Short circuit electrification

The electrification of the automotive industries is well under way. However, there is still the resistance of a few warriors from a village called “Gaulle” that fight the imperial forces that dominate these markets. The abundance of cars with batteries and electricity-based traction keeps growing, More utility vehicles shift over to this technology as well. With India and China making significant shifts in this direction, the market has made a significant technological shift until the beginning of 2026. The share of hybrid or solely electric power in cars has risen sharply, but a small segment (10% of diesel engines seems to survive or is only slowly petering out in the coming decade. The publication by Béla Galgóczi (editor) demonstrates the challenges this poses to the companies, their employees and the automotive sector as a whole, as it comprises a large amount of employment and technologies in the traditional supply chain as well. The need for a substantial and costly shift has started, but the downsizing of companies, as electric cars need far fewer pieces than conventional ones, could offer an opportunity, if the skilled employees can be converted to other productive use.
A single sector study offers a lot of “deep” insights into a sector, but the opportunities and openings in other not to distant sectors tend to be overlooked. The European sovereignty in the area of military, standardised technology, which is also still based on many precision and metal components might come as a rescue not only to Ukraine, but to Europe as a whole.

Rule and divide leadership

We have known the leadership style, which has been coined as “rule and divide”, at least since the Roman imperial period.  In conquered countries it was a strategy to rule by way of creating divides between peoples or regions within a conquered country. The struggle for power within a country is likely to avoid that a powerful opposition to the occupant can build up. What is well researched in the history of international politics, has also been applied to the realm of management strategies. Anthony Galluzzo demonstrates that the strategies of management often attempt to split the workforce in at least 2 different camps in order to better keep employees and their trade unions under some sort of control. For society as a whole, so-called dual labor market theories have hypothesized the existence of such management strategies since the 1980s. With the labor practices in food and grocery deliveries as well as in taxi services such management strategies are applied again. “Old wine in new bottles”, but still seems to sell and catch on. (Image: extract from Butler Charles, 1637, Monarchia faeminina)

 

Collaborative Leadership

There are many reasons to praise collaborative leadership. Work climate, learning climate and innovation in teams and organizations benefit a lot. Absenteeism from the workplace is a proven and close correlate of hierarchical leadership styles. The theory and empirical evidence is rather clear in this respect, however the effective practice of collaboration among a leadership team is hard to sustain. Not only the ways to reach leadership positions is mostly rewarding tough elbows on the way to the top, the multiple rounds in the competition for top positions tend to train the toughest strategic  behavior. A return to more cooperation and collaboration appears to be a real challenge for persons that eventually arrive in top management positions in politics or business. Administrative science or organization science deserves much more attention especially if we are moving into the age of multilateral international institutions and multinational corporations and organizations. (Image: Les quatre parties du monde soutenant la sphère céleste, 1872, Musée d‘Orsay Paris).

Time in Leadership

We identified already the importance of monitoring in democracies. The same theoretical considerations hold for an analysis of leadership irrespective of the organizational context, be it a government, governmental organization, non-governmental organization, association or private enterprise. In democracies, it is in most cases a constitutional rule that leadership positions are limited in time and it is “best practice” to have clear rules about renewable terms of office as well.
In private enterprises this seems to be of lesser importance, but the issue deserves more close scrutiny, not only by shareholders in case of a shared ownership or stocks. A particular person in the leadership position might be a good match for a company at times of growth or scaling of a start-up, but the same leadership is less likely to be an equally good match for the period of eventual stagnation or shrinkage.
Therefore, as an alternative hypothesis it might be wise to adopt leadership rules similar to filling leadership positions with politicians. Fixed-term and 1 renewal could be worth testing at the leadership level (like in presidential republics, USA or France), even if this does not preclude close monitoring of leadership processes. As a starting point for empirical research, Vogel, Raes, Bruch (2022) offer a toolkit to assess organizational energy and leadership trajectories. Learning from democracies as well as democratic procedures might be a worthwhile leadership model to follow. (Image: ceiling painting in chateau  Vaux le Vicomte)

Regulation and bureaucracy

Economists will celebrate 55 years of the theory of regulation pioneered by George Stigler, which was published in 1971 in 2026. The basic question asked at the time and today is: why do we have regulation? The pubic choice and political economy answer of Stigler (1971) and many scholars after him, is that the industry of a specific sector will acquire the regulation or the public interest in this regulation and, subsequently, the industry will design and operate it to its benefits. At least, this is in a nutshell my summary of the literature inspired by Sam Peltzman (2021, p.20). If we add to this the perspectives of theories of bureaucracy (Sharma, 2020), we become skeptic of an efficient implementation of regulations by governments or governmental agencies.
In the field of pharmaceutical applications, it is the “European Diabetes Forum” which calls for a regulation on reliable “glucose monitoring devices” with industry and user backing. Of course, this asks for bureaucratic control of the regulation, imports and markets of such devices later on. The one (regulation) is rarely coming without the other (bureaucracy). It is about time to acknowledge this for societies as a whole as well.

Climate, time and space

For statistical analyses is good practice to not only study averages, but whole distributions over time and space. Climate change is an obvious candidate to apply such a methodology. The analysis of US data on temperature changes across quantiles of the distribution in 48 regions over 70 years finds distinct patterns of temperature changes. The authors María Dolores Gadea Rivas and Jesús Gonzalo published their findings in PLOS Climate, which showed different patterns of climate warming. Taking into account that it is not only average temperatures that may shift, but only the lower winter temperatures or the warmer summer peaks, they find overall 84% of the regions experienced a statistically significant warming effect. Whereas a higher summer peak is commonly perceived as a climate warming problem, a warmer winter usually is less associated with climate change. This leads to an overall misinterpretation or lower perception that climate warming is and has been happening over the last decades. With yellow daffodils on 2026-2-8, usually a winter day in Brussels (see image), the warm winter days are also evidence that global warming is well under way all year round and across the planet.  

Time and power

Who commands our time? Who commands your time? Both macro- and micro-level analyses of power relationships related to time need to be investigated. Time policies are most obvious when it comes to regulations of working time, permissions of business hours or so-called bank holidays. On the micro or individual level, it is often the question of who spends more time on work, care and repair. Hourly wage rates have been claimed by economists to guide or decide societal time spent on one or the other activity. An extension of this rationale with an overriding objective of happiness might considerably change the impact of power relationships on time. Longer time perspectives on health shall also shift the view of how power impacts the time spent on various activities. Time sovereignty is a precious value in its own right.
The power play between employers and employees keeps shifting the balance, albeit the overall trend over the last 100 years has been towards a reduction of working time and increased time sovereignty of employees as a form of democratization of working life. This constitutes one form to share the benefits of productivity gains over decades as well. (Image clock on Berlin City Council building on labor day 2025).

 

Time and money

In the English-speaking world, most people will be familiar with the expression “time is money”. In times of working for money as pay, rather than growing your own crops, we calculate hourly, monthly or yearly salaries. Time is a habitual point of reference in production systems and calculations of economic growth. Inflation and depreciation speak to value over time, just as investment and returns accrue over time. For comparisons of different investments the chosen horizon becomes a decisive factor. Of course, in the long run we are all dead, but in the meantime time matters a lot, doesn’t it? Take out a loan and you realize how much time will matter, suddenly. Now, let’s turn around the causality, Money is time or can be buy time with money? For many processes this seems to be the case. With money you can buy time off working, or pay somebody to do work instead of doing the work yourself. You can “win time” or gain more free time this way. However, towards the end of your life, money might no longer suffice to buy you time before death even with lots of disposable income or cash. From a philosophy of science perspective, we might even question the concept of time-linked causality altogether. The relationship between time and money gets even more interesting if. we take intergenerational considerations into account like inheritance and environmental heritage. … and “the times are a changing”.  

Premium for silence

People are willing to pay a premium on housing prices for a more silent environment. In the study Enrico Moretti & Harrison Wheeler (2025) estimate that the construction of a silencing wall near a noisy traffic junction or road will increase prices for every decibel of noise reduction by about 3%. Distances closer to the noise shields get higher increases and this mechanism works even up to 400 meters away from the isolation. The investment in decibel noise reductions (not statistical noise) meets a willingness to pay a premium on housing prices. Investment in positive environmental effects (silence) have an obvious marketable premium value. This is most likely just the obverse effect that noise nearby housing is penalized and part of the social mechanism of gentrification. Housing prices and rental costs are known to be powerful drivers of gentrification as well.

State capitalism

It is the 2025-12-17 edition of the Wall Street Journal (WSJ) that touts President Trump’s governance as “state capitalism”. Through a listing of recent state interference into the functioning of the economy, the branding of this as state capitalism by the capitalist-owned press is without precedent. The President’s office has obliged NVIDIA to pay 25% of revenue from its China business on advanced semi-conductors to the Trump-run government. We might call this a kind of kick-back or blackmailing, if you want to expand or keep your business with a specific client. Major institutions like the Central Bank (Federal Reserve in the USA) are tackled to follow state orders rather than keep an eye on their independent assessment of facts about the economy. Nomination of governor positions have been subject to persistent interference from the president’s office rather than the government taking a moderating role of divergent interests, competences and lobbying.
The medium and long-term inefficiencies of an “at-will economy” have several examples, many in South American economies. The US economy is moving South in several respects, with the loss of the value of the $ compared to the €, maybe even devaluation is used as a strategic economic weapon. (Image: Ballroom in Chateau Vaux-le-Vicompte, France)

БЪЛГАРИЯ Bulgaria

The expectations of the entry of Bulgaria into the EURO-Zone are high towards the end of 2025. On the 1st of January 2026 we have new coins circulating in the Euro-countries. The addition of a country to the European currency yields insights into this country’s own cultural heritage. Piece by piece we learn, if we want to, to take a closer look into the more and more obsolete practice to handle currency in form of coins.
I cherish some of the coins with specific meaning to me (see image below, city of Trier, Willy Brandt, Chalk coast on Baltic sea). My small collection of coins from Greece allow me to refresh my Greek alphabet, words and historical landmarks of democracy. The circulation of Euro-coins with Bulgarian inscriptions in the Cyrillic alphabet will broaden our horizon again. Beyond the national features, we cherish the regional or federal organization in some countries, that feature their regional hotspots within this European cultural heritage. With a highly mobile Bulgarian population, not only within the EU, we shall soon see more Eastern Euro-coins with Cyrillic letters in our pockets and collections. … can’t wait for it … Ukraine in 202x, maybe 203x. 

Sustainability in computing

As the huge size of data centres become visible for everybody we begin to question the sustainability of computing infrastructures as well. The need for energy and water resources (for cooling) grow in line with the growth of data centers, the whole issue of input of resources and global trade has to be re-assessed. Based on European trade data, we know that computer software is heavily imported from the US, whereas we import the hardware to run the software in even higher shares from China. In view of the AI boom, this risks to worsen the European trade balance in the coming years. European digital sovereignty suffers as well, if we do not act upon it (compare Figure 8 in Eurostat report).
An easy fix is the shift to more computing-efficient software, which does not need or rely on more processor and memory imports from China for the hardware and imports of services like operating systems or office software from the US.
Just changing to Linux and OpenOffice lets you keep your hardware for several more years. Sustainability in computing isn’t hard to do. It is just a matter of determination. We can do it, if we really want to do it. The more rare earths become rare and more expensive, the larger the amount of people and businesses, who shall think twice about this.
European Digital sovereignty can work as a driver of sustainability in computing as well.

rainbow in front of clouds Brussels Central 2025

Bulimia Capitalism

Each time a wave and speculative bubble in the economy is building up or even bursting there are thousands of people who become drawn into chaos. Let us quickly review: Oil bubbles in the 70s, financial crisis and  subprime lending in housing markets, 1st internet bubble and the year 2000 bugs, AI excesses in 2025. These boom and bust cycles resemble the medical and psychological patterns of a bulimia nervosa. The overly optimistic outlook for AI companies’ future profits and shifts in the size of office space needed for companies announce bulimic behavior when at the same time vomiting by the same companies occurs with regard to investments in nuclear energy plants even in the sites like Fukushima in Japan or Three Mile Island in the USA. Bulimia Capitalism seems to be eating its own children. The upcoming year 2026 will be full of revelations in this respect. (Image: collection of about a hundred barbies exposed on a flea market in Brussels on 5 levels).

Socio-technological obsolescence

The standard literature or AI-sytems will give you a definition of on technological obsolescence, which specifies that obsolescence does not mean that a device is broken, but that it is outdated. In computers this might be due to hardware no longer supporting newer, more resource demanding software, or newer software insisting on the use of other hardware. The seemingly rapid innovation cycles in smartphones, cars or robots might justify such technological obsolescence, but the real advances like shifts from 3G to 4G to the newer 5G mobile frequency standards have taken place rather slowly due to provider coverage of sufficiently large, particularly rural areas.
Therefore, the technological obsolescence has to be enlarged as a concept to socio-technological obsolescence as the societal, legal and economic boundaries of technological innovations have to be taken into account as well. Provisions for health concerns or CO2 saving circularity, i.e. reuse of resources have to be taken into account as part of a precautionary principle.
Computer screens have asked us to move from square designs to wide screens (watch videos) to smartphones’ standards of long formats. My 20 years old square screen has been doing a reasonable job throughout these periods, though not for serious games.
The socio-technological obsolescence relies on a “socio-technical prestige score” of products, like for luxury brands in other industries, where fashions drive obsolescence more than technology.
(Image: Robotic arm made by Kuka writes on paper sheet at Frankfurt book fair 2017)

 

MD-11 crash

Some analysts have followed the acquisition of McDonnell Douglas by Boing as a merger of 2 big aircraft constructors in 1997. The merger meant that the construction of 200 MD-11 trijet aircrafts was discontinued a few years later in 2001. They have still been flying around as cargo airplanes and 50+ were still in use in 2025 by UPS and FedEx combined. The recommendation by Boeing is to stop using the planes and run more extensive technical checks before reuse. The aviation authority will have to comment on the safety as well, since the death of 14 persons on board remains a high toll for potential negligence of timely revisions or too few regular controls. Failure times of components necessitate check-ups, even if they are deemed expensive. Boeing has a difficult reputation in this field due to its lack of timely reaction in the two 737-Max cases. The precautionary principle probably could have saved lives also in this case. However, before jumping to conclusions we need to follow the analyses of this crash of the MD-11 more closely.
(Image: Corpo Coletivo by Lygia Clark 1970 performed in Berlin Neue Nationalgalerie 2025).

Robotics Hype 2026

Towards the end of 2025, it is common practice to look back on the last 12 months to summarize a year and to contribute to the “collective memory” of the year. From a “society and technology” perspective we shall not be surprised if such summaries will be full of images and praise of AI and robotics. However, large parts of the innovations that shall be declared to have marked 2025 were already around 10 years ago. It is just the timing for the new momentum and the creation of a hype around these technologies that is really remarkable (compare WSJ 2025-11-24 p 1-2 by Konrad Putzier).
It is true, playing around with robotics was reserved to universities, research institutes and some big players in industry. The public and financial markets showed little interest in these “nerdy” fields of applications. Although we were hardly able to compete with our chess computers, Watson solving math problems for us including the steps for us to follow. Video, image and textual support was provided by specialized applications already at high levels and in multilingual versions. In 2025 these techniques have enhanced with machine learning and neural network programming reaching higher speed and being able to use ever larger data sets as input.
But there are areas where the hype is coming to an end. How about all the artificial reality (AR), virtual reality (VR) applications? Many have seized to exist. Have you visited or invested in “Second Life” platforms? Opened a shop in the VR-world? Bitcoins have lost 7% of their value between 1.1.2025 and 24.11.2025 and they suffer still from high volatility rather than an uninterrupted rise.
War has fuelled the rise of shares in 2025 and “dual-use” technology benefits as well. AI has been driven by, and drives both trends.
In sum, it is much less the technological innovations in 2025 that are astonishing, but the political economy of how to orchestrate a sensational hype around the technologies.
(Image Hannover Industry Fair 2016-3-14).

Telework Challenge

There is a seminal trend that many employees prefer to have a choice to work on the premises of the employer or remote from home. This flexibility has become a major element of collective bargaining on work and time in larger companies in order to clarify rights and obligations.
In France it is about 1 in 5 of employees who do telework one day per month (1 in 6 in Nouvelle Aquitaine). The higher up in the hierarchy a person is, the more likely s/he is to do telework. Higher levels of educational attainment and seniority in a company also improve the access to and use of telework. There are still many employees who would like to do telework in their jobs, which technically could be done remotely, but who cannot do it (1 in 3). Most of those are denied the possibility by their employers.
Data from a survey in Germany from 2014 showed that before Covid-19 men were worked more often remotely than did women (Lott & Abendroth, 2019). The latest figures from France 2024 show that women have overtaken men as remote workers (Askenazy et al. 2025). As working from home has become more a part of the “standard employment relationship” today, the fears of loosing out on career opportunities due working from home seems to play less of a role nowadays, probably for both gender. Compared to 2014 the costs of equipment and availability and ease of installation of fast internet have become more affordable and might push the spread of telework even further.
The data from France show a strong positive correlation of remote work and commuting distance to work. Hence, long commuting distances “drive” more people into telework, which makes a lot of ecological sense, too.

All electric again

The “all electric society” has been identified by Dan Wang and Arthur Kroeber (2025 p.48) as one of the underlying driving forces of “The real China Model”. Despite the heavy reliance and pollution caused by China’s use of coal, the large share of electricity  (30%) of energy use is unmatched by the rest of the world except Japan. Investment in electricity grids and innovative ways of mobility around electricity will allow China to buzz rather than steam ahead. Solar cells, batteries for electricity storage and innovative ways of distribution of electricity through AI enhanced “learning” devices will widen the gap between China and other countries that suffer from inefficient path dependency.
Taking the advent of the “All electric society” seriously will free resources through the focus on future-proof technologies. We should not be afraid of the sparks of a short-circuited “All electric society”, the environmental challenges ahead for all of us, particularly China, ask to shift to high voltage solutions urgently. 

Political Economy 2025

As the global markets have moved from an international economic system based on competition to a world of protectionism based on arbitrary tariffs and restrictions, it feels strange to spot banners in Brussels in 2025-10 entitled “Competitive Europe Summit”. Participants at the conference appear to be “barking up the wrong tree”. In industries, and even more so in most services, access to markets is the necessary condition to embark on competition. No access, no competition. Tariffs or taxes are created to stifle competition.
All this has multiple reasons. One reason is to create an equal playing field among countries. Previously, we thought exchange rates of currencies and eventually purchasing power parities would shift following changes in competitiveness. This mainstream economic thinking has been disrupted through Putin’s war on Ukraine territory. The MAGA political economy narrative has impacted the competition between countries as well, (1) with its rhetoric and (2) back and forth changes in tariffs. Competition with countries which do not respect basic principles of fairness in competition can no longer be confronted with a mantra of a “competitive Europe”.
A more unified Europe could deal with the “politico-economic” fact that the global economy is much less concerned with the idea of competitiveness than in the last few decades of the last millennium (70s, 80s, 90s). Powerplay between nations maybe regarded as a kind of competition for dominance, but a sole focus on economic competition is grossly misleading nowadays after 3 years of the Russian aggression, at least with a focus on the short and middle distance run.

Marc Aurel Book 11

Throughout the Meditations, Marc Aurel concerns himself with the idea and importance of the common good. Based on his experience as Consul and Roman Emperor, the common good is of primary concern. At least in his thinking and writing these concerns play a very prominent role just like the “social“. In order to ensure his own successor, as described by Katherine Kennedy (2020 through www.classicalwisdom.com) he was only the 2nd Roman Emperor  to appoint a biological heir as his successor, which met a lot of criticism already at that time. Nevertheless, in his philosophical thinking and leadership guidelines he cherished the common good above all. “Have I done something for the common good? Then I too have benefited. Have this thought always ready to hand: and no stopping.” (Book 11 paragraph 4, Penguin Classics edition). This is in contrast to the predominant utilitarian thoughts many centuries later where the pursuit of your own benefit will further the benefit for society. The reversal of the logical sequence in later thoughts is particularly remarkable as well. The process of individualisation seems to be another additional factor in the lack of concern for the common good in the 21st century. Raising the awareness to further the common good is a continued challenged in most societies.

Former Crypto currency

The rationale behind a Crypto currency is quite an ancient idea. In the absence of a central bank or in addition to it, people may choose to establish their own currency or currencies. The central idea is to secure assets (currently and in the future) as well as to enable an exchange between a community of people. The Museum of the National Bank of Belgium (image below) has a “Yap stone” on display which originates from the Pacific Yap Islands. Even very heavy and big stones served as wealth storage. The idealistic value of a particular stone conveyed additional value. In the true value of the word these people were banking on stone money in a way not to distant from what Crypto currency embodies today.

AI in Central Banks

Yes of course, Central Banks will use AI, and some do so already (Kazinnik and Brynjolfsson, 2025). Beyond the standard application of AI by its employees, there are many potentials to use AI to analyse and publish data at a faster rate or in order to detect financial crimes. Similarly, data collection based on webpage harvesting might yield new indicators of inflation, expenditure for environmental risks (heat waves, flooding etc.) earlier and in addition to the normal set of indicators. Hence, Central banks might be better and faster in forecasting inflationary tendencies using more AI tools in their daily routines. Of course, it is difficult to predict a disruptive tariffs policy of a major economic player in the world economy, but the calculation of more, even hallucinatory scenarios become more feasible. It is feasible to weigh overall risks of different scenarios to the economy.
(Image: Celtic coins, Museum of the Belgian National Bank)

AI earnings effects

In the first few years of wider adoption of AI in an economy, there is the expectation that this might lead to substantial productivity gains for enterprises which use it as well as for employees who are early adopters of the relatively new technology. The study by the Stanford Digital Economy Lab by  Chen, Chandar and Brynjolfsson (2025) showed that so far there are no significant earnings effects for employees. Based on millions of recent payroll data from US companies productivity gains have not trickled through to the paycheck in terms of monthly salaries. Participation of staff in a company’s overall turnover or profit might change this as time evolves. For civil servants the adoption of AI might mean increases in cases dealt with as some tasks can be executes faster than before with the use of AI.
The evidence points to employment effects of AI rather than earnings effects so far. A hypothesis is yet unresolved: senior employees using AI might employ fewer junior workers at entry positions, if these “hallucinating” young professionals can be replaced by hallucinating AI. In science the hallucination has sometimes lead to disruptive new approaches and findings. It is a tough choice to pick the young entrants with high productivity potential and eventually high remuneration for this in terms of labor earnings.

AI employment effects

The first robust empirical evidence about employment effects of AI in the USA has been published by the Stanford Digital Economy Lab by  Chen, Chandar and Brynjolfsson (2025). A previous paper by Wang and Wang (2025) highlighted the comparative advantage of persons who use AI in their work compared to others and the authors coined the term “learning by using technology”.  The prediction of the model was that there might be job losses of more than 20% in the long run and half of this already in the first 5 years of the introduction of the technology. The Stanford economists have estimated with real world data these effects in the USA and find quite surprisingly that the negative employment effects of AI have the strongest impact on young labor market entrants with few years of labor market experience. Middle-aged and more senior employees seem to benefit from “tacit knowledge” about the work, which is more difficult to replace with AI, at least for the time being of the early days of AI. This evidence is based on recent payroll data from the largest payroll processing firm “ADP” in the USA which has firms overrepresented from the manufacturing and services industries as reported in another paper  (Firm size maybe another source of bias).  However, the effect that youth 22-25 years of age suffered the most calls into question the common belief that older workers are more likely to suffer the consequences as during in the rise of the digital economy around the year 2000. (AI Image created with Canva)

Vacation or Workation

Vacation or Workation, that is the question. Remote work and outsourcing of work have  created the opportunity for more people to work from distant places. Logging into the firm’s or the administration’s secured intranet enabled to work from where you prefer to work rather than on the premises of the firm. After the technological shift to enable secure remote work, the acceptability of remote work is a societal issue. Whereas bosses worked or had to work while on travel for many decades, the same has become feasible due to reduced costs for many other employees as well. The Covid-19 pandemic has forced another shift in the need to accept and advance remote work as well. Taken together the option of a “workation” instead of a vacation became equally more feasible. The borderline between remote work, “workation” and vacation has become more and more blurred. It remains to be seen, whether these options enhance an outsourcing trend by firms or whether  more “back-sourcing” or “in-sourcing” will be the consequence.
Employers with their associations and employees with their trade union representatives have a need to include such topics in their bargaining agenda in addition to pay, health and safety, as well as working time adaptations.
(Image created with Canva 2025-9)

 

Vacation money

The budget for a vacation, depending on your destination, is subject to exchange rate adjustments. If there are several months between planning and traveling the exchange rate like between the US $ and the Euro € has fluctuated recently by 10% in favor of the €uro. Nice for those receiving salaries in € and who spend their vacation in a region using the US $ as main payment currency. International tourists frequently calculate in $ and therefore might find Europe a bit more expensive than before the return of Donald Trump in the USA.
However, for all those who live in the Member States of the Euro-area and take their vacation there as well, they no longer think in exchange rate risks to their vacation budget. Additionally, there are almost no risks to be subject to fake money transactions like in unfamiliar currencies.
In the Euro area we can use for example backlight to make sure a 50€ bank note is a real one. Happy vacation! 

Home for dog

The places where some dogs live can be rather big. But even tiny dogs may enjoy a luxury home like their owners. This was certainly the case for the dog’s niche in a Paris home, a few years before the French revolution (1785). The exhibit is a testimony of the tough inequality of the late 18th century in Paris, where some enjoyed far reaching luxury and large parts of the population were forced to live in poverty within Paris or the suburbs with little access to basic sanitary facilities. The discrepancy between the luxurious homes of pets and the average person might serve as an indicator for income and health inequality. The Musée Histoire de Paris Carnavalet has a great stock of artifacts that can speak to the issue. Image: Musée Histoire de Paris Carnavalet dog niche 1785). 

Work time reduction

One of the major elements of social progress in the 20th century consisted in the reduction of work time. Reductions from 48 hours per week in the first half of the century were largely reduced to 40 hours per week or less in some industries with strong trade union representation. State regulations also pushed in this direction with positive implications for physical and mental health as well as wellbeing. Advances in longevity of employees may be attributable to this social progress agenda of the 20th century. In the 21st century we witness a new thrust of enterprises and employees striving to implement a 4 day work schedule by at the same time organizing a further reduction of work hours. The scientific evidence which is based on pre- and post trial assessments of workers satisfaction shows rather positive results (Fan, Schor, Kelly, Gu 2025). More studies are due to accompany this potential of further health and wellbeing effects of reduced work time and the reorganization of work time in enterprises. 

Geo-politics of Electricity

Think of a society only based on electric energy. In the 21st century this energy stems from photovoltaic cells, wind and water turbines as well as geothermal energy sources. Each region of the globe and even within a country has its own kind of access to electric power specifically originating in the geographic and geologic context. This means we are returning to a phase in which “natural monopolies” of power generation have their comeback. Rather than nation wide power monopolies, the regional specificity becomes important again. Of course, this raises a lot of geopolitical issues and maybe tensions. Local economies will develop their own electricity provision. Larger and smaller companies can reorganize their power provision themselves. Energy monopolies become outdated if the infrastructure and legal frameworks are adapted to the potential of the “All electric society” conditional on new forms of “power” sharing. Electric and political power sharing will be key in the geo-politics of electricity.

Electrifying Jobs

The transition to the “all electric society” necessitates to prepare the labor force for the upcoming challenge. The knowledge about electricity and electric appliances constitutes the basics of the knowledge base of the future. This goes far beyond the basics of physics and electrical engineering. There many processes like sharing of electric infrastructure in households, cities, in and beyond countries that have to be delt with. Investment calculations and legal issues to address the different risks involved are another area to cover in the process to prepare society for the “all electric society”.
However, the skills of professions with more direct links to the fossil fuel based technologies have a role in the phasing out of the heavy reliance on fossil fuels. Reverse engineering of such engines and heating will need people still knowledgeable of the past, when younger generations set their focus primarily on professions with links to electricity. Even using a solar powered heat pump in a home requires pipes to the existing network of radiators, for example. This will most likely be a gradual shift of the job structure and occupational requirements over at least a decade, but the shift has started already. Some might argue we need a well functioning “transitional labour market”, labour market policies and social security system for this to happen smoothly.