Sometimes even a smart crowd will make a mistake.

The fact that industries wax and wane is a reality of any economic system that wants to remain dynamic and responsive to people's changing tastes.

Of course, looking tough on inflation is part of any central banker's job description: if investors believe that inflation is going to get out of control, you end up with higher interest rates and capital flight, and a vicious circle quickly ensues.

I do think that procrastination evolved in humans for good reasons. If you're trying to stay alive as a human being on the savanna 20,000 years ago, worrying about what's right behind that bush is a lot more important than worrying about what might happen three weeks from now.

The world's central banks and the International Monetary Fund still have vaults full of bullion, even though currencies are no longer backed by gold. Governments hold on to it as a kind of magic symbol, a way of reassuring people that their money is real.

The Internet has become a remarkable fount of economic and social innovation largely because it's been an archetypal level playing field, on which even sites with little or no money behind them - blogs, say, or Wikipedia - can become influential.

Tough times have always lent themselves to nativist sentiments and closed-door policies. But in the case of highly skilled immigrants these policies are a recipe for stagnation.