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"So the more profitable projects," Mr. Frisch said, "will go to the big firms".
During the boom, companies had access to cheap credit, which increased the number of profitable projects they could fund.
Markets might have treated this as evidence of a lack of imagination, or a paucity of profitable projects.
But, given the low interest rates and idle resources, it is surely possible to find profitable projects.
Major orchestras, conductors and opera singers have been quick to take part in Mr. Bocelli's profitable projects.
"The capitalist system does not help," says Randers. "Capitalism is carefully designed to allocate capital to the most profitable projects.
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When The Economist saw him next, he was finishing a profitable project near Moscow.
It said: "Clearly that decision depends on having a profitable project which meets the financial targets".
"At the time, we had an investor, and it looked like a profitable project".
His focus, he said, is completing what will most likely be his most prominent, if not most profitable, project.
He tells a friend about his far more profitable project; he communicates with bees, and through them, with other insects.
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