There is a thriving industry at the moment discussing the importance of size in business. More to the point: it is the relative lack of size that seems, to some, to be the epicenter of competitive failure in Europe’s sickly peripheral economies. The Economist has waded in with its usual straight from the textbook appraisal. […]

Time is money. The two seem to be entangled. In finance class we all learn about something called a net present value. This is an attempt to collapse a temporal string of cash flows into a single figure for comparison with other similarly collapsed numbers. More importantly it is an attempt to collapse time itself. […]