Finance & economics

Double standards

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THE usefulness of standards is embodied in a simple axiom: when everybody else is doing A, it is not such a good idea to do B. Take driving. Britons drive on the left at home; but they soon learn to switch if they cross the channel. This brings up the second axiom: even if everybody does A, it might be better if they did B instead. To make life easier, perhaps Britons ought to drive on the right at home too. But how to decide whether the costs of imposing new standards are worth the benefits they might bring?

This article appeared in the Finance & economics section of the print edition under the headline “Double standards”

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