This brilliant piece by John Kay in today's Financial Times is a must-read due to its ability to tailor to your own needs. It starts with a competition to guess the weight of an ox and then wonderfully descends into a calculated spiral of estimates, guesses and a gross misuse of our standard law of large numbers.
Moreover, it's an apt illustration of how we come so far down the line that when we look back, it's almost impossible to see how we got here.
Amidst so much financial melodrama, was the real economy forgotten, ignored and slowly starved?
Take away what you must. In a way, Kay's piece serves most as a generic metaphor for the dangers of forgetting the fundamentals. Moreover, it's an apt illustration of how we come so far down the line that when we look back, it's almost impossible to see how we got here.
Amidst so much financial melodrama, was the real economy forgotten, ignored and slowly starved?
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