For years, we've grown dependant on American consumers as the world's spenders of last resort. They've kept Europe out of recession, allowed China to industrialise, and prevented global deflation. But at the same time, they've not been looking after their own futures.

Some people harbour an awkward clash of feelings - homosexual attraction on the one hand and shame or embarrassment about that attraction on the other. It is well known that the mind struggles to sustain conflicting views.

It is no wonder that bank capital is regulated. When borrowing and lending is profitable, it is tempting for banks to scale up their operations and to borrow and lend too much in relation to their capital, in effect reducing the effectiveness of the potential capital cushion.

For me, the main principle for broadcasters has to be that if people stand to benefit from an interview, they should be prepared to face some downside as well.

Interestingly, human irrationality is a hot topic in economics at the moment. Behavioural economics it's called, on the cusp of economics and psychology.

Personally, I don't see old economics and behavioural economics as opposed. It is useful to assume people are rational as a good approximation to their long term behaviour, but it would be unwise not to think how in practice their behaviour may deviate from that simplifying assumption.

Once we are fed, heated, housed and healthy, our extra consumption inevitably has an element of luxury about it. And once luxury enters the scene, the practicalities are in trouble, as women who wear expensive stiletto heels can testify.