“In principle, there are only three main components of spending that much matter to monetary policy: consumer spending, business investment and exports and trade.”
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The new industries are brainy industries and so-called knowledge workers tend to like to be near other people who are the same. Think of the City of Hollywood. People cluster. This means you have winning regions, such as London and Cambridge, and losing regions. The people who want to be top lawyers in Sunderland are hoovered up by London.
Someday we'll look back on this moment and plow into a parked car.
I've always been scared of advertising folk. I've met them at parties and I've been to their offices and I've always found them intimidatingly cool. At one company I visited, they held their meetings in a caravan that had somehow been installed in the place, a rather more exotic place to gather than the typical BBC glass box.
Being funny, it turns out, is like being a bank. It's a confidence trick. As long as everyone believes in you, you are fine.
