Should you go back to the office, or lobby to keep working from home indefinitely? Part of the answer might lie in the productivity levels of classical composers. In a 2011 academic paper, Karol Jan Borowiecki of Trinity College Dublin looked at how much they produced when they worked alone compared to how much they produced when they lived in a geographic cluster.
The answer should, I think, have you planning your return to your own cluster as quickly as possible. Prominent classical composers born between 1750 and 1899 were approximately 33% more productive when in a cluster: they created on average one more work every three years than they might have otherwise, with those who migrated to be in the cluster being the greatest beneficiaries of it. The more intense the cluster, the greater the impact on overall output.
This makes intuitive sense of course. The closer composers were geographically the more likely they would have been to be able to listen to their competitors’ music, get ideas from it and put the effort in to make “not good, but better” works than the others.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Office working is underrated
You can’t extrapolate this finding to today’s office without obvious caveats (information exchange between a group of, say, modern accountants is a tad easier than it was between 18th century composers). But nonetheless, the idea that sparks are created as a result of overheard conversations, chance exchanges and unintended collaborations in modern offices is just as intuitive as the idea that competitive musicians make better music.
It also seems reasonable to note that younger staff need to build networks and have mentors (as well as people to put their “stupid” questions to without being recorded on Zoom); that not everyone has a suitable place to work from home; and that it’s better to work in an office than to end up sleeping in one (work/life boundaries matter).
There is an idea that you can – and should – mix homeworking and office working. That sounds very attractive. But if it becomes clear that the more productive workers are the ones clustering gossiping and drinking tea in the office full time, it might soon look less attractive.
Remote technology works., but presenteeism has something very big going for it too. There’s a reason JPMorgan, Goldman Sachs and Morgan Stanley have already asked all New York staff back to their desks. There is a reason why 65% of workers say they plan to return to the office this month. And there is a reason there has been a sharp rise in interest in London property since the turn of the year.
A few months ago Max King looked at commercial property trusts. In a world where almost everything is risky (because almost everything is expensive) they may well be worth another look, particularly if inflation really is returning (see my interview with Andy Haldane). If that is not exciting enough for you, Jonathan Compton looks at emerging markets, David Stevenson offers something properly risky – an investment trust that might take you to space. Finally, if you are the secretary of state for health or the chancellor, Matthew Lynn offers a workable plan for a living-with-the-virus economy. It is time to change the Covid-19 mood music.
-
What will the unravelling of US-China trade mean for the economy?What will a US-China decoupling mean for the global economy?
-
Scottish Mortgage: why we’re turning to private companies and China for exceptional returnsWhen it comes to delivering growth, Scottish Mortgage will stop at no end in its hunt for exceptional long-term returns - this includes China, unicorn companies and sectors such as space exploration
-
Why did the government take over British Steel – and was it a good idea?The government has stepped in to take control, not ownership, of British Steel, citing national security and other factors. But does that make sense?
-
'Rachel Reeves' plan to force pension funds into UK assets won't work'Opinion Hustling pension fund cash into British assets sounds like a good idea. It would be better to make Britain an attractive place to invest, says Matthew Lynn
-
What caused the Birmingham bin strike – and what does it mean for British businesses?The Birmingham bin strike is the fallout from an equal-pay claim brought by female cleaners. That bodes ill for the rest of British business
-
Supersonic travel: How China could 'leapfrog' US and Europe's commercial aviation industryOpinion Innovation in commercial aviation has been stuck for 60 years. A commercial supersonic jet might be back on the market soon, but will China get there first?
-
How British businesses can tackle Trump's tariffsThe majority of British businesses are likely to take a hit from the chaos caused by Trump’s tariffs to reorder global trade. Companies in the firing line face some difficult decisions, says David Prosser
-
Trump wants to colonise Mars – will it happen?Donald Trump wants to plant the US flag on Mars. Could humans really live there?
-
A new wealth tax is a terrible idea. The rich are already being hit by sneaky taxes – Merryn Somerset WebbOpinion Ideologues want to squeeze more tax out of the rich with a wealth tax. They’re already wrung dry, says Merryn Somerset Webb
-
Why are energy bills so expensive in the UK?Electricity bills in the UK are higher than in any comparable rich country. Some blame the net-zero zealotry of the government for that. What is really to blame for high energy bills?
