The first stage in the cycle is that of factor-driven economies which focus on low-cost basic factor conditions, such as low-skilled labour, natural resources and geographic location.

BBC: Business

One last thought: Although the Roach-Frankel duo went on to address currencies and exchange rates, the two never got to a basic risk factor in the current fragile period: What if the U.S. dollar, under the weight of private and public misallocation of resources, were to collapse?

FORBES: Deficits hinder investment? 'Ludicrous'

Surrendering eliminates the fear factor that spa newbies (and many men) confront when they look for something beyond basic Swedish massage.

FORBES: Wave the White Towel

When doing the sums, Mr Worstall might want to factor in the cost to taxpayers of those free-riding companies that are failing to discharge their basic responsibilities.

FORBES: A Response to Global Witness