But the severity of the adjustment last year appeared to reflect more than the usual reaction. Businesses seemed to be reassessing the profitability of additional fixed capital in a more fundamental way.
But because of our predilection for the legendary number 14: Johan Cruijff of Amsterdam’s football club Ajax. The football team where Han and I both attend the occasional home matches. Apart from his impact on the game, Han and I know that Cruijff’s legacy also carries lessons for chief economists and central bank governors.