I follow the YouTube postings of a maverick young economist called Gary Stevenson, author of The Trading Game. Whatever you think of Gary, he is absolutely right about one thing. Economists, by using what are called ‘Single Representative Agent’ models, have taken a dangerous wrong turn. Such simplistic models, which contain the convenient but absurd
A few years ago, my old school magazine featured a pupil’s brief account of a geography field trip. Before the magazine was mailed out, someone had noticed a jokey reference to a minibus being driven erratically after the teacher had visited the local pub, and worried that this might be libellous. The school could have
This column nearly didn’t happen. Just as I sat down to write, disaster! My dishwasher lost its connection to the internet. This meant I could no longer view real-time feedback about its water consumption on the app. Nor could I start my dishwasher remotely from my office, timing it perfectly so it would be ending
The discourse around ‘flexible working’ has degenerated into a narrow debate over whether people come into the office on three days of the week or four. But this risks distracting us from a more interesting question: do people work better in parallel or in series? When the pandemic hugely accelerated the adoption of video-calling, many
I was leaving the car park of my local shop yesterday – a manoeuvre which involves a hair-raising reverse on to a busy road – when a thought struck me. ‘There’s no chance anyone would get planning permission for a shop here today.’ Either someone from the council would declare there was no safe vehicular
One of my favourite cartoons shows a couple sitting in luxury at the front of a plane, the wife peeking through the curtains to the cabin behind. ‘I’m so glad we’re in business class, darling,’ she says to her husband. ‘There seems to be some sort of hijacking happening in economy.’ People who have learned
Late in the evening six months ago, my wife and I were driving back to our hotel in the dark when we came upon what looked like an abandoned service station. Since it was entirely dark, we assumed it was closed. This was annoying as we needed milk and some other groceries and it was
I had a friend whose approach to entrepreneurialism was to take two separate things that seemed stupidly popular and somehow find a way to combine them. He thought karaoke was ridiculous; his friend thought 24-hour rolling news channels were daft. The two of them created a 24-hour karaoke channel in Asia – and sold it
The Romans never invented the stirrup. What we call a ‘chest of drawers’ was unknown before the late 17th century – before which time you had to store your valued possessions in a deep coffer or chest. The doorknob did not exist until 1878. The tea bag was invented by accident in the early 20th
There are many, mutually reinforcing causes of the property crisis: it is too easy to borrow; there are too many people; there aren’t enough houses; what houses do exist are in the wrong place; and many houses have the wrong people living in them. Solutions exist to all of these, some of which involve building
The legendary music producer Rick Rubin once asked me why I had never moved to the United States. The answer, I think, comes down to an important trade-off: quantity of earnings vs quality of consumption. Historically, once you had a job, there was a limit to the lifestyle choices you could make Whereas the United
As the joke goes, there are two ways to become a top judge. You can study law at university, then enter one of the Inns of Court as a trainee barrister, before embarking on a period of pupillage. If all goes well, you may be called to the bar. Play your cards right and you
In electing this government, we seem to have picked the worst of both worlds: higher taxation combined with austerity in the public finances. The one bonus I had hoped to see from a left-wing regime was a healthily indulgent approach to spending. Instead we get a Chancellor of the Exchequer who is a former Bank
If I had my life again and was asked to choose a superpower, I’d like to come back as one of those people who can enjoy crowds. As superpowers go, I acknowledge this isn’t all that rare, given the bizarre popularity of events such as Glastonbury, or the widespread compulsion to buy Oasis tickets. But
First Fred West, now Lucy Letby. At this rate, it won’t be long before Herefordshire has produced more serial killers than it has miles of dual carriageway. You might assume growing up in one of England’s loveliest counties would make people placid, but then you haven’t spent half your life stuck behind a caravan on
Every time I write about electric cars, there is an explosion of hostile comments online in which readers angrily denounce electric vehicles and the people who drive them. Much of this animus rests on a plausible yet mistaken assumption – that EV owners are all passionate environmentalists, sanctimoniously swanning around in their zero–emission vehicles while
In the late 1980s, a story entered advertising folklore. A group from an ad agency had boarded an evening train from Newcastle to travel home from a client meeting. On boarding, they learned that the buffet was out of action, and they were hungry. Happily, one of them was carrying in his briefcase a wondrous
After 250 years of American independence, a nation home to many of the smartest and most talented people in the world may have to choose as its leader one of two people, each of whom is in many ways worse than His late Majesty George III, the man whose role the entire system was designed
People sometimes ask me why I don’t go into politics. Why on earth would I do that? No, if you want to exercise power and imagination, the only remaining role which appeals is to be some kind of Bond villain. To anyone familiar with modern bureaucracy, there’s something hugely attractive about an organisation where the
Since it’s June, here is your cut-out-and-keep guide to hacking your summer holiday. One possibility. Don’t bother. Unless you have school-age children, why book your main overseas holiday in what is the nicest part of the year at home? As my late father often reminded me: ‘The three worst things about living in Britain are
