Shortlisted for the Orwell Prize 2016 We all depend on the finance sector. We need it to store our money, manage our payments, finance housing stock, restore infrastructure, fund retirement and support new business. But these roles comprise only a tiny sliver of the sector's activity: the vast majority of lending is within the finance sector. So what is it all for? What is the purpose of this activity? And why is it so profitable? John Kay, a distinguished economist with wide experience of the financial sector, argues that the industry's perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere - of other people's money. The financial sector, he show...
A leading economist charts the indirect road to happiness and wealth. Using dozens of practical examples from the worlds of business, politics, science, sports, literature, even parenting, esteemed economist John Kay proves a notion that feels at once paradoxical and deeply commonsensical: The best way to achieve any complex or broadly defined goal-from happiness to wealth to profit to preventing forest fires-is the indirect way. As Kay points out, we rarely know enough about the intricacies of important problems to tackle them head-on. And our unpredictable interactions with other people and the world at large mean that the path to our goals-and sometimes the goals themselves-will inevitabl...
John Kay has been described as the `most important business analyst in Britain bar none', and this book shows why. Here he combines common sense and rigorous economic thinking in a number of essays on business and economic issues—-the competitiveness of UK plc, the stakeholder economy, business strategy, and corporate personality. Kay is well known for his incisive and entertaining columns in the Financial Times (some of which are included here), his regular audio and TV broadcasts, and is much in demand as a speaker and consultant. In The Business of Economics he shares his analysis, thoughts and insights on a range of urgent and important issues facing the country and individual firms. His clear and direct writing style will inform, challenge, and entertain; his rigorous and clever analysis of the corporate world will offer insights into the business problems and decisions faced by executives and managers every day. The book confirms the judgement of the Economist - `that John Kay is well on the way to turning himself into a European Michael Porter.'
A leading business school economist lays bare the complexities of `strategic thinking' in business and offers a lucid and innovative analysis of the source of `competitive advantage'. Kay engages with and develops the work of Michael Porter, who is regarded by many as the pre-eminent authority on business strategy.
An examination of the economic analysis of the principles of accounting, this book shows that there are a number of questions for which appropriately constructed accounting data can give precise answers--whether there should be entry to or exit from an industry by a firm, for example, or whether or not a particular project should be undertaken. It not only highlights the importance of thinking clearly about the questions which are being answered with the use of accounting data; it also shows how accounts should be constructed in order to answer these questions. The authors address in particular two topical issues in accounting--the appropriate way to adjust accounts for inflation, and the appropriate treatment of deferred taxation in accounts--and provide an analysis of the precise corrections required for each.
Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. John Kay was the inventor of the flying shuttle, which was a key contribution to the Industrial Revolution. He is often confused with his namesake: fellow Lancastrian textile machinery inventor, the unrelated John Kay who built the first "spinning frame." John Kay was born 1704-07-16 in the Lancashire hamlet of Walmersley, just north of Bury. His yeoman farmer father, Robert, owned the "Park" estate in Walmersley, and John was born there. Robert died before John was born, leaving Park to his eldest son. As Robert's fifth son, John was bequeathed forty pounds and an education until the age of 14. His mother was responsible for educating him until she remarried
Edinburgh at the end of the eighteenth century was a city teeming with life – eminent doctors and scientists, lawyers and clerics, ladies of fashion and their admirers, soldiers and merchants, murderers and criminals. John Kay was an etcher who recorded the living face of the city in hundreds of portraits, providing an engaging and unparalleled chronicle of Edinburgh life and people during this fascinating period.