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A chair's function is not just to provide a place to sit; it is to provide a medium for self-expression. Chairs are about status, for example. Or signalling something about oneself. That's why the words chair, seat and bench have found themselves used to describe high status professions, from academia to Parliament to the law. ↗
Although being economics editor sounds impressive, it does not mean I actually edit anything. It mainly reflects two decades of title-inflation at the BBC, which has given ever more status to senior reporters, presumably because it is cheaper to do that than to offer higher pay. ↗
As it happens, I have personally been something of an enthusiast for the London Olympic games, mainly on the grounds a) that a bit of wasteland will be made nice and b) that it tends to make everybody happy that their country should be the centre of world attention for a couple of weeks in their life. ↗
Britain, however, has ended up specialising in the ones you don't see as much of: defence aerospace, making drive shafts for cars, pills and drugs, designing chips that go into 94 per cent of the world's mobile phones. And so there's a danger that because it doesn't have a British flag on it, people won't realise that we actually do produce value. ↗
Even though disciplined sleeping habits and the adrenalin of live radio ensures that we are very awake while on duty, there is evidence of a phenomenon called circadian desynchronosis which causes one's brain to function slowly at those times of day when it thinks it should be asleep, regardless how wide awake the body is. ↗
In principle, there are only three main components of spending that much matter to monetary policy: consumer spending, business investment and exports and trade. ↗
