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Introduction: Business in Society - John Kay
And no one puts new wine into old wineskins; or else the new wine bursts the wineskins, the wine is spilled, and the wineskins are ruined. But new wine must be put into new wineskins. Mark 2:22, New King James Version1 In 1901 financier J. P. Morgan orchestrated the creation of US Steel, then by […]
The Corporation in the Twenty-First Century - John Kay
My new book will be released 29th August, and is now available for pre-order. For generations, we have defined a corporation as a business run by a capitalist elite, that uses its accumulated wealth to own the means of production and exercise economic power. That is no longer the reality. In the twenty-first century, our […]
Only One Man Can Save Venice: Mickey Mouse - John Kay
In 2008, the Instituto Veneto awarded me a prize for this essay on the future of Venice, which advocated charging tourists €50 to enter the city. 16 years later, a similar (but cheaper) scheme has been implemented. Venice is the first urban theme park. Like any other theme park, it is full of attractions, but […]
Hiring Research Assistant - John Kay
Professor Sir John Kay is one of Britain’s leading economists with particular interests in business and finance and their interaction with public policy. Fuller information on his work, career and research interests can be found on the rest of this site. He is looking for a research assistant for a period of one to two […]
The Biggest Avoidable Policy Disaster in British Politics - John Kay
I prefer true but imperfect knowledge, even if it leaves much indetermined and unpredictable, to a pretence of exact knowledge that is likely to be false. The credit which the apparent conformity with recognized scientific standards can gain for seemingly simple but false theories may, as the present instance shows, have grave consequences. Friedrich von […]
The Emperor's New Clothes - John Kay
Once upon a time, there was a wise and kindly Emperor, with a faithful retainer called Sid. One day, the Emperor took him aside. ‘You are serving me well, and as a mark of my esteem you will receive a pension which will enable you to maintain your standard of living even when you are no […]
Pop goes everything - John Kay
The years since the 2008 financial crisis have been among the strangest in the history of monetary policy. Interest rates have been lower than at any time since the Industrial Revolution. Governments have been issuing debt in unprecedented quantities, and central banks have been buying the debt back. But this era seems to be coming […]
To the Lighthouse - John Kay
As fireworks marked the beginning of 2023, Virginia Woolf’s novel To the Lighthouse was finally released from US copyright. To mark the occasion I reprise a lightly edited and amplified version of a column which first appeared in the Financial Times in 2002. The year is 1927, and Virginia Stephen is talking to her husband, […]
Job Advert: Assistant to John Kay - John Kay
John Kay is one of Britain’s leading public economists. He writes books and articles and lectures widely to both technical and general audiences. If you are not familiar with his work, go to www.johnkay.com John requires an assistant to provide both research assistance and administrative support. The work will involve research assistance of a conventional kind: collecting and analysing data […]
Scotland's Money? - John Kay
What currency options would be available if Scotland became independent? This pamphlet describes how the globalisation of finance and the digitisation of records have fundamentally changed the nature of money and banking. The author considers the mechanics of a currency transition and concludes that the best option is the continued unilateral use of sterling for the foreseeable future.
Psychology is Fundamental: The Limitations of Growth-Optimal Approaches to Decision-Making Under Uncertainty - John Kay
We argue that ergodicity economics as currently theorised is actually a restricted case of the theory it criticises, and it does not provide convincing alternative justifications for its usefulness.
Why competitiveness should not become a goal for the FCA - John Kay
The promotion of competition is an existing aim of financial regulation. But in proposals around the Future Regulatory Framework in the Queen’s Speech last month, an additional objective was suggested: encouraging “competitiveness”. This modification of the regulatory remit sounds like a technical, semantic change. It is indeed technical — the devil of all financial regulation […]
Capturing the regulators - John Kay
A new book by Financial Times journalist Dan McCrum tells the story of Wirecard. The German company, which acted as a payment processor (an intermediary between shopper and merchant), appeared to be one of continental Europe’s relatively few successful technology start-ups. Except it wasn’t. In June 2020, Wirecard filed for insolvency. Many of its assets and reported […]
Possible Paths Podcast: Decision-making, ‘Radical’ Uncertainty, Biases & Heuristics, how ‘Greed is Dead’, and more… - John Kay
NewsPodcastPossible Paths Podcast: Decision-making, ‘Radical’ Uncertainty, Biases & Heuristics, how ‘Greed is Dead’, and more…September 15, 2021455Share on FacebookTweet on TwitterTAGSbehavioral economicsPodcastRadical UncertaintySHAREFacebookTwittertweet!function(d,s,id){var js,fjs=d.getElementsByT
Job Advert: Assistant to John Kay - John Kay
John Kay is one of Britain’s leading public economists. He writes books and articles and lectures widely to both technical and general audiences. If you are not familiar with his work, go to www.johnkay.com John requires an assistant to provide both research assistance and administrative support. The work will involve research assistance of a conventional kind: collecting and analysing data […]
Alice in Wonderland College - John Kay
Alice opened the door to the Hall of Wonderland College. In the absence of the Dean, the Mad Hatter was presiding at High Table. The assembled dons were discussing the Universities Superannuation Scheme, as they did so often nowadays. The Dormouse was comatose as always. ‘Have a cup of tea’, the Mad Hatter suggested; but […]
Planning reform is tearing the Tories apart. But the system is fixable - John Kay
It is a truism that Britain needs more houses. As the population has grown, average household sizes have fallen—from four before the Second World War to 2.4 today, the result of greater longevity, more single parents and more independent lifestyles. Much of our housing stock is in the “wrong” place—too many people want to live […]
Scotland and Ukraine - John Kay
There is not much humour to be found in the Ukrainian war, but here is a vignette that might give momentary relief from the tragedy – or even a moment of insight into it. Luhansk, capital of the self-declared independent Luhansk republic in Eastern Ukraine, was founded by the British industrialist Charles Gascoigne. He established […]