Norway has a relationship with the EU which is very close. It has to accept most EU rules. It has to pay EU membership fees. It has free movement of people just like other EU countries, but it's not actually in the EU.

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.

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.

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

Economists have allowed themselves to walk into a trap where we say we can forecast, but no serious economist thinks we can. You don't expect dentists to be able to forecast how many teeth you'll have when you're 80. You expect them to give good advice and fix problems.

There is much more to life than what gets measured in accounts. Even economists know that.

People today dont become economists to make the world a better place.