Einstein on induction

Here's what Einstein had to say about magnetic induction:

Imagine a conducting loop moving relative to a magnet as seen by two different observers: one on the magnet the other on the loop. Both observers see the identical EMF generated in the coil using the flux form of Faraday's law, but explain the result using two different reasons. The observer on the magnet sees the magnet as stationary with an unchanging magnetic field, while the conducting loop moves. All of the charges within the loop move with the loop, and due to the B-field experience a sideways Lorentz force, which generates the EMF. On the other hand, an observer on the loop sees a changing magnetic field due to a moving magnet (relative to the loop's reference frame) and no Lorentz force (charges in the loop are not moving). This changing magnetic field means ΔB / Δ t ≠ 0, which creates an electric field that generates the current.

This is what I was trying, less eloquently, to explain this morning.