But as a generalisation, the efforts of the past few years have thrown up mixed messages.

ECONOMIST: Economics and the rule of law

Lord Razzall, chairman of the Liberal Democrat general election campaign, described Mr Clarke's statement as a "surprising generalisation".

BBC: Minister attacks Lib Dem 'charlatans'

Ngai Tahu chairman Mark Solomon described Dame Kiri's remarks as an unfair generalisation.

BBC: Dame Kiri remarks strike sour note

At a seminar once, I remember hearing him make the generalisation that monetary policy is easy only when the prices of assets are rising faster than the prices of the goods they produce (when the real return to holding assets is positive).

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