Letter: The 'new right' misrepresents Adam Smith

PAUL Ormerod reminds us that economists still do not really know what makes economies tick. Perhaps the problem stems from the focus on quantity and quantification rather than quality. It is not just the level of investment, but what we choose to expand and what we let contract that creates the wealth and opportunitites for the next generation.

Is it not time that we focused on making the best use of people the test of economic success? Perhaps great ideas and small projects could be what the world needs to pull it out of the downward spiral, starting with the improvement of our town and city centres, where most of our inheritance is concentrated.

Nicholas Falk

Urban and Economic

Development Group

London SE1