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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.
The dispersion of productivity among already rich countries has increased. Norway and Switzerland have surged ahead but laggards such as Italy – and indeed Britain – have struggled to keep up with the pack.
Envy is both inseparable from economic progress and destructive of social cohesion. Some inequality is inevitable, and there seem to be three principal factors that make it more tolerable.
Corporation tax is a tax on corporate activity and on shareholders, and it is not well designed to achieve either purpose.
All our experience of the development of information technology starts from what the customer might want rather than what the technology might do.
A stance which is pro-business must be distinguished from a stance which is pro-market. In the two decades since the fall of the Berlin Wall, that distinction has not been appreciated well enough.
Markets are not a well oiled physical machine: they are a constantly changing, adaptive biological system. Pluralism is their motive force, their essence chaotic, their development inherently uncertain. If we could predict the evolution of markets, we would not need markets in the first place.