Economists, like royal children, are not punished for their errors.

When Gordon the Brown, in London in 1997, commissioned a great inquisition or survey of his new realm, the result was the so-called national asset register (NAR), which was immediately dubbed by the boomers of the UK Treasury "the modern Domesday Book".

The truth is, of course, that history is not completed in modern commerce any more than philosophy is perfected in political economy. In other words, there is nothing timeless or God-given about filling stations and penicillin and plastic bags.

Profits in business always depend on the rate of interest: the higher the interest, the higher the rate of profit required.

To make a love story, you need a couple of young people, but to reflect on the nature of love, you're better off with old ones. That is a fact of life and literature - and of the novel ever since it fell in love with love in the 18th century.

The year 2008 was a reminder to those who had forgotten that there is such a thing as history and that the cycle of famine and feast in commerce, first identified in antiquity and well understood in the Middle Ages, was not suddenly abolished in modern times.

Losing your capital is like losing your trousers. It is a real humiliation, and one not to be soon repeated.