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Invisible hand or chaos

Perhaps the invisible hand of Adam Smith is not as important in free market economies as the freedom for unsuccessful experiments to fail.

Economists and Economics in Business

Most businessmen think that the role of economists is to produce macroeconomic forecasts. Since modern business strategy is, however, increasingly based on economic foundations - largely through resourced based theories - it might be time they reconsidered.

Institute for Fiscal Studies (anniversary piece): April 1999

John recalls his experience in setting up the Institute for Fiscal Studies, one of the UK's most respected economic think tanks.

Everyday tale of truth and falsehood

The reason competitive markets work is because, over time, we have stumbled on processes which force people to reveal what they really want and how much they want it.

Review: New Labour (New Statesman)

The proposition which New Labour offered the voters in 1997 was essentially a simple one. Labour was very like the Conservative party while...

Few competitors in a novel business

Why Tom Wolfe’s latest book is a better business novel than any of the English competitors

Equality and the Modern Economy: Are companies the new partners in...

Wednesday 28th October 1998 In the last of these seminars, John Gray described the social liberal position in equality, which he contrasted with what he...

We’re all postmodern now

The architects of modern companies are repeating the errors of the architects of modern buildings. Perhaps it is time to develop a theory of post-modern management?

No accounting for creatures of habit

Successful industrialists claim not to act in accordance with economic theory - why is the theory still taught?

In defence of endogenous growth theory

Much jargon is designed to conceal vacuity of thought. But technical terms have their place.