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Nobel prize winner Tirole is interviewed by Binyamin Applebaum.

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Friedman on how a new IT venture in India tackles problems facing the power grid.

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Theresa May, Britain's Home Secretary in the Cameron government, is a candidate for prime minister with the planned resignation of David Cameron by the fall of 2016. May was first elected to parliament in 1997 from Maidenhead, a town west of London. She was educated at Oxford University, worked in financial services and the Bank of England, before entering politics. She is known for hard work, a direct approach, and candor on policy issues. During a annual party convention she told Conservative party members that "our base is too narrow, and so occasionally are our sympathies," adding that people called Conservatives as the "nasty party." This was the period when Blair's Third Way was popular and Labor Party was in power. A daughter of a clergy man, she presents a rather austere image but reassuring in turbulent times with a down to earth and patient manner.  Her sports hero is a cricketer Geoffrey Boycott, known for taking long patient batting stands on the cricket  grounds- something Britain needs as it faces long and difficult negotiations with the European Union.  During the EU referendum she supported Cameron and the Stay campaign but quietly, so that she can be seen as the Unity candidate for the deeply divided Conservative Party. On immigration  she was as Home Secretary responsible for one of the difficult issues of the Brexit campaign- with net immigration at 330,000 in 2015 exceeding the 100,000 target set by Cameron. That she retains confidence from all segments of the party, as well as her education, experience, and resilience, may provide some of the "calm and composed" manner that German Chancellor Angela Merkel has called for in the Brexit negotiation. ...

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Shiller's ten year earnings P/E ratios for U.S. stocks are at about 24.5 in October 2013. By comparison Shiller adjusted 10 year P/E ratio for Greece is at 4, Italy and Spain at close to 10 and Germany at 15.6. The one year earnings P/E ratios in Oct 2013 are at 15.8 for U.S. stocks. Within the U.S. Shiller says, the sectors where P/E ratios are much lower than 24 are in healthcare and energy and industrials. Emerging markets are also much lower than 24 for the U.S., says Shiller.

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Google's Schmidt on the future for Android phones and the competition with Apple. He sees the future in open Web applications and open applications like the Android, compared to the the Apple model, which he describes as closed.

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Airlines are using the savings from lower oil prices to do do much neded upgrading and improvements on planes, for improving airport facilities and to reward employees. Airlines are investing at the best rate in 13 years. Much of the investment goes to upgrade service for business class travel. As planes are full airlines have little incentive to reduce fares. American Airlines says it wil invest $2 billion to improve service inside planes. Air France-KLM says it is spending $1.2 billion to refurbish planes and modenize airport lounges, ground services. IATA estimate is for airline industry profits to go up from $11 billion in 2013 to $19.9 billion, increasing to $25 billion in 2015, almost doubling in 2 years.