The transformative role of IT in the modern economy has been much discussed recently, focussing primarily on its effects on productivity and employment. In a recent McKinsey Quarterly article Brian Arthur describes what he calls a second economy; a network of computers communicating automatically and forming the beginnings of what... Continue reading

We would all like to be able to predict the future. In one episode of the Phil Silvers Show which ran on television from 1955 to 1959 the hero, Sergeant Bilko – an “operator” and gambler, is granted the ability to predict the future. The trouble is that it is... Continue reading

I’ve recently been reading some of Nicholas Carr’s writings about technology. I find his approach both fascinating – he gets many things right – and infuriating in that I fundamentally disagree with some of his conclusions on the effect of computer technology, and in particularly the internet, on the economy... Continue reading

Last week the MIT published an important white paper entitled The Convergence of the Life Sciences, Physical Sciences and Engineering. This is accompanied by a video of a joint forum with the AAAS, where participants include some of the authors of the paper. Their stated objective is “to help delineate... Continue reading

Much has been written recently about the apparent failure of the pharmaceutical industry to indefinitely maintain its rate of introduction of new blockbuster drugs. Pharma is unusual in that, unlike most other industries, the process of new product development depends on the advancement of basic science. The industry employs large... Continue reading

This post may seem to be a little “off-message”, but I can’t ignore the effects of the weather in the last few weeks. Here in London we are seeing the coldest December for many years with heavy snowfalls, and the weather across Northern Europe seems similar. There are also reports... Continue reading

The second decade of the 21st century is beginning at a time of economic uncertainty. At the same time we are seeing an enormous change in the world we live in, primarily brought about by changes in technology. In the fields of information technology and communication we see moves towards... Continue reading