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Author Archives: John Kay

The failure of market failure

New Labour economics, in both private and public sectors, is based on the idea of market failure. But the doctrine smuggles in too many neoliberal assumptions, and does not acknowledge collective choices. The centre-left needs something better
John Kay  

Numbers games

A new bill proposes independence for the Office for National Statistics—but it doesn't mean what it says
John Kay  

The real economy

The American business model is both unattractive and inaccurate. Market economies work only when embedded in social institutions
John Kay  

The balance sheet

The meaning of privatisation is now clearer. Privatised businesses have fared better than nationalised ones but most have not thrived. And the plc model does not work for monopoly services.
John Kay  

A lost cause?

Oxford university is a great institution, yet unable to adapt to the modern world
John Kay  

Evolutionary politics

The search for the third way must begin by rejecting all forms of political ideology, including benign socialism and benign Thatcherism. Political progress is to be measured by the extent to which institutions adapt to specific social and economic contexts
John Kay  

Good business

Are business values fundamentally different from those which apply in other spheres of life? The belief that the only responsibility of business is to maximise profits does not describe what the best companies actually do. Profit, like happiness, is best…
John Kay  

The good market

John Kay, Britain's leading "stakeholder" economist, separates the virtues of market economics from the vices of aggressive individualism. He argues that individualistic market economies are less productive, less secure and more crime-ridden, than co-operative ones. Legislating for co-operation is not…
John Kay