New university rankings

The latest QS university rankings are out. The rules have changed, so comparisons to last year are nonsense.

Ireland has three universities in the Top 200: TCD (52), UCD (114) and UCC (184). The others require a bit of searching: UCG (232), DCU (330), DIT (395), Maynooth (401-450), UL (451-500).

It this good or bad? I counted the number of universities in the top 200. Ireland (4.4 mln people) does better than Austria (8.3 mln), Finland (5.4 mln), Greece (11.3 mln), Portugal (11.3 mln),  Norway (4.9 mln), Singapore (5.0 mln) and Spain (46.0 mln); about as good as Denmark (5.5 mln) and New Zealand (4.4 mln); but worse than Belgium (10.8 mln), Hong Kong (7.0 mln) and Sweden (9.3 mln).

Hot air over Poolbeg

As I expected, nothing happened yesterday. Times, Indo, and Examiner have the same story: Neither party walked away from the contract to build an incinerator in Poolbeg; and Minister Gormley continues in his role as leader of the opposition.

Meanwhile, of course, construction has halted — depriving a bunch of people from a job — and fines for breaching the landfill target accumulate.

The deeper issue was mentioned in the Times: ‘[Mr Tierney] said the managers of the four Dublin local authorities had been put in an “impossible position”. They had been given the responsibility by Government to ensure waste policy was implemented but “at the 11th hour complete and utter uncertainty has been created”.’

Long-term investment requires regulatory certainty.

Renewable heat and the cost of capital

Today’s Independent reports that the government is preparing the ground for meeting the renewables target for home heating. Geothermal energy is to play a part in this. Treacy Hogan gets the numbers right, but does draw the obvious inference. Would anyone invest in a project with a payback period of 12-36 years? In a country that is desparately short of capital?

A friend of mine used to sell heat pumps. He had a brilliant marketing ploy: “The payback period is 40 years.” Most of his customers thought you need to maximise the payback period, so he sold loads.

As with most renewables, for geothermal energy, the fuel comes for free, but the capital does not. Compared to fossil fuels, the price risk is gone, but the interest rate risk is higher.

Poolbeg: New spin

In yesterday’s Prime Time, Paul Cunningham revealed that there is a break clause in the contract between DCC and Covanta. The write-up is here, and it is about as informative as the broadcast.

Under certain, unspecified conditions, either party is free to walk away tomorrow. Not having seen the contract, I can only guess that a ministerial campaign against government policy is not among those conditions.

Does this change the calculus of the desirability of incineration of Poolbeg? Two arguments have not changed. We’re still in breach of the landfill directive, and the alternatives to incineration are expensive and will take a long time to plan and build. Two other arguments would change their importance. We may need to pay less compensation to Covanta, but the signal “Ireland: Closed for business” would be louder.

It may of course be that both parties have invested so much already that they have no desire to walk away.

Cue the green trolls.

UPDATE: The Dublin City Council says that RTE’s report is incorrect. IWMA says the taxpayer will pay 2 billion euro for the incinerator.

Trends in economic research

Cardoso and co have another interesting paper. Here’s the abstract:

Given the recent efforts in several countries to reorganize the research institutional setting to improve research productivity, our analysis addresses the following questions: To which extent has the recent awareness over international quality standards in economics around the world been reflected in research performance? How have individual countries fared? Do research quantity and quality indicators tell us the same story? We concentrate on trends taking place since the beginning of the 1990s and rely on a very comprehensive database of scientific journals, to provide a cross-country comparison of the evolution of research in economics. Our findings indicate that Europe is catching up with the US but, in terms of
influential research, the US maintains a dominant position. The main continental European countries, Germany, France, Italy and Spain, experienced some of the largest growth rates in economic scientific output. Other European countries, namely the UK, Norway, the Netherlands, Denmark, and Sweden, have shown remarkable progress in per capita output. Collaborative research seems to be a key factor explaining the relative success of some European countries, in particular when it comes to publishing in top journals, attained predominantly through international collaborations.

Unfortunately, they did not include Ireland.