The danger is not only that these austerity measures are killing the European economies but also that they threaten the very legitimacy of European democracies - not just directly by threatening the livelihoods of so many people and pushing the economy into a downward spiral, but also indirectly by undermining the legitimacy of the political system through this backdoor rewriting of the social contract.

It's not just about the current economic environment. History shows that slashing budgets always leads to recession.

The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.

[Good managers] know that people have 'good' sides and 'bad' sides and that the secret of good management is in magnifying the former and toning down the latter.

95% of Economics is common sense deliberately made complicated.

Rational thinking is an important aspect of human nature, but we have imagination, we have ambition, we have irrational fear, we are swayed by other people, we get indoctrinated and we get influenced by advertising.

The foundation of economic development is the acquisition of more productive knowledge.