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

The more grotesque your boss's pay and the less he has do to earn it, the bigger the motivation for you to work with the aim of being promoted to what he has.

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

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

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.

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).

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.