When taking into account time, services can experience similar productivity gains as manufacturing. Motion pictures constituted the first technology that industrialized a labour-intensive service. Measuring output in time spent consuming them doubles output growth from 4.2 to as much as 9...

This paper identifies four basic economic characteristics underlying the evolution of the motion picture industry. First, the importance of endogenous sunk costs led to a quality race in the 1910s that left European companies behind. Second, the fact that marginal revenues equalled marginal...

The nineteenth century saw the advent of news agencies that became well-coordinated global organisations with large networks of correspondents, such as Reuters, Havas, Wolff-Continental and Associated Press. Essential features of these agencies were substantial fixed and sunk set-up costs, high...

The Market in Financial Instruments Directive (MiFID) aims to increasecompetition and to foster client protection in the European financialmarket. Among other provisions, it abolishes the concentration rule andchallenges the market ower of existing trading venues. The directiveintroduces venue...