Economics fails to resolve exceptions to the rule
John Kay is a smart author and columnist focussed on economics. This piece is smart and incisive. I particularly liked this quote and the reference to some of the financial products that contributed to the 2008 collapse [emphasis mine]
The behaviour of great industrialists such as Henry Ford or Steve Jobs, or great investors such as Warren Buffett and George Soros, cannot be predicted by general rules. If such prediction were possible, their actions would have been anticipated and these individuals would not have been innovative or become rich. And similar unpredictability applies to the actions of great fools, such as those who believed that securitisation conjured immense wealth out of thin air. Like ingenuity, stupidity endures but constantly finds new ways to express itself.