For starters, the idea that value creation is a one-way street from the top to the bottom is not just offensive, but it ignores the principle of comparative advantage, a key breakthrough in market theory.

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Assuming this principle (without proving it) allowed Einstein to develop the general theory of relativity in 1916, and to describe gravity in purely geometric terms.

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The topics of conversation included evolutionary theory, libertarian philosophy, and the anthropic principle, which holds that observations about the universe depend on the existence of a consciousness that can observe.

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On one hand they are an alternative to shares, with a pre-decided fixed income and (in theory at least) returning the full principle back at the end of a set term.

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In theory Mr Bini Smaghi can stand his ground, appealing to the sacred principle of ECB independence, which should mean that he cannot be ousted from the board on political grounds.

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