Quantifying the employment effects of micro-electronics

The paper attempts to quantify some of the compensatory effects on employment which may offset the direct displacement effects of faster technological change. It is argued that technological change will not necessarily increase unemployment levels. There are a number of compensating effects which may reduce and even outweigh any initial displacement effects. The study uses simulation techniques with a detailed model of the UK economy. One conclusion is that, even if the UK does not innovate as fast as its major competitors, a more rapid rate of diffusion of new technology may result in higher employment than would otherwise be the case.     

英国合成生物学发展重点研究

英国最新发布的合成生物学路线图研究报告提出了包括基础科学和工程、继续开展负责任的研究和创新、面向商业应用进行技术开发、应用和市场、国际合作在内的5个合成生物学发展重点。通过对上述的5个合成生物学发展重点进行详细介绍,并着重介绍英国在这些发展重点的创新理念和举措,其目的是为我国有关合成生物学发展的政策制定和重点选择提供参考和借鉴。     

Telephone and cable companies: Rivals or partners in video distribution?

This paper examines the evolving relationships between telephone and cable companies in light of changes in video distribution technologies, costs and regulations. It covers the technological requirements for multichannel video transmission, telco plans for local video distribution and the prospects for hybrid cable/telco services. Competition between the two industries in the USA seems likely in the 1990s.     

英国经济面临内忧外患 复苏前景堪忧

2011年以来,随着全球多数地区经济形势出现反复,英国经济亦增长乏力,主要表现为失业人数增加,通胀压力加剧,商业投资持续下滑,消费需求不足,贸易逆差持续扩大等。英国货币和财政政策面临既要促进经济增长,又要控制通货膨胀和紧缩财政的两难选择,而外部经济金融的波动,更增加了英国经济的不确定性。     

英国应对人口老龄化的经验及对中国的启示

英国是世界上第一个工业化国家,也是人口老龄化国家。英国在应对人口老龄化方面积累了较为丰富的经验,采取了推迟退休、倡导积极老龄化、利用国际移民、推行以促进就业为导向的社会政策和大力开发人力资源等措施,较为成功地应对了老龄化时代的社会经济问题。但英国的养老金面临较大的财政风险,国际移民面临本土适应问题。中国可以参考英国分权管理、责任下放的政府治理体制,建立有梯度的养老金制度,建立广覆盖、低费用、以社区卫生服务为主的全民基本医疗保障制度。     

The Long-Term Price-Earnings Ratio

Abstract:  The price-earnings effect has been thoroughly documented and is the subject of numerous academic studies. However, in existing research it has almost exclusively been calculated on the basis of the previous year's earnings. We show that the power of the effect has until now been seriously underestimated due to taking too short-term a view of earnings. Looking at all UK companies since 1975, using the traditional P/E ratio we find the difference in average annual returns between the value and glamour deciles to be 6%. This is similar to other authors' findings. We are able to almost double the value premium by calculating the P/E ratio using earnings averaged over the previous eight years.     

Towards a Semiology of the Periodic Review of UK Regulated Utilities

This note explores the regulatory process of UK privatised utilities through the periodic review of prices. It provides a brief history of the privatisation programme in the UK and the theoretical arguments for the price-cap regulation that has been used. It argues that regulatory process appears to involve a covert dialogue and exchange of information between the regulator and regulated and also a second separate review process that consists of an overt dialogue. Using a semiotic analysis the authors suggest that the unfolding of each of these overt reviews follows a very similar pattern that is constantly being re-enacted. It is concluded that further research is required into the relative importance of the two separate review processes in the setting of the price-cap.