We should not try to design a better world. We should make better feedback loops.

There's nothing wrong with a plan, but remember Von Moltke's famous dictum that no plan survives first contact with the enemy. The danger is a plan that seduces us into thinking failure is impossible and adaptation is unnecessary - a kind of ‘Titanic' plan, unsinkable (until it hits the iceberg).

British politicians used to be good at misleading people without actually lying.

Failure in Innovation - it's a price worth paying.

We now have political chaos. We've got parties in Ireland saying they want to merge with Northern Ireland. You've got parties in Scotland saying you want to leave the U.K. You've got the Spanish government saying it would like to take ownership of Gibraltar, which is a British overseas territory... So just the politics of this is a mess.

Failure is inevitable; it happens all the time in a complex economy.

Loss aversion is a really disproportionate anxiety about stuff that doesn't matter very much. So for instance, if you lose $5, you feel really bad about the $5 you've lost. You're cursing yourself. You're going through it again and again. If, on the other hand, you find $5, you go - hey, great, five bucks. And you've forgotten about it really quickly.