The European Sting: An economist explains how to value the internet

The European Sting: An economist explains how to value the internet. “It is one the most commonly used measures of economic activity: gross domestic product (GDP), defined as the total market value of all final goods and services produced within a country in a given period. But GDP misses out on huge chunks of value in the digital economy. When digital goods, whether Google Maps or Wikipedia, are available free of charge, they make no impact on GDP despite the value to their users.”

CNET: ‘Winter is coming’ for Chinese economy, warns search giant Baidu’s CEO

CNET: ‘Winter is coming’ for Chinese economy, warns search giant Baidu’s CEO . “The new year’s pep talk delivered by Baidu’s chief executive for 2019 was a bit chilly. Robin Yanhong Li, CEO of China’s largest search engine, warned that ‘winter is coming’ in a letter to employees regarding China’s economic growth slowing down, according to South China Morning Post. Baidu is the equivalent of Google in China.”

KelloggInsight: What Google Is Teaching Economists About Unemployment Insurance

KelloggInsight: What Google Is Teaching Economists About Unemployment Insurance. “For decades, policymakers have debated whether unemployment insurance provides a critical safety net during tough times, or whether it prolongs joblessness by reducing people’s incentive to find new work. But, to answer this question, researchers need a clear measure of how much effort people are actually making to search for jobs. And this activity has proven difficult to track. That is why Scott R. Baker, an associate professor of finance at the Kellogg School, turned to Google—specifically, to its data on search traffic.”

TODAYOnline: As inflation soars, Facebook drives trading in Argentina’s barter clubs

TODAYOnline: As inflation soars, Facebook drives trading in Argentina’s barter clubs. “At an abandoned train station in Buenos Aires’ working-class suburb of San Miguel, hundreds of Argentines gather with bags of clothes, rice, flour and sugar to trade.Most are women, some accompanied by children. Cardboard signs with their names scrawled in black marker hang from strings around their necks. They walk slowly around the old concrete platform yelling out the names of people they had agreed to trade with in a forum on Facebook.”

Livemint: Building a reliable database of the Indian economy

Livemint: Building a reliable database of the Indian economy. “The ministry of statistics and programme implementation (Mospi) is often in the news for all the wrong reasons. It is criticized for the poor quality of data, gaps in the data or delays in the release of data. However, several initiatives are progressively putting the database of the Indian economy on a much firmer footing than in the past. The results should begin to show by the end of this year.”

The Guardian: Spotify trends could help us gauge the public mood – Bank of England

The Guardian: Spotify trends could help us gauge the public mood – Bank of England. “Central bankers seeking to understand what’s really happening in the economy might want to forget about market research surveys and get hip to the number of Taylor Swift downloads instead, the chief economist at the Bank of England has suggested. Andy Haldane said researchers were increasingly looking at music download sites such as Spotify and studying the lyrics of songs to gauge the public mood.”

Innovators Magazine: Circular economy database launched

Innovators Magazine: Circular economy database launched. “A new global database drawing on information from 60 countries has been launched to support the growth of the circular economy. Compiled by the Circular Economy Club (CEC), on the back of its international Mapping Week project the open-source database is designed to accelerate the impact of circularity.” I didn’t know what a circular economy referred to; the Ellen MacArthur Foundation helped me out: “Looking beyond the current ‘take, make and dispose’ extractive industrial model, the circular economy is restorative and regenerative by design. Relying on system-wide innovation, it aims to redefine products and services to design waste out, while minimising negative impacts.”