Undercover Economist

My weekly column in the Financial Times on Saturdays, explaining the economic ideas around us every day. This column was inspired by my book and began in 2005.

Lessons from a shipwreck

Four hundred years ago, in a Stockholm shipyard, work began on Vasa, the pride of the Swedish navy. King Gustavus Adolphus was at war, and gave orders to his shipwrights to build something impressive. In accordance with the king’s instructions, Vasa was ambitiously...

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Experts know less than they like to think

How do we know what works? In an uncertain world, full of untested treatments, disputed policies and untried inventions, it should be a pressing question. For an impoverished young tailor named Franz Reichelt, the answer was: we find out the hard way. In February...

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Can you keep a trade secret?

He didn’t go to sample the Dolcetto d’Alba, I’m fairly sure of that. John Lombe’s mission was industrial espionage. He travelled to Piedmont with the goal of learning the Piedmontese art of spinning silk into strong yarn. Nobody was likely to teach him — that would...

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The UK is stuck in a rollercoaster queue

For those of us frustrated that the UK chancellor Rachel Reeves has been offering the wrong solution to the right problem, there has recently been progress, of a kind: she is now offering the wrong solution to the wrong problem. One of Labour’s key policy goals was to...

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The surprising power of simple predictions

For an academic researcher who first trained as a philosopher, then as a psychologist, Robyn Dawes was a practical fellow. He would tell a story from his time working in a psychiatric ward in the late 1950s. “There was a client who had this delusion, and the delusion...

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A guide to ‘greedflation’

We heard a lot about “greedflation” in the post-pandemic years, when prices were increasing at a rate of 8 or 9 per cent a year. We hear a lot less about the subject now, when inflation rates are almost normal. In fact, a Google Trends search for “greedflation” shows...

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