At a time when the advanced economies are seemingly teetering between inflation and deflation, it is worth recalling Sir Isaiah Berlin’s essay, “The hedgehog and the fox”. It begins with a quote from the Greek poet Archilochus: “The fox knows many things; the hedgehog knows one big thing.” Berlin believed that we are all either foxes or hedgehogs. We are impressed and distracted by the subtlety and cleverness in many foxy things, but today we need the single-minded certainty of the hedgehog and his deep knowledge of the one important thing.
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