24 Mar 2010
Speakers: John Kay
John Kay opens his lecture with a discussion on obliquity and the indirect means by which we pursue our goals, one of which is often happiness. He then talks about his late friend Sir James Black, the Nobel prize wining scientist and discoverer of beta-blockers. Kay explains the history of the Imperial Chemical Industries that Black originally worked for. He looks at the relationship between money and science and explains how profit is to be made out of ‘everything’. Often, such profit is acquired when pursued obliquely – the most profitable men are not always those who pursue profit, for instance, and the happiest men are not always those who pursue happiness.
Kay concedes that some successes are reliant on planning and preparation. He is, however, convinced that ambition and priorities develop over time and that ‘flourishing’ is better pursued indirectly. He illustrates his theories with an anecdote about the use and complexities of the London Transport System. It may take you from A to B, but the route is sometimes indirect and better avoided altogether. Lastly, Kay explores logic and rationality, pointing out that those who are successful at making decisions recognise the limitations and risk models surrounding their decision and, most importantly, are unapologetic about the way in which they reach it.
Leading British economist
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