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DAVID SIMPSON is Economic Adviser to the Standard Life Assurance Company, and is currently an Honorary Professor at Heriot-Watt University, a Trustee of the David Hume Institute, and a member of the Advisory Council of the Institute of Economic Affairs. He is the author of several books, including General Equilibrium Economics (1975), The Political Economy of Growth (1983), and The End of Macro-Economics (1994). He has also contributed articles to periodicals ranging from Econometrica and Scientific American to The Spectator and the Financial Times.