OECD new innovation report

http://www.oecd.org/sti/inno/newsourcesofgrowthknowledge-basedcapital.htm

and the report is here
http://dx.doi.org/10.1787/9789264193307-en

and its all about intangible investment.  Our work on www.intan-invest.net is widely cited too. 

Various teaching links

http://en.wikipedia.org/wiki/List_of_inventors_killed_by_their_own_inventions

List of innovators killed by their own innovation 

http://on.ft.com/1cAh5IR

Supply and demand strikes again: chocolate

What is Heathrow's Cost of Capital?
1. In 2002 CC estimated a pre-tax costs 7.75%.
2. In  2007 we at the CC (I was a member of the Competition commission at the time and worked on the BAA inquiry) estimated 4.8 to 6.4 and settled for 6.2 for LHR (and 6.5 for LGW)
3.  The CAA is now recommending 5.6 for LHR now and 5.9%% for LGW.

That looks tighter than last year, but not outside the range that we estimated in 2007.

 

Various teaching links

http://noahpinionblog.blogspot.co.uk/2013/10/how-important-was-structural-balance.html

Using TFP etc in real life...

http://www.journalismfestival.com/news/hal-varian-on-the-economics-of-the-newspaper-business/

 FAscinathing and insightful on the newspaper business. 

Various teaching links

1. Economics: the biggest fraud ever perpetrated on the world?

Via Pereia we have this question:Economics: the biggest fraud ever perpetrated on the world?

People outside Chemistry would never go round saying that Organic Chemistry was the biggest fraud ever in the world.  They would not have the knowledge to judge.  I find it disappointing that non-economists seem to be able to make these assertions not knowing about Economics.  Or, more accurately, they seem to have a view of  the kind of Economics poorly taught to them in the dim past.  I hope they come to Imperial to study it and get a different view.

2. The Age of Edison by Ernest Freeberg
As a piece of technology history, I like this book and a nice review here.

3. More on the history of technology

Is ICT like electricity?  Chad Syverson paper
Is ICT like steam? Nick Crafts paper.

4.  Don Boudreaux 

On the perennial topic http://cafehayek.com/2013/10/on-the-relatively-low-salaries-of-relatively-essential-workers.html. Why are essential workers, like firefighters, so poorly paid relative to inessential workers like football players?  I do wonder however if the logic is right, about bankers. Are their skills really in such short supply?  The additional ingredient is, I think, the too big to fail subsidy.