levine m ( 2015 ), “ levine on wall street : culture and retaliation ”, bloombergview, 2 february. available at < http : / / www. bloombergview. com / articles / 2015 – 02 – 02 / levine - on - wall - street - culture - and - retaliation >. bis central bankers ’ speeches the information flow. there are, again, a number of potential solutions to this and i accept there may be some scope to provide more guidance around this recommendation, particularly in the case of less - traded currencies. to conclude, there is a strong expectation that these recommendations will be implemented to deliver an improvement in the execution of foreign exchange transactions referencing fx benchmarks and the integrity of the benchmarks themselves. the fsb has approved the recommendations contained in the fx benchmark group ’ s report. if these recommendations are not implemented, then the likelihood of a regulatory response will increase. bis central bankers ’ speeches

this dramatic shift toward product downsizing during the past half - century stems from several causes. the challenge of accumulating physical goods and moving them in an ever more crowded geographical environment has clearly resulted in cost pressures to economize on size and space. similarly, the prospect of increasing costs of discovering, developing, and processing ever - larger quantities of physical resources has shifted producers toward downsized alternatives. this shift appears effectively to have answered the dire concerns that were expressed, in a report from the club of rome three decades ago, about the prospects of running out of the physical resources that allegedly were necessary to support our standards of living. another cause of product downsizing is that, as we moved the technological frontier forward and pressed for information processing to speed up, the laws of physics required the relevant microchips to become ever more compact. more generally, in the realm of physical production, where scarce resources are critical inputs, each additional unit of output is usually more costly to produce than the previous one ; that is, production, at least eventually, is characterized by increasing marginal cost. by contrast, in the realm of conceptual output, much of production is characterized by constant, and perhaps even zero, marginal cost. for example, though the set - up cost of creating an on - line encyclopedia may be enormous, the cost of reproduction and distribution may be near zero if the means of distribution is the internet. the emergence of an electronic platform for the transmission of ideas at negligible marginal cost may, therefore, be an important factor explaining the recent increased conceptualization of the gdp. the demand for conceptual products is clearly impeded to a much smaller degree by rising marginal cost than is the demand for physical products. but regardless of its causes, conceptualization is irreversibly increasing the emphasis on the protection of intellectual, relative to physical, property rights. before world war i, markets in this country were essentially uninhibited by government regulations, but they were supported by rights to property, which in those years largely meant physical property. intellectual property - patents, copyrights, and trademarks - represented a far less important component of the economy, which was mainly agricultural. one of the most significant inventions of the nineteenth century was the cotton gin. perhaps it was a harbinger of things to come that the intellectual - property content of the cotton gin was never effectively protected from copiers. only in recent decades, as the economic product of the united states has become so predominantly conceptual