I was once berated by a lecturer in political theory for my undergraduate defence of Marxist economism. He pointed out that even Marx despised this mindless reduction of his work. I subsequently opted for less anal accounts of the human condition, and remain of the view that any half-intelligent person would do likewise. So I was more than astonished to hear non-Marxists of the ilk of Ronald Reagan, Margaret Thatcher and the senior George Bush demanding that we read their lips as they mouthed: ‘It’s the economy, stupid!’