Why downturns can make innovation greener
Green innovation is central for the transition to a low-carbon economy, but there are concerns that economic downturns may slow technological progress by reducing firms’
Ideas and firm dynamics when it takes two to tango
Innovation has increasingly become a team activity, while inventors have become more concentrated in large firms. This column argues that these trends are closely connected.
Nine centuries of cultural change and the productivity of ideas
Economic historians have long placed culture at the centre of the rise of the West, but have lacked a measure of culture spanning the emergence
Carbon risk in loan pricing: Commitment channels and real effects
Transition risks related to climate change are increasingly recognised in equity and bond markets. This column uses syndicated loan tranches issued to US firms to
Baby busts and GDP booms: Demographic change and the macroeconomy
Globally declining birth rates have, over the last seven decades, slowed population growth and raised average ages. This column argues that despite widespread economic pessimism,
Ray of hope? The rise of solar energy in China
China’s solar industry is a poster child for the country’s economic rise over the last four decades. The output of Chinese solar grew by 76%
A silver lining to the European energy crisis: Energy efficiency, productivity, and potential output
The 2022 natural gas price shock triggered the largest rise in fossil fuel prices in Europe since the 1970s. This column examines the impact on
Multinational firms and global innovation
Multinational companies are at the heart of two key globalisation trends: the fragmentation of production and the internationalisation of innovation. This column studies the global
House prices in big cities cannot be expected to come down any time soon
House prices have increased sharply in many advanced economies, often leading to populist revolt and social crises. This column argues that agglomeration externalities foster urbanisation
Aligning drug prices and innovation: How global spillovers shape the future of medicines
As the US and EU push forward with drug-pricing reforms, the topic has moved to the centre of political debate. This column shows how national
