Using the statistical technique of fuzzy clustering, regimes of inflation and unemployment are explored for the United States, the United Kingdom and Germany between 1871 and 2009. We identify for each country three distinct regimes in inflation/unemployment space. Similarities exist across...

There is empirical evidence from a range of disciplines that as the connectivity of a network increases, we observe an increase in the average fitness of the system. But at the same time, there is an increase in the proportion of failure/extinction events which are extremely large. The...

There are two key stylised facts about the extinction patterns of firms. First, the probability of extinction is highest at the start of the firm"s existence, but soon becomes more or less invariant to the age of the firm. Second, the relationship between the size and frequency of firm...

"In 1949, Hayek attributed the dominant position of planning in the West to the role of intellectuals, by which he meant 'professional second-hand dealers in ideas' such as journalists and commentators. Later in the twentieth century, we saw a similar phenomenon: particular social ideas,...

Bordo and Helbing (2003) examine the business cycle in Western economies over the 1881-2001 period. They examine four distinct periods in economic history and conclude that there is a secular trend towards greater synchronisation for much of the 20th century, and that it takes place across these...