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.

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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Rage in the age of X

There is a gap between the calm, rational decision-makers we often aspire to be and the overwrought, sentiment-tossed creatures we often are. Rarely is that gap wider than in the political arena. Policy seems like it should be a matter for cool, evidence-based...

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Science in the shadow of the Third Reich

In these pages, and in my last book, I’ve written about the lessons we should learn from Richard Doll and Austin Bradford Hill’s investigations in the 1950s into the link between cigarettes and lung cancer. There is one lesson I failed to draw. I wrote that in 1954...

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