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As Fred Hirsch argued in his 1977 book, "The Social Limits to Growth", many good things in life are "positional". You can enjoy them only if others don't. Sometimes, a quick car, fine suit or attractive house is not enough. One must have the fastest car, finest suit or priciest house.

Consumers cannot compare what is legally produced in Califor­nia with what is legally produced in Colorado — to say nothing of what is illegally sold in New York's Washington Square Park.

Ekhart, Indiana, is the RV capital of the world.

Until recently, Carrefour's supermarkets in France were run along Napoleonic lines. Strict orders emanated from its head­quarters in Paris. Every store sold a similar range of products. If selling groceries were like marching an army over the Alps, this strategy would have worked brilliantly. But it isn't, and it didn't. At the big Carrefour in Monacoout went the racks of cheap lug­gage, of the sort chic locals would be embarrassed to see their servants carrying.

Mr Abe promised that Japan would enter trade negotiations to join the American-led Trans-Pacific Partnership (TPP) — though he offered no promise to eliminate tariffs of up to 777.7% on rice.

Big pickups are seen in the car industry as a leading indicator: rising sales point to Americans starting to build kitchens, fix roofs and hire contractors.

Family history has large effects that persist for much greater spans of time. Fathers matter, but so do grandfathers and great-grandfathers. Indeed, it may take as long as 300-500 years for high- and low-status families to produce descendants with equal chances of being in various parts of the income spectrum.

Some 3m wrecks pepper the ocean floors, according to the UN (though few contain riches). Finding them involves lengthy re­search and lucky breaks. Recovery can take months of work by specialist crews. Of 52 annual reports filed by publicly listed shipwreck-recovery firms since 1996, only five show a net profit.

Acquisitions can also be a form of financial engineering. This was a fa­vourite game of the conglomerates of the 1970s and 1980s. A company with highly rated shares would bid for a group with poorly rated equity. Say Acme has 100m shares, earnings of $10m (earnings per share of 10 cents) and a share price of $2 (a price-earnings ratio of 20). Grotco has the same earnings and number of shares but its share price is just $1 (a p/e of 10). If Acme makes an all-share bid valuing Grotco at $1.20, it will need to issue 60m new shares. The combined group will have $20m of earnings, 160m shares and earnings per share of 12.5 cents. With the help of nothing more than maths, Acme's earnings per share will have jumped by 25%. Merger booms usually peak with the kind of deal that resembles a Las Vegas wedding after an alcohol-fuelled night: both par­ties regret it in the morning.

Chairman Mao, as ever, had said it best: imagine the ping-pong ball as the head of your capitalist opponent, and each shot a point for the motherland.

Overall, the number without homes in the US is staggering. The number of homeless veterans of the Vietnam war is greater than the number who died in it. On any given night in America more than 640,000 men, women and children are forced to seek shelter, live in their cars, or sleep on the streets. Last year nearly 1.6m people used an emergency shelter.

A Polish Jew in an Episcopal graveyard in a largely Dominican neighbourhood. What could be more New York?

Obama sold Chrysler to Italians who are going to build Jeeps in China.

The average Swiss watch costs $685. A Chinese one costs around $2 and tells the time just as well (see chart). So how on earth, a Martian might ask, can the Swiss watch industry survive? Yet it does. Few can match the precision of a Nivarox ("Nicht variabel oxydfest" (G.) or "Non-Variable Non-Oxidizing") balance spring.

The euro needs French reform, German extravagance and Italian politi­cal maturity.

In happier days before the euro crisis, one government in Lisbon rebranded the Algarve as the Allgarve, hoping to appeal to Eng­lish-speaking tourists. Now a Portuguese wit suggests rebrand- ing the whole country as Poortugal.

The cult of the insider in Japan is rooted in its paddy fields, some schol­ars argue. To cultivate wet rice, villagers need to work together, sharing land, labour, water and gossip. Anyone not in the group is out of the loop. There is something of the rice paddy about Japan's capital markets, too.

"LVMH is like a mini Germany," boasts an insider. Like that coun­try's Mittelstand, it has built a reputation for craftsmanship and quality that people are happy to pay extra for. The difference is, the Mittelstand makes unsexy things such as machine tools and shaving brushes, whereas LVMH makes champagne, handbags and other objects of desire.