has a lifespan even as life itself goes on. The idea of a natural life cycle for a business, or industrial centre, is even more difficult to accept.
Having invented the concept of GSifi to describe too-big-to-fail banks, the world’s financial regulators are on the hunt for other businesses which can be treated in a similar way.