“The path of economic progress is strewn with the wreckage of failures.
Every business man knows this, but few economists seem to have taken note ...”
Only a decade-and-a-half into the 21st Century we clearly understand little
more about investment under uncertainty than in Adam Smith’s day.
The world economy is not pre-ordained to oscillate up and down according to some cosmic sine wave.
Booms and Busts are market phenomena that should be, and are, largely predictable …
Investment decisions and economic decision-making processes are different in mining to other industries.
Following the rules-of-thumb from these industries results in shortfalls in returns to investment.
The fundamental economic knowledge needed to understand these
choices is known and available – you only have to look for it. …
The solution of the economic problem of society is always a voyage of
exploration into the unknown, an attempt to discover new ways of doing things …