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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.
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.
Obtaining better information about companies is essential to the efficiency of markets and society: obtaining it fractionally earlier is of no public value at all.
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.