knowledge economy

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pages: 209 words: 80,086

The Global Auction: The Broken Promises of Education, Jobs, and Incomes by Phillip Brown, Hugh Lauder, David Ashton

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active measures, affirmative action, barriers to entry, Branko Milanovic, BRICs, business process, business process outsourcing, call centre, collective bargaining, corporate governance, creative destruction, credit crunch, David Ricardo: comparative advantage, deindustrialization, deskilling, Frederick Winslow Taylor, full employment, future of work, glass ceiling, global supply chain, immigration reform, income inequality, industrial cluster, industrial robot, intangible asset, job automation, Joseph Schumpeter, knowledge economy, knowledge worker, labour market flexibility, low skilled workers, manufacturing employment, market bubble, market design, neoliberal agenda, new economy, Paul Samuelson, pensions crisis, post-industrial society, profit maximization, purchasing power parity, QWERTY keyboard, race to the bottom, Richard Florida, Ronald Reagan, shareholder value, Silicon Valley, sovereign wealth fund, stem cell, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade liberalization, transaction costs, trickle-down economics, winner-take-all economy, working poor, zero-sum game

In America, the rhetoric of learning is earning led to the view that it does not matter what is studied because interesting and well-paid jobs were available across the economy. But no matter how a knowledge economy is defined, it is difficult to produce an account that does not include the centrality of science and technology, given that these are major fields of innovation. If America has been engaged in an act of “unilateral educational disarmament,” it stems from large numbers of students attracted to celebrity careers and the lure of big prizewinners at the top of industries like 36 The Global Auction finance, law, business, fashion, and the media. This has been reinforced by proponents of the knowledge economy who portrayed manufacturing as part of yesterday’s economy, overtaken by knowledge economy jobs in financial services and other creative industries. In response, talented students turned their backs on what are viewed as less exciting or financially rewarding careers in science, technology, engineering, or math (STEM subjects).

Max Weber observed what he called the “routinization of charisma” and the prospects of an “iron cage” of bureaucracy, and Steven Brint has argued that the rhetoric of the knowledge economy is ahistorical: “Many years in the future, we shall see the same standardization in the computer software industry that a previous generation witnessed in the insurance and automobile industries.” Steven Brint, “Professionals and the ‘Knowledge Economy’: Rethinking the Theory of Post Industrial Society,” Current Sociology, 49, no. 4 (2001): 116. See Werner Holzl and Andreas Reinstaller, The Babbage Principle after Evolutionary Economics, MERIT-Infonomics Research Memorandum Series, Maastricht, the Netherlands. http://edocs.ub.unimaas.nl/loader/file.asp?id=812 Barbro I. Anell and Timothy L. Wilson, “Prescripts: Creating Competitive Advantage in the Knowledge Economy,” Competitiveness Review, 12, no. 1: 26–37. Holzl and Reinstaller, The Babbage Principle, 14.

Hence, the tenets of neoliberalism encouraged people to believe that welfare support introduced in the 1950s and 1960s was misguided because it rewarded failure and feckless behavior, whereas free markets offered a fair and efficient system where talent and hard work would be appropriately rewarded. As a result, the fate of individuals and families became heavily reliant on maintaining, if not increasing, the market value of their knowledge, skills, and credentials. Jobs and rewards would flow to individuals able to upgrade their skills to meet the competitive conditions of the knowledge economy, where opportunities were assumed to expand as the economy relied on new ideas, technologies, and innovations. Since the 1980s, politicians and opinion leaders, whether Republican or Democrat, continued to present the future economy as a world 4 The Global Auction of smart people doing smart things in smart ways. It is a world of new opportunities for creative talent and prosperity for American workers and families based on faith in the market to deliver the middle-class dream.


pages: 239 words: 45,926

As the Future Catches You: How Genomics & Other Forces Are Changing Your Work, Health & Wealth by Juan Enriquez

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Albert Einstein, Berlin Wall, bioinformatics, borderless world, British Empire, Buckminster Fuller, creative destruction, double helix, global village, half of the world's population has never made a phone call, Howard Rheingold, Jeff Bezos, Joseph Schumpeter, Kevin Kelly, knowledge economy, more computing power than Apollo, new economy, personalized medicine, purchasing power parity, Ray Kurzweil, Richard Feynman, Richard Feynman, Robert Metcalfe, Search for Extraterrestrial Intelligence, SETI@home, Silicon Valley, spice trade, stem cell, the new new thing

Meanwhile, back in Myanmar (formerly Burma) … Anyone owning a PC without government approval … Gets 15 years in prison … Just one of the reasons why … A country with one and a half times as many people as Canada … Did not produce a single U.S. patent in 1999. Because of the knowledge economy … And the emphasis on human rights … Real, and virtual, migration is growing. Worldwide, the number of people living in a country different from where they were born … Has doubled since 1965. In Western Europe and North America … Almost 10 percent of the population is foreign-born … Many are refugees … But many are also the best, brightest, and most entrepreneurial … Who continue concentrating in a few spots.1 Many of those wishing to work in the United States … Can now do so freely … Without a visa … or visits from the INS. In a manufacturing economy … You had to travel to the factory and put things together … Or process paper at a specific desk. In a knowledge economy … You can work at your desk … In your home … In a hotel … In a plane … Which is why more than a quarter of U.S. workers are now part-time, independent, or temps.

THE DOMINANT LANGUAGE … AND ECONOMIC DRIVER … OF THIS CENTURY … IS GOING TO BE GENETICS. Those who remain illiterate in this language … Won’t understand the force making the single biggest difference in their lives. Many countries and companies just don’t get it. They continue to invest primarily in stuff they can see and touch… Even though two-thirds of the global economy … Is already a knowledge economy. They do not invest in, or attract, smart people who are science-literate. They do not get particularly concerned as many of their brightest leave. They forget … You need ever fewer people, time, or capital … To build a nation … Become an economic superpower … Wage war effectively … Or launch a global business. But you do need technology-literate people. Lack of technology literacy … Is one of the reasons the gap between the richest and the poorest countries in the world is growing so quickly … Why there is a 390:1 gap.

Most European and Latin American fortunes are not based on high tech … They are inherited … (Although a few heirs have grown the companies significantly.) Seven out of the ten richest Europeans are what Forbes calls “coupon clippers” … (That is, they are not involved on a daily basis with building up their companies.) RICHEST EUROPEANS AND LATIN AMERICANS17 (estimated wealth in billions of dollars) The United States’ ability to attract the world’s best brains and the shift toward a knowledge economy create rapid shifts. In 1990, not one of the world’s ten wealthiest individuals was American … In 2000, six out often were American. MUCH OF THE WORLD’S NEW WEALTH IS CREATED BY KNOWLEDGE … BUT MOST OF THE WORLD’S POPULATION STILL WORKS IN BUSINESSES OR ENDEAVORS THAT PRODUCE, ASSEMBLE, OR SELL COMMODITIES … SO THE GAP BETWEEN THOSE WHO ARE TECHNOLOGY-LITERATE AND THOSE WHO ARE NOT COULD EASILY WIDEN AS RESEARCH AND DEVELOPMENT ACCELERATES.


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The Entrepreneurial State: Debunking Public vs. Private Sector Myths by Mariana Mazzucato

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Apple II, banking crisis, barriers to entry, Bretton Woods, California gold rush, call centre, carbon footprint, Carmen Reinhart, cleantech, computer age, creative destruction, credit crunch, David Ricardo: comparative advantage, demand response, deskilling, endogenous growth, energy security, energy transition, eurozone crisis, everywhere but in the productivity statistics, Financial Instability Hypothesis, full employment, G4S, Growth in a Time of Debt, Hyman Minsky, incomplete markets, information retrieval, intangible asset, invisible hand, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, knowledge worker, natural language processing, new economy, offshore financial centre, Philip Mirowski, popular electronics, profit maximization, Ralph Nader, renewable energy credits, rent-seeking, ride hailing / ride sharing, risk tolerance, shareholder value, Silicon Valley, Silicon Valley ideology, smart grid, Steve Jobs, Steve Wozniak, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, total factor productivity, trickle-down economics, Washington Consensus, William Shockley: the traitorous eight

In fact, the development of the biotech industry in the US is a direct product of the key role of the government in leading the development of the knowledge base that has thus provided firm success and the overall growth of the biotech industry. As Vallas, Kleinman and Biscotti (2009, 66) eloquently summarize: …the knowledge economy did not spontaneously emerge from the bottom up, but was prompted by a top-down stealth industrial policy; government and industry leaders simultaneously advocated government intervention to foster the development of the biotechnology industry and argued hypocritically that government should ‘let the free market work’. As this quote indicates, not only was this knowledge economy guided by government, but, strikingly, it was done as the leaders of industry were on the one hand privately demanding government intervention to facilitate the industry’s development, and on the other hand publicly declaring their support for a free market.

Patrick 97 Medical Research Council (MRC) 20, 67 Merrick, Sarah 125 meso perspective 36 micro–macro connection 31–2 microprocessors 109 Ministry for Research and Technology (Germany) 149 Ministry of International Trade and Industry (MITI) 37–8, 40; see also Japan Minsky, Hyman 32n3 Minuteman II missile programme 98 Miranda, Javier 45 Mirowski, Philip 49 MIT 24, 178, 178n6 Mitterrand, François 57 Motoyama, Yasuyuki 83–4, 85 Mowery, David C. 61–2 multi-touch screens 102 myths: about business investment requirements 53–5; about entrepreneurship and innovation 22; about innovation and growth 10; of Europe’s problem being commercialization 48, 52–3; government captured by 19; of innovation being about R&D 44, 159–60; of knowledge economy and patents 50–52; of market as self-regulating 30, 195; of small is beautiful 45–7, 142, 160–61; of venture capital as risk loving 47–50, 142 Nanda, Ramana 127 NASDAQ 50 National Academy of Sciences (NAS) (US) 176 National Aeronautics and Space Agency (NASA) (US) 98, 145, 150 National Endowment for Science, Technology and the Arts (NESTA) (UK) 45 National Fabricated Products 150n4 National Institute of Standards and Technology (NIST) (US) 107, 108 National Institutes of Health (NIH) (US): applied research by 136; budgets of 1938–2011 69, 70; creating the wave vs. surfing it 68–71; knowledge base funded by 8; NMEs based on research of 66; spending 25; Taxol royalties 188 ‘national market’ 195 National Nanotechnology Initiative (NNI) (US) 84–6 National Organization for Rare Disorders 82 National Renewable Energy Laboratory (NREL) 151 National Science Foundation (US) 20, 84, 85, 104, 108, 166 National Systems of Innovation perspective 42 NAVSTAR GPS system 105, 109 Nelson, Richard 193 neoclassical economics 33, 186 Netherlands 51, 54 networks: DARPA’s development of 77, 83; innovation 36, 40, 74; linkages of 39; in nontechnologies 83–4; SBIR building of 79, 83; science—industry links 193 New Deal 74 New Economy Business Model (NEBM) 168–9, 172, 177; see also Old Economy Business Model (OEBM) ‘new growth’ theory 34–6, 44, 59–60 new investment in renewable energy 120, 121 Nielsen, Kristian H. 145 Nokia 190 ‘No More Solyndra’s Act’ 130–31n12 Norway 120n4, 121 Novartis 81 Noyce, Robert 98 OECD, GERD (gross domestic expenditure on R&D) as a percentage of GDP in 43 Office of Science and Technology Policy (OSTP) (US) 109 oil company role in solar power 161n8 Old Economy Business Model (OEBM) 168–9, 177; see also New Economy Business Model (NEBM) Organisation for Economic Cooperation and Development (OECD) 18 organizational change 197 Orphan Drug Act (ODA) of 1983 81–2 Osborne, George 51 outsourcing 16, 108 Pacific Solar 152 Parker, Rachel 83–5 Parris, Stuart 44 patents: First Solar’s 151; focus on venture capital and 49; GE’s lead in 148; in knowledge economy 10; myth of knowledge economy and 50–52; ‘patent box’ policy 51–2; pharmaceutical 66; potential government retention of 189; success of as measure of innovation performance 34, 41 Perez, Carlota 117 Perkins, Thomas 57 Pfizer 8, 26, 69, 82 pharmaceutical companies (‘pharma’): funding development of 10, 17, 24; growth from R&D in 44; radical vs. ‘me too’ drugs 64–7; R&D expenditure by 25–6, 25n1, 64–6, 65; risk–reward relationship of 12, 181, 188; share buybacks by 25–7; see also Big Pharma; drugs; individual companies pharmaceutical industry: agencies of 64; percentages of new drugs by types 66; socialization of risk and privatization of rewards in 12, 181, 188; see also biotech Pharmaceutical Research and Manufacturers of America (PhRMA) 65, 66 ‘picking winners’: argument against 116; avoiding appearance of 85; ‘free market’ warnings about 111; ideology resulting from failure to 146; as inappropriate agenda 29, 187; lead R&D role vs. 134; losers picking the State vs. 18–21; MITI’s industrial policy as beyond 38 Pisano, Gary P. 49 Polanyi, Karl 8, 30, 193–4 policymakers: focus on R&D and patents 41; green revolution options 117; growth fostered by 34; need to seek collaboration by 24; need to understand new technology 75; suggested focus for 194 Portugal 52 President’s Committee of Advisors on Science and Technology (PCAST) (US) 84 private debt 17 private sector: demand side policy assumptions about 115; entering green revolution 119; entrepreneurial activity of 20; financialization 25–8; lack of vision in 21–2; limitations 84–5; parasitic potential of 23; shorttermist approach of 108; see also venture capital private vs. social returns 3–4, 179 procurement policies 111, 111n14 production function framework 34–5 Production in the Innovation Economy (PIE) project 178–9, 178n6 productivity 32, 45–6, 64 public debt 17–18 public good 7, 21, 57, 139, 179, 195 Public Interest Research Centre (UK) 121 public policy: see policymakers public–private: collaborations 5, 6, 24; funding of clean energy 154–5, 162; overlap 136; R&D investment 166 public sector: see State Q-Cells 157 Rao, Rekha 44 Rauch, James 4 RCA 172 R&D: Apple’s global sales/R&D ratios 92–3; biotech subsidies 81; Chinese wind technology 149–50; of clean technology sector 26; by DARPA 75, 134; by DoE 132; EU targets 41; firm growth relationship to 44; funding sources for basic research in US 61; funding sources in US 60, 60–61, 60n2 (see also individual US agencies); GERD (gross domestic expenditure on R&D) as a percentage of GDP in OECD 43; impact of tax credits on 28; investments 4; in Japan vs.

Losers Picking the State Beyond Market Failures and System Failures The Bumpy Risk Landscape Symbiotic vs. Parasitic Innovation ‘Ecosystems’ Financialization Chapter 2: Technology, Innovation and Growth Technology and Growth From Market Failures to System Failures Myths about Drivers of Innovation and Ineffective Innovation Policy Myth 1: Innovation is about R&D Myth 2: Small is Beautiful Myth 3: Venture Capital is Risk Loving Myth 4: We Live in a Knowledge Economy – Just Look at all the Patents! Myth 5: Europe’s Problem is all about Commercialization Myth 6: Business Investment Requires ‘Less Tax and Red Tape’ Chapter 3: Risk-Taking State: From ‘De-risking’ to ‘Bring It On!’ What Type of Risk? State Leading in Radical (Risky) Innovation Pharmaceuticals: Radical vs. ‘Me Too’ Drugs Biotechnology: Public Leader, Private Laggard The National Institutes of Health: Creating the Wave vs.


pages: 543 words: 147,357

Them And Us: Politics, Greed And Inequality - Why We Need A Fair Society by Will Hutton

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Andrei Shleifer, asset-backed security, bank run, banking crisis, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Bretton Woods, capital controls, carbon footprint, Carmen Reinhart, Cass Sunstein, centre right, choice architecture, cloud computing, collective bargaining, conceptual framework, Corn Laws, corporate governance, creative destruction, credit crunch, Credit Default Swap, debt deflation, decarbonisation, Deng Xiaoping, discovery of DNA, discovery of the americas, discrete time, diversification, double helix, Edward Glaeser, financial deregulation, financial innovation, financial intermediation, first-past-the-post, floating exchange rates, Francis Fukuyama: the end of history, Frank Levy and Richard Murnane: The New Division of Labor, full employment, George Akerlof, Gini coefficient, global supply chain, Growth in a Time of Debt, Hyman Minsky, I think there is a world market for maybe five computers, income inequality, inflation targeting, interest rate swap, invisible hand, Isaac Newton, James Dyson, James Watt: steam engine, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, liberal capitalism, light touch regulation, Long Term Capital Management, Louis Pasteur, low-wage service sector, mandelbrot fractal, margin call, market fundamentalism, Martin Wolf, mass immigration, means of production, Mikhail Gorbachev, millennium bug, money market fund, moral hazard, moral panic, mortgage debt, Myron Scholes, Neil Kinnock, new economy, Northern Rock, offshore financial centre, open economy, Plutocrats, plutocrats, price discrimination, private sector deleveraging, purchasing power parity, quantitative easing, race to the bottom, railway mania, random walk, rent-seeking, reserve currency, Richard Thaler, Right to Buy, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, Rory Sutherland, Satyajit Das, shareholder value, short selling, Silicon Valley, Skype, South Sea Bubble, Steve Jobs, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, the scientific method, The Wealth of Nations by Adam Smith, too big to fail, unpaid internship, value at risk, Vilfredo Pareto, Washington Consensus, wealth creators, working poor, zero-sum game, éminence grise

Firms have to be clever in what they do, how they do it and how they present themselves to their markets. These injunctions already hold true in almost every area. At one level, the knowledge economy is laser surgery, personalised learning and drought-resistant crops; at another it is EasyJet and Ryanair, GPS navigation systems and music downloads; at another it is Pret, Jamie Oliver and Green & Black’s organic chocolate. It is cloud computing, which avoids the infrastructure capital costs of software applications by being accessed online by everyone as a utility. It is visiting the car factory to meet the team that customised your car. It is the immersive entertainment of Modern Warfare II and the iPlayer. Ian Brinkley, director of the Work Foundation’s Knowledge Economy Programme, calculates that more than two-fifths of Britain’s workforce and value-added now come from broadly defined knowledge-based industries and services of these types – double the levels of 1970 – and that the figure will consistently rise in the years ahead.7 This is where wealth, jobs, opportunity and our culture will increasingly be based.

Bradford DeLong (2000) ‘Cornucopia: The Pace of Economic Growth in the Twentieth Century’, NBER Working Paper No. 7602. 8 Robert Winston (2010) Bad Ideas: An Arresting History of Our Inventions, Bantam Press. 9 Richard G. Lipsey, Kenneth I. Carlaw and Clifford T. Bekar (2005) Economic Transformations, Oxford University Press, pp. 93–119. 10 Ibid., p. 132 and general discussion. 11 Joel Mokyr (2002) The Gifts of Athena: Historical Origins of the Knowledge Economy, Princeton University Press; Joel Mokyr, ‘Progress and Inertia in Technological Change’, in John James and Mark Thomas (eds) (1994) Capitalism in Context: Essays in Honor of R. M. Hartwell, University of Chicago Press, pp. 230–54. 12 See Joel Mokyr (2004) The Gifts of Athena: The Historical Orgins of the Knowledge Economy, Princeton University Press. 13 Douglass C. North, John Joseph Wallis and Barry R. Weingast (2009) Violence and Social Orders: A Conceptual Framework for Interpreting Recorded Human History, Cambridge University Press. 14 James C.

, LSE Centre for Economic Performance Occasional Paper No. 24. 31 For a different, more subtle set of management indicators which are rigorously evaluated, see Casey Ichniowski and Kathryn Shaw (2004) ‘Beyond Incentive Pay: Insiders’ Estimates of the Value of Complementary Human Resource Management Practices’, Journal of Economic Perspectives 17 (1): 155–80. 32 Judith Chevalier (1995) ‘Capital Structure and Product-Market Competition: Empirical Evidence from the Supermarket Industry’, American Economic Review 85: 415–35. 33 Philippe Aghion, George-Marios Angletos, Abhijit Banerjee and Kalina Manova (2004) ‘Volatility and Growth: Financial Development and the Cyclical Composition of Investment’, working paper, Harvard University. 34 Josh Lerner (2009) Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed – and What to Do about It, Princeton Unversity Press. 35 William Baumol, ‘Toward Analysis of Capitalism’s Unparalleled Growth: Sources and Mechanism’, in Eytan Sheshinski, Robert J. Strom and William J. Baumol (2007) Entrepreneurship, Innovation, and the Growth Mechanism of the Free-Enterprise Economies, Princeton University Press. 36 See also Robert R. Wiggins and Timothy W. Ruefli (2006) ‘Schumpeter’s Ghost: Is Hypercompetition Making the Best of Times Shorter?’, Strategic Management Journal 26 (10): 887–911. 37 Ian Brinkley (2009) ‘Knowledge Economy and Enterprise’, working paper, Knowledge Economy, run by the Work Foundation. 38 Kerry Capell, ‘Vodafone: Embracing Open Source with Open Arms’, Businessweek, 9 April 2009, at http://www.businessweek.com/magazine/content/09_16/b4127052262113.htm. See also Henry Chesbrough (2006) Open Business Models: How to Thrive in the New Innovation Landscape, Harvard Business School Press; and Eric Von Hippel (2006) Democratizing Innovation, MIT Press. 39 Robert C.


pages: 168 words: 50,647

The End of Jobs: Money, Meaning and Freedom Without the 9-To-5 by Taylor Pearson

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Airbnb, barriers to entry, Black Swan, call centre, cloud computing, commoditize, creative destruction, David Heinemeier Hansson, Elon Musk, en.wikipedia.org, Frederick Winslow Taylor, future of work, Google Hangouts, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, loss aversion, low skilled workers, Lyft, Marc Andreessen, Mark Zuckerberg, market fragmentation, means of production, Oculus Rift, passive income, passive investing, Peter Thiel, remote working, Ronald Reagan: Tear down this wall, sharing economy, side project, Silicon Valley, Skype, software as a service, software is eating the world, Startup school, Steve Jobs, Steve Wozniak, Stewart Brand, telemarketer, Thomas Malthus, Uber and Lyft, unpaid internship, Watson beat the top human players on Jeopardy!, web application, Whole Earth Catalog

The Rothschilds again show the value of investing early and heavily in a change in limits. No one has heard much about the Rothschilds banking innovations in the last hundred years or so, yet there are plenty of wealth Rothschild descendants walking around today. The Knowledge Economy (1900–2000): The Conquest of the Corporation Over the course of the one hundred and fifty years following the Napoleonic Wars and Nathan Rothschild’s loan to Friedrich, (roughly 1800–1950), the modern corporation arose. As we transitioned from an industrial to knowledge economy, banks became extremely effective at producing capital, but the economy didn’t have enough knowledge to grow. The limit has moved from capital to knowledge. The dominant player changed from banker to CEO, and the dominant institution shifted from banks to corporations.

We aren’t going through a global recession—we’re transitioning between two distinct economic periods Certainly, the model of four distinct periods is certainly oversimplified. Economies and societies are far more complex systems than an assembly line. Different limits can exist in the same society. There are still agricultural workers (farmers) and industrial workers throughout the West, but the broadest segment of Western population is employed in the knowledge economy, and it’s that part of the economy that, over the past hundred years, has been responsible for creating most of the abundance and wealth now available. When the limit of an economy shifts through the four different stages, investing more heavily in what has always worked won’t improve the output—just as spending more time in the gym is counter-productive if you aren’t sleeping enough or eating healthy.

Could we be at the same point for entrepreneurship? 4 The Entrepreneurial Economy (2000ish–???) The Emergence of the Entrepreneur Globalization means you are no longer competing to be more knowledgeable than the person down the street, but more knowledgeable than seven billion people around the world. Communication technology and increasing education standards have brought more individuals into the knowledge economy in the past ten years than in the preceding century. We’ve seen the number of college graduates globally go from ninety million to one hundred and thirty million between 2000 and 2010. It took us all of human history to get to ninety million and then only ten years to add another forty million.26 Secondly, the rapid advance of technology has replaced many simple tasks and driven more people into complicated knowledge work.


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The New Urban Crisis: How Our Cities Are Increasing Inequality, Deepening Segregation, and Failing the Middle Class?and What We Can Do About It by Richard Florida

affirmative action, Airbnb, basic income, Bernie Sanders, blue-collar work, business climate, Capital in the Twenty-First Century by Thomas Piketty, clean water, Columbine, congestion charging, creative destruction, David Ricardo: comparative advantage, declining real wages, deindustrialization, Donald Trump, East Village, edge city, Edward Glaeser, failed state, Ferguson, Missouri, Gini coefficient, Google bus, high net worth, income inequality, income per capita, industrial cluster, informal economy, Jane Jacobs, jitney, Kitchen Debate, knowledge economy, knowledge worker, land value tax, low skilled workers, Lyft, megacity, Menlo Park, mortgage tax deduction, Nate Silver, New Economic Geography, new economy, New Urbanism, occupational segregation, Paul Graham, Plutocrats, plutocrats, RAND corporation, rent control, rent-seeking, Richard Florida, rising living standards, Ronald Reagan, secular stagnation, self-driving car, Silicon Valley, sovereign wealth fund, superstar cities, the built environment, The Chicago School, The Death and Life of Great American Cities, the High Line, The Wealth of Nations by Adam Smith, Thorstein Veblen, trickle-down economics, Uber and Lyft, universal basic income, upwardly mobile, urban decay, urban planning, urban renewal, urban sprawl, white flight, young professional

I began to see the back-to-the-city movement as something that conferred a disproportionate share of its benefits on a small group of places and people. I found myself confronting the dark side of the urban revival I had once championed and celebrated. Our divides were causing greater inequality both within cities and metro areas, and between them. As I pored over the data, I could see that only a limited number of cities and metro areas, maybe a couple of dozen, were really making it in the knowledge economy; many more were failing to keep pace or falling further behind. Many Rustbelt cities are still grappling with the devastating combination of suburban flight, urban decay, and deindustrialization. Sunbelt cities continue to attract people to their more affordable, sprawling suburban developments, but few are building robust, sustainable economies that are powered by knowledge and innovation.

The world’s most innovative and creative places are not the high-rise canyons of Asian cities but the walkable, mixed-use neighborhoods in San Francisco, New York, and London. As I will show in Chapter 10, what our cities need is not just deregulation, but a reformed land use system that, together with broad changes in the tax system, increased investment in transit, and a shift from single-family homes to rental housing, can help create the kinds of density, clustering, and talent mixing that the urbanized knowledge economy requires. The fact of the matter is that the urban land nexus is shaped by an even more powerful and immutable constraint than just land use restrictions—that of basic geography. Cities and metro areas like Los Angeles, San Francisco, Seattle, and Chicago face hard physical boundaries like mountains and water, which, in addition to regulations that limit height or density, hinder their capacity for development.

As working- and middle-class families settled into suburban houses, their purchases of washers, dryers, television sets, living room sofas, carpets, and automobiles stimulated the manufacturing sector that employed so many of them, creating more jobs and still more homebuyers.28 Suburban sprawl was the key engine of the now fading era of cheap economic growth. But today, clustering, not dispersal, powers innovation and economic growth. Many people still like living in suburbs, of course, but suburban growth has fallen out of sync with the demands of the urbanized knowledge economy. Too much of our precious national productive capacity and wealth is being squandered on building and maintaining suburban homes with three-car garages, and on the roads and sprawl that support them, rather than being invested in the knowledge, technology, and density that are required for sustainable, high-quality growth. The suburbs aren’t going away, but they are no longer the apotheosis of the American Dream and the engine of economic growth.


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Who Stole the American Dream? by Hedrick Smith

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Affordable Care Act / Obamacare, Airbus A320, airline deregulation, anti-communist, asset allocation, banking crisis, Bonfire of the Vanities, British Empire, business process, clean water, cloud computing, collateralized debt obligation, collective bargaining, commoditize, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, David Brooks, Deng Xiaoping, desegregation, Double Irish / Dutch Sandwich, family office, full employment, global supply chain, Gordon Gekko, guest worker program, hiring and firing, housing crisis, Howard Zinn, income inequality, index fund, industrial cluster, informal economy, invisible hand, Joseph Schumpeter, Kenneth Rogoff, Kitchen Debate, knowledge economy, knowledge worker, laissez-faire capitalism, late fees, Long Term Capital Management, low cost carrier, manufacturing employment, market fundamentalism, Maui Hawaii, mega-rich, mortgage debt, negative equity, new economy, Occupy movement, Own Your Own Home, Paul Samuelson, Peter Thiel, Plutonomy: Buying Luxury, Explaining Global Imbalances, Ponzi scheme, Powell Memorandum, Ralph Nader, RAND corporation, Renaissance Technologies, reshoring, rising living standards, Robert Bork, Robert Shiller, Robert Shiller, rolodex, Ronald Reagan, shareholder value, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Steve Jobs, The Chicago School, The Spirit Level, too big to fail, transaction costs, transcontinental railway, union organizing, Unsafe at Any Speed, Vanguard fund, We are the 99%, women in the workforce, working poor, Y2K

THE WASHINGTON–WALL STREET SYMBIOSIS: THE INSIDE TRACK OF “THE MONEY MONOPOLY” PART 4: MIDDLE-CLASS SQUEEZE CHAPTER 11. BROKEN PROMISES: BANKRUPTING MIDDLE-CLASS PENSIONS CHAPTER 12. 401(K)’S: DO-IT-YOURSELF: CAN YOU REALLY AFFORD TO RETIRE? CHAPTER 13. HOUSING HEIST: PRIME TARGETS: THE SOLID MIDDLE CLASS CHAPTER 14. THE GREAT WEALTH SHIFT: HOW THE BANKS ERODED MIDDLE-CLASS SAVINGS CHAPTER 15. OFFSHORING THE DREAM: THE WAL-MART TRAIL TO CHINA CHAPTER 16. HOLLOWING OUT HIGH-END JOBS: IBM: SHIFTING THE KNOWLEDGE ECONOMY TO INDIA CHAPTER 17. THE SKILLS GAP MYTH: IMPORTING IT WORKERS COSTS MASSES OF U.S. JOBS PART 5: OBSTACLES TO A FIX CHAPTER 18. THE MISSING MIDDLE: HOW GRIDLOCK ADDS TO THE WEALTH GAP CHAPTER 19. THE RISE OF THE RADICAL RIGHT, 1964–2010: ASSAULT ON THE MIDDLE-CLASS SAFETY NET CHAPTER 20. THE HIGH COST OF IMPERIAL OVERSTRETCH: HOW THE U.S. GLOBAL FOOTPRINT HURTS THE MIDDLE CLASS PART 6: CHALLENGE AND RESPONSE CHAPTER 21.

Grove argues that it will take a new national strategy and a broad commitment in U.S. industry to regenerate America’s muscle in manufacturing. A few glimmers have begun to appear—a handful of plants coming back from China, a modest uptick in manufacturing employment, and business leaders such as Grove speaking out. But much more needs to be done, as you will see in the final section of this book. CHAPTER 16 HOLLOWING OUT HIGH-END JOBS IBM: SHIFTING THE KNOWLEDGE ECONOMY TO INDIA Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gain. —THOMAS JEFFERSON, letter, 1814 What we are trying to do is outline an entire strategy of becoming a Chinese company. —JOHN CHAMBERS, CEO of Cisco In this new era of globalization, the interests of companies and countries have diverged.

—RALPH GOMORY, former IBM vice president AMERICA’S RESPONSE to the challenge from China in the 1990s was to shift toward high tech. That became the new rallying cry for business and political leaders. Some economists reckoned that traditional U.S. manufacturing was doomed because China and the rest of Asia were becoming the workshops of the global economy with their three hundred million or more low-cost, moderately skilled workers. America’s new high ground would be the knowledge economy—the Internet, IT, scientific research, product development, corporate services, finance—areas where American universities would generate high-end skills and where start-ups would smartly innovate the United States to a long-term competitive advantage. Bill Clinton, seeking support from Silicon Valley’s high-tech leaders, made the promise of masses of high-skill, high-wage, high-tech jobs a centerpiece of his 1992 presidential campaign and one of his first White House initiatives.


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A Pelican Introduction Economics: A User's Guide by Ha-Joon Chang

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Affordable Care Act / Obamacare, Albert Einstein, Asian financial crisis, asset-backed security, bank run, banking crisis, banks create money, Berlin Wall, bilateral investment treaty, borderless world, Bretton Woods, British Empire, call centre, capital controls, central bank independence, collateralized debt obligation, colonial rule, Corn Laws, corporate governance, corporate raider, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deindustrialization, discovery of the americas, Eugene Fama: efficient market hypothesis, eurozone crisis, experimental economics, Fall of the Berlin Wall, falling living standards, financial deregulation, financial innovation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, George Akerlof, Gini coefficient, global value chain, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, Gunnar Myrdal, Haber-Bosch Process, happiness index / gross national happiness, high net worth, income inequality, income per capita, information asymmetry, intangible asset, interchangeable parts, interest rate swap, inventory management, invisible hand, Isaac Newton, James Watt: steam engine, Johann Wolfgang von Goethe, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, knowledge economy, laissez-faire capitalism, land reform, liberation theology, manufacturing employment, Mark Zuckerberg, market clearing, market fundamentalism, Martin Wolf, means of production, Mexican peso crisis / tequila crisis, Northern Rock, obamacare, offshore financial centre, oil shock, open borders, Pareto efficiency, Paul Samuelson, post-industrial society, precariat, principal–agent problem, profit maximization, profit motive, purchasing power parity, quantitative easing, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, Scramble for Africa, shareholder value, Silicon Valley, Simon Kuznets, sovereign wealth fund, spinning jenny, structural adjustment programs, The Great Moderation, The Market for Lemons, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade liberalization, transaction costs, transfer pricing, trickle-down economics, Vilfredo Pareto, Washington Consensus, working-age population, World Values Survey

In addition, seeing the share of manufacturing in their output falling, some manufacturing firms have applied to be reclassified as service firms, even though they still conduct some manufacturing. A UK government report estimates that up to 10 per cent of the fall in manufacturing employment between 1998 and 2006 in the UK may be due to this ‘reclassification effect’.7 Making things still matters The view that the world has now entered a new era of the ‘knowledge economy’, in which making things does not confer much value, is based upon a fundamental misreading of history. We have always lived in a knowledge economy. It has always been the quality of knowledge involved, rather than the physical nature of the things produced (that is, whether they are physical goods or intangible services), that has made the more industrialized countries richer. This point can be seen more clearly if you recall that woollen manufacturing, which used to be one of the most hi-tech sectors until the eighteenth century, is now one of the lower-tech sectors.

Many economists have argued that, with rising income, we begin to demand services, such as eating out and foreign holidays, relatively more than we demand manufactured goods. The resulting fall in the relative demand for manufacturing leads to a shrinking role for manufacturing, reflected in lower output and employment shares. This view got a boost in the 1990s, with the invention of the worldwide web and the alleged rise of the ‘knowledge economy’. Many argued that the ability to produce knowledge, rather than things, was now critical, and high-value knowledge-based services, such as finance and management consulting, would become the leading sectors in the rich countries that were experiencing deindustrialization. The manufacturing industry – or the ‘bricks and mortar’ industry – was viewed as second-rate activity that could be shifted to cheap-labour developing countries, such as China.

And in terms of the latter effect, the importance of the manufacturing sector cannot be over-emphasized, as it has been the main source of new technological and organizational capabilities over the last two centuries. Unfortunately, with the rise of the discourse of post-industrial society in the realm of ideas and the increasing dominance of the financial sector in the real world, indifference to manufacturing has positively turned into contempt. Manufacturing, it is often argued, is, in the new ‘knowledge economy’, a low-grade activity that only low-wage developing countries do. But factories are where the modern world has been made, so to speak, and will keep being remade. Moreover, even in our supposed post-industrial world, services, the supposed new economic engine, cannot thrive without a vibrant manufacturing sector. The fact that Switzerland and Singapore, which many people consider to be the ultimate examples of successful service-led prosperity, are actually two of the three most industrialized countries in the world (together with Japan) is a testimony to this.


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Social Life of Information by John Seely Brown, Paul Duguid

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AltaVista, business process, Claude Shannon: information theory, computer age, cross-subsidies, disintermediation, double entry bookkeeping, Frank Gehry, frictionless, frictionless market, future of work, George Gilder, George Santayana, global village, Howard Rheingold, informal economy, information retrieval, invisible hand, Isaac Newton, John Markoff, Just-in-time delivery, Kenneth Arrow, Kevin Kelly, knowledge economy, knowledge worker, loose coupling, Marshall McLuhan, medical malpractice, moral hazard, Network effects, new economy, Productivity paradox, Robert Metcalfe, rolodex, Ronald Coase, shareholder value, Shoshana Zuboff, Silicon Valley, Steve Jobs, Superbowl ad, Ted Nelson, telepresence, the medium is the message, The Nature of the Firm, The Wealth of Nations by Adam Smith, Thomas Malthus, transaction costs, Turing test, Vannevar Bush, Y2K

Increasingly, as the abundance of information overwhelms us all, we need not simply more information, but people to assimilate, understand, and make sense of it. The markets of the knowledge economy suggest that this shift is already underway. Investment is no longer drawn, as postindustrial champions like to point out, to bricks and mortar and other forms of fixed capital. Nor does it pursue income streams. (In some of the newest knowledge organizations there is as yet barely enough income to puddle, let alone stream.) Instead, investors see value in people and their know-how-people with the ability to envisage and execute adventurous new business plans and to keep reenvisaging these to stay ahead of the competition. So, while the modern world often appears increasingly impersonal, in those areas where knowledge really counts, people count more than ever. In this way, a true knowledge economy should distinguish itself not only from the industrial economy but also from an information economy.

In the process, knowledge has gained sufficient momentum to push aside not only concepts like reengineering but also information, whose rule had previously looked so secure. To be, in Peter Drucker's term, a "knowledge worker" now seems much more respectable than being a mere "information worker," though for a while the latter seemed very much the thing to be. Similarly, pundits are pushing "information economy" and the venerable ''information age" aside in the name of the more Page 119 voguish "knowledge economy" and "knowledge age." There's even a bit of alternative prefixation in such terms as knobot, which we talked about in chapter 2, where the buzz of bots and the buzz of knowledge meet. Beyond its buzz, however, is there any bite to these uses of knowledge? When people talk about knowledge, are they just clinging to fashion (as many no doubt are), or might some be feeling their way, however intuitively, toward something that all the talk of information or of process lacks?

Yet for the sort of implicit communication, negotiation, and collective improvisation that we have described as part of practice, learning, and knowledge sharing, it's clear that there are advantages to working together, however well people may be connected by technology. Indeed, one of the most powerful uses of information technology seems to be to support people who do work together directly and to allow them to schedule efficient face-to-face encounters. Looking too closely at the progression from atoms to bits may miss the role the bits play in allowing us to reinforce the valuable aspects of the world of atoms. Critical movements in the knowledge economy may go not just from atoms to bits, but from atoms to bits and back again. Page 147 Chapter 6 Innovating Organization, Husbanding Knowledge Electronic commerce is the single greatest change in business since the invention of money . . . On the Internet there's perfect information . . . Location doesn't protect you any more. It's a truly global economy. National Public Radio Business News 1 If the recession of the early 1990s disrupted U.S. business, as we noted in chapter 4, the long expansion that has followed has not, as might have been expected, brought calm.


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Elsewhere, U.S.A: How We Got From the Company Man, Family Dinners, and the Affluent Society to the Home Office, BlackBerry Moms,and Economic Anxiety by Dalton Conley

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3D printing, assortative mating, call centre, clean water, commoditize, dematerialisation, demographic transition, Edward Glaeser, extreme commuting, feminist movement, financial independence, Firefox, Frank Levy and Richard Murnane: The New Division of Labor, Home mortgage interest deduction, income inequality, informal economy, Jane Jacobs, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge economy, knowledge worker, labor-force participation, late capitalism, low skilled workers, manufacturing employment, mass immigration, McMansion, mortgage tax deduction, new economy, off grid, oil shock, PageRank, Ponzi scheme, positional goods, post-industrial society, Post-materialism, post-materialism, principal–agent problem, recommendation engine, Richard Florida, rolodex, Ronald Reagan, Silicon Valley, Skype, statistical model, The Death and Life of Great American Cities, The Great Moderation, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, transaction costs, women in the workforce, Yom Kippur War

Socializing usually revolves around professional colleagues. Not necessarily—or especially—people we actually work with in our own offices. No, most socializing involves weak, work-related ties: folks who are in the same field but just swinging through town for a conference or meeting—potential clients, former mentors, prospective employees. You never know from where the next big project—that great idea—is going to come from in today’s “knowledge economy.” In our marriage, nobody cooks. We generally eat take-out, when I am in charge, or raw food, when my wife is. Whereas, even in my parents’ relatively progressive marriage, my mother was the primary caregiver (except for Sundays when my father would take us to Aqueduct Racetrack), in our arrangement it is often more likely that I will be the one to pick up the kids thanks to my wife’s more hectic travel schedule.

I’ve borrowed this image from the medieval craftsman who fashioned products one by one in his own cottage industry. This craftsman set his own hours as he was paid for piecework. However, there were inherent limits to how much he could work. He needed raw materials. He needed light (so was generally confined to working during the day). And he needed customers (limited to a very local market). But today’s professional in the knowledge economy is uninhibited by pesky materials or the need to work with specific implements in a “shop.” She can work at any and all times, as long as she has an outlet to plug into and a decent wireless connection. In the flexible nature of the post-industrial economy this new professional shares the freedom of the medieval craftsman to draw up her own schedule, but she is driven by the economic red shift to work any and all hours, made possible by the portable workshop of the BlackBerry and the laptop.

Likewise, one of the most popular forms of gambling, slot machines, involves the seemingly mind-numbing action of inserting a small metal disk into a slot and then pulling a lever. Something that would have epitomized the dullness of Taylorized work in the bygone industrial age is now the way we “get into a zone” of privacy, becoming one with the machine, and escape the oppressive sociality of the service sector and the mind-bending tasks associated with the knowledge economy. Whereas pulling the lever of the machine was once the gesture that clocked you in and out of work, that very same motion now symbolizes our escape from the oppressive sociality of work.4 This remerger of work and play is quite ironic, since some theorists of industrial capitalism saw the emergence of the modern market as the very thing that allowed for a sacrosanct private sphere. That is, it was through the market’s ethic of the separation of business and pleasure that a “private sphere” in which economic relations were verboten was created for the first time in history with modern capitalism.


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The Option of Urbanism: Investing in a New American Dream by Christopher B. Leinberger

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American Society of Civil Engineers: Report Card, asset allocation, big-box store, centre right, commoditize, credit crunch, David Brooks, desegregation, Donald Trump, drive until you qualify, edge city, full employment, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, knowledge economy, McMansion, mortgage tax deduction, new economy, New Urbanism, peak oil, Ponzi scheme, postindustrial economy, RAND corporation, Report Card for America’s Infrastructure, reserve currency, Richard Florida, Seaside, Florida, the built environment, transit-oriented development, urban planning, urban renewal, urban sprawl, walkable city, white flight

The boredom of having only the option of drivable sub-urban life, including the unintended consequences of ever longer and more congested commutes and the running of nearly every errand in a car, is not to be underestimated. T H E M A R K E T R E D I S C OV E R S WA L K A B L E U R B A N I S M | 9 1 Alongside these demographic changes, the economy has made a fundamental change. The new economy has been called many things: the virtual economy, the service economy, the postindustrial economy, the knowledge economy, and the creative economy. This has come to mean a focus on the up front, creative portion of a product or service development and the back-end marketing and distribution of that product or service. The actual production may be outsourced abroad, or it may be accomplished with fewer employees in this country due to advances in technology, which lead to increased productivity. This is a repeat of the earlier trend of increased productivity in agriculture, leading to plummeting numbers of jobs over the past century (agricultural jobs were down to less than two percent of all jobs in 2000 from, as mentioned in chapter 1, forty percent in 1900 and twenty-seven percent in 1920).

This is a repeat of the earlier trend of increased productivity in agriculture, leading to plummeting numbers of jobs over the past century (agricultural jobs were down to less than two percent of all jobs in 2000 from, as mentioned in chapter 1, forty percent in 1900 and twenty-seven percent in 1920). The agricultural economy transitioned to the industrial economy, and now the industrial is transitioning to the knowledge economy. The economic driver of how the American Dream is implemented on the ground is changing once again. Dr. Richard Florida’s assertion in his 2002 book, The Rise of the Creative Class, that future economic growth depends on the retention and attraction of the highly educated has become accepted wisdom of many economic development officials in cities throughout the country. The breeding and attraction of young, highly educated people to start new companies, attract similar entrepreneurs, build the local tax base, and become more “hip” is driving many urban and suburban economic development strategies in the 2000s.

The Economist magazine reported that “talent has become the world’s most sought after commodity.”4 Certainly not all of the so-called creative class—software engineers; medical, legal, and financial professionals; high-tech entrepreneurs; educators; and others—want to live in walkable urban places for all phases of their lives, but many of them certainly want the opportunity to do so and may demand it at various times of their lives. The metropolitan area that does not offer walkable urbanism is probably destined to lose economic development opportunities; the creative class will gravitate to those metro areas that offer multiple choices in living arrangements. 92 | THE OPTION OF URBANISM The growth of the knowledge economy means that the most important factor in determining which metropolitan areas experience growth in new companies and jobs is the quality of the workforce—their education, training, and experience. The metropolitan areas with the highest educational attainment tend to be the fastest growing regions today—witness the growth of the two coasts and the Sunbelt of the past couple of decades, the new “U” shape of the USA.


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Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else by Chrystia Freeland

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activist fund / activist shareholder / activist investor, Albert Einstein, algorithmic trading, assortative mating, banking crisis, barriers to entry, Basel III, battle of ideas, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, Branko Milanovic, Bretton Woods, BRICs, business climate, call centre, carried interest, Cass Sunstein, Clayton Christensen, collapse of Lehman Brothers, commoditize, conceptual framework, corporate governance, creative destruction, credit crunch, Credit Default Swap, crony capitalism, Deng Xiaoping, don't be evil, double helix, energy security, estate planning, experimental subject, financial deregulation, financial innovation, Flash crash, Frank Gehry, Gini coefficient, global village, Goldman Sachs: Vampire Squid, Gordon Gekko, Guggenheim Bilbao, haute couture, high net worth, income inequality, invention of the steam engine, job automation, John Markoff, joint-stock company, Joseph Schumpeter, knowledge economy, knowledge worker, liberation theology, light touch regulation, linear programming, London Whale, low skilled workers, manufacturing employment, Mark Zuckerberg, Martin Wolf, Mikhail Gorbachev, Moneyball by Michael Lewis explains big data, NetJets, new economy, Occupy movement, open economy, Peter Thiel, place-making, Plutocrats, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, postindustrial economy, Potemkin village, profit motive, purchasing power parity, race to the bottom, rent-seeking, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, self-driving car, short selling, Silicon Valley, Silicon Valley startup, Simon Kuznets, Solar eclipse in 1919, sovereign wealth fund, stem cell, Steve Jobs, the new new thing, The Spirit Level, The Wealth of Nations by Adam Smith, Tony Hsieh, too big to fail, trade route, trickle-down economics, Tyler Cowen: Great Stagnation, wage slave, Washington Consensus, winner-take-all economy, zero-sum game

It is no accident that it was the superstars of these two professions that Marshall, writing in 1890, singled out as benefiting disproportionately from the Western world’s economic transformation. In the knowledge economy, more and more professions use a laptop rather than a steam engine, and that means that the superstars in these fields are earning ever greater rewards. The intellectuals are on the road to class power. THE STREET AND THE SUPERSTARS The biggest winners are the bankers. They did well enough, to be sure, in the industrial revolution. They were among that era’s plutocrats—think J. P. Morgan in New York, or Siegmund Warburg in the City of London. But these were the owners of capital. Their employees, the salaried financial professionals, weren’t nearly as richly rewarded. Their job was just to keep score. In the postwar era, with the steady rise of the knowledge economy, the bankers’ role has been dramatically transformed.

Just as the fight between labor and capital defined the first stage of industrial capitalism in the nineteenth and twentieth centuries, Martin argues that the battle between capital and talent is the central tension in the knowledge-based postindustrial capitalism of the twenty-first century. Here is how Martin laid out his theory in the Harvard Business Review: “For much of the twentieth century, labor and capital fought violently for control of the industrialized economy and, in many countries, control of the government and society as well. Now . . . a fresh conflict has erupted. Capital and talent are falling out, this time over the profits from the knowledge economy. While business won a resounding victory over the trade unions in the previous century, it may not be as easy for shareholders to stop the knowledge worker–led revolution in business.” Martin’s thesis helps explain one of the most striking contrasts between today’s super-elite and their Gilded Age equivalents: the rise, today, of the “working rich.” As Emmanuel Saez found, the wealthiest Americans these days are getting most of their income from work—almost two-thirds—compared to a fraction of that, roughly one-fifth, a century ago.

Martin’s theory about the growing power of “the talent” builds on the ideas of Peter Drucker, the Austrian-born scholar who laid the intellectual foundations for the academic study of management. That means you can probably blame Drucker for far too many soul-destroying PowerPoint presentations, peppy but hollow business books, and inspirational corporate “coaches” with lots of energy but no message. But Drucker also, more than half a century ago, predicted the shift to what he dubbed a “knowledge economy” and, with it, the rise of the “knowledge worker.” Drucker made his name in America, but he was a product of the Viennese intellectual tradition—Joseph Schumpeter was a family friend and frequent guest during his boyhood—of looking for the big, underlying social and economic forces and trying to spot the moments when they changed. Accordingly, he saw the emerging knowledge worker as both the product and beneficiary of a profound shift in how capitalism operated.

Culture and Prosperity: The Truth About Markets - Why Some Nations Are Rich but Most Remain Poor by John Kay

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Albert Einstein, Asian financial crisis, Barry Marshall: ulcers, Berlin Wall, Big bang: deregulation of the City of London, California gold rush, complexity theory, computer age, constrained optimization, corporate governance, corporate social responsibility, correlation does not imply causation, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, Donald Trump, double entry bookkeeping, double helix, Edward Lloyd's coffeehouse, equity premium, Ernest Rutherford, European colonialism, experimental economics, Exxon Valdez, failed state, financial innovation, Francis Fukuyama: the end of history, George Akerlof, George Gilder, greed is good, Gunnar Myrdal, haute couture, illegal immigration, income inequality, industrial cluster, information asymmetry, intangible asset, invention of the telephone, invention of the wheel, invisible hand, John Meriwether, John Nash: game theory, John von Neumann, Kenneth Arrow, Kevin Kelly, knowledge economy, labour market flexibility, late capitalism, light touch regulation, Long Term Capital Management, loss aversion, Mahatma Gandhi, market bubble, market clearing, market fundamentalism, means of production, Menlo Park, Mikhail Gorbachev, money: store of value / unit of account / medium of exchange, moral hazard, Myron Scholes, Naomi Klein, Nash equilibrium, new economy, oil shale / tar sands, oil shock, Pareto efficiency, Paul Samuelson, pets.com, popular electronics, price discrimination, price mechanism, prisoner's dilemma, profit maximization, purchasing power parity, QWERTY keyboard, Ralph Nader, RAND corporation, random walk, rent-seeking, Right to Buy, risk tolerance, road to serfdom, Ronald Coase, Ronald Reagan, second-price auction, shareholder value, Silicon Valley, Simon Kuznets, South Sea Bubble, Steve Jobs, telemarketer, The Chicago School, The Death and Life of Great American Cities, The Market for Lemons, The Nature of the Firm, the new new thing, The Predators' Ball, The Wealth of Nations by Adam Smith, Thorstein Veblen, total factor productivity, transaction costs, tulip mania, urban decay, Vilfredo Pareto, Washington Consensus, women in the workforce, yield curve, yield management

The advantages of the competitive market-incentive compatibility and low information requirements-allow reductions in pollution to be achieved at lower cost. Market economies solve coordination problems through a combination of spontaneous order and social institutions. Nothing guarantees that solutions will be reached or that those that are reached are efficient. But coevolution has usually produced answers. The Knowledge Economy Big Knowledge ••••••••••••••••••••••••••••••••••••• It is a cliche that we live today in a knowledge economy. 1 At first sight, markets do not seem a good mechanism for producing and transmitting knowledge. Once created, knowledge can be transferred relatively cheaply to other people at little cost. If the people who create new knowledge can't protect it, they can't sell it. And if they can protect it, they will restrict its distribution. Either way, the market economy won't produce and disseminate the knowledge it needs.

HB95.K29 2004 330.12 '2-dc22 2003056911 04 05 06 07 08 <•/RRD 10 9 7 6 5 4 3 2 1 {Contents} • • • • • • • • • • • • • • • • • • • • • • • List of Figures, Tables, and Boxes Acknowledgments A Note to Readers {part I} The 1 2 3 4 5 A Postcard from France The Triumph of the Market People Figures How Rich States Became Rich {part II} 6 7 8 9 10 11 Issues The Structure of Economic Systems Transactions and Rules Production and Exchange Assignment Central Planning Pluralism Spontaneous Order {part III} Perfectly Competitive Markets 12 Competitive Markets 13 Markets in Risk 14 Markets in Money vii ix xi 1 3 9 22 31 54 71 73 83 93 105 115 125 135 137 153 162 {vi} Contents 15 General Equilibrium 16 Efficiency {part IV} The Truth About Markets 173 184 195 Neoclassical Economics and After Rationality and Adaptation Information Risk in Reality Cooperation Coordination The Knowledge Economy 197 209 222 234 247 259 266 How It All Works Out 275 Poor States Stay Poor Who Gets What? Places The American Business Model The Future of Economics The Future of Capitalism 277 289 302 311 323 340 Appendix: Nobel Prizes in Economics Glossary Notes Bibliography Index 356 361 365 390 411 17 18 19 20 21 22 23 {part V} 24 25 26 27 28 29 {List of Figures, Tables, and Boxes} Figures 4.1 4.2 5.1 5.2 14.1 The Distribution of World Income The Dimensions of Economic Lives Rich States in Europe Rich Stares in Asia U.S.

This vacuous phrase has been adopted as policy by the European Union. This similarly vacuous concept has been lauded by the OECD (1975). According to estimates by Dixon (1996), 36% of expenditures under the Superfund to that date related to transactions costs rather than clearing up pollution. Buchanan and Stubblebine (1962), Demsetz (1964). Mnookin and Kornhauser (1979). Chapter 23: The Knowledge Economy ••••••••••••••••••••••••••••••••••••• 1. See, for example, Shapiro and Varian (1998); also "new economy'' writers such as Kelly (1998), Leadbeater (2000), and Coyle (2001). 2. Bodanis (2000), Clark (1979). 3. The Bletchley Park project, once highly secret, has now generated extensive literature-Hinsley and Stripp (1993), Enever (1994), Butters (2000)-and a film (Enigma). 4. In the last years of his life, Turing was a path breaker in the understanding of the mathematics of spontaneous order in nonlinear dynamic systems of the kind described in chapter 10.


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Revolution in the Age of Social Media: The Egyptian Popular Insurrection and the Internet by Linda Herrera

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citizen journalism, crowdsourcing, Google Earth, informal economy, Julian Assange, knowledge economy, minimum wage unemployment, Mohammed Bouazizi, moral panic, Occupy movement, RAND corporation, Rosa Parks, Silicon Valley, Skype, Slavoj Žižek, WikiLeaks

Liberalization Egyptian Style The Egyptian government, historically reluctant to allow the spread of technologies that would loosen its grip on its citizenry, nevertheless opened its doors to information and communication technologies (ICT) and the liberalization of the media. The transition to an “information society,” otherwise called a “knowledge economy,” came about through a combination of pressure and opportunity. The countries of the Organisation for Economic Cooperation and Development (OECD), the United Nations, the World Bank, and the International Monetary Fund (IMF) tied any number of loans and trade agreements to Egypt’s willingness to sync its national economy with the knowledge economy in which OECD countries held a clear advantage. At the same time, an ICT-driven economy would allow Egypt to more fully participate in the global marketplace, with its promise of profits and economic growth. As video games, satellite dishes, mobile phones, and the internet became more important to Egyptian society, these technologies did indeed bring a vigorous boost to the economy.

., 23–4, 32–33, 35–7 Google, 5, 24, 30–1, 35, 43, 63, 105 employees of, xi, 1, 2, 38, 44, 54, 72 Google Ideas, 1, 2, 44, 147 Guevara, Che, 157–8 Hardt, Michael, 5 Hegazy, Safwat, 126 Homeland Security, 35 Hoover Institute, 35 Howcast Media, 24, 38–9, 44, 53 Hughes, Karen, 30 human rights, 42, 46, 49, 56, 63, 87, 103–4 activists, 21, 31, 110 blogging and, 39 Hussien, Nermin, 133 ICQ, 13 See also chat rooms ideology, 19, 53, 75, 143, 145, 146 anti-, 149, 154, 158 dominant, 155 mechanisms of, 116, 156, 159 pan-Islamic, 121 Ikhwanbook, 127 Ikhwantube, 127 Ikhwan Twitter, 127 Ikhwanwiki, 127 information society, 6, 103, 104 International Atomic Energy Agency (IAEA), 63 See also ElBaradei, Mohamed International Monetary Fund (IMF), 7 International Republican Institute, 34 internet freedom, 40–3, 46, 82, 148 Intifada (second), 17 Iran, 18, 23, 39, 153 Green Movement, 35, 39–41 State Department and, 43 technology and, 23 youth, 33 Ismailia, 114, 121 Israel, 2, 8, 13, 14 Israelis, 13 Al Jazeera, 9, 68, 77, 81, 86, 101–3 Al Jazeera Mubasher, 101–2, 122 Jihad, 33, 52, 63 Johnson, Steven, 145 el-Kabir, Emad, 21, 152–3 Kefaya, 19–20, 21, 60, 80, 86 See also The Egyptian Movement for Change Khaled, Amr, 80 King, Martin Luther Jr., 34, 88 knowledge economy, 7 Kristy, 133 Kulina Khaled Said. See “We Are All Khaled Said” Kulina Leila. See “We Are All Leila” Lakoff, George, 125 Leisure Time (Awqat Faragh), 4 Liebman, Jason, 38, 44 MacKinnon, Rebecca, 42 Maher, Ahmed, 22, 38 Malcolm X, 88–9 Mandela, Nelson, 99 Mansour, AbdelRahman, 72, 79–98, 111, 148–9 Mansoura, 20, 65, 80, 114 Marovic, Ivan, 34 El Masry, Mohamed, 133 Mazzini, Guiseppe, 25 Media Hubs, 30 memes, 115–17, 135, 137, 141, 153 Middle East Partner Initiative (MEPI), 29–30, 44 military, 3, 26, 35 in Egypt, 37, 87, 146, 155–6 Egyptian counter-revolution and, 137–41 Elbaradei and, 85 Mubarak and, 119–20 US, 147 See also SCAF Milosovic, Slobodan, 34 mindquake, 18, 84 Ministry of Interior, 48, 97, 112, 113 See also al-Adly, Habib mobile phones, 7, 10, 12, 13, 21, 145 Mobinil, 10 Mohamed Mahmoud Street, 75, 132, 150–1 Molotov Cola, 133 Morales, Oscar, 35, 45, 99 Morozov, Evgeny, 40, 43, 44 Morsi, Amr, 133 Morsi, Mohamed, 102, 120–3, 126, 128–33, 136–7, 140 and AbdelRahman Mansour, 82 MTV, 24, 36 Mubarak regime, 96, 102, 125, 147, 155 censorship and, 115 electronic militias of, 30, 117–120 resistance to, 3, 18–20, 60, 77–81, 87–8 fall of, 74 post-, 126–7 US government and, 37, 83 violence of, 92, 134, 137 mummy, 151–2 Muslim Brotherhood, 96, 110, 124, 126–40, 146, 156 AbdelRahman Mansour and, 77, 80, 82, 86 Al Jazeera and, 102 defectors, 77, 82 e-militias, xi, 117, 120–5, 131 resistance to, 3 on women, 15 The Change (Al Taghrir) and, 18 youth, 123 Nadim Center for Human Rights, 63 al-Nahda Square, 137 Nasser, Gamal Abdel, 19, 95, 124 National Association for Change, 63, 84 See also Mohamed ElBaradei National Democratic Party, 119 National Endowment for Democracy (NED), 34 Near East Regional Democracy Program (NERD), 41–2 Negri, Antonio, 5 nongovernmental organization (NGO), 29, 127, 147 Nour, Ayman, 20–1, 50 Nye, Joseph S.


Britannia Unchained: Global Lessons for Growth and Prosperity by Kwasi Kwarteng, Priti Patel, Dominic Raab, Chris Skidmore, Elizabeth Truss

Airbnb, banking crisis, Carmen Reinhart, central bank independence, clockwatching, creative destruction, Credit Default Swap, demographic dividend, Edward Glaeser, eurozone crisis, fear of failure, glass ceiling, informal economy, James Dyson, Kenneth Rogoff, knowledge economy, long peace, margin call, Mark Zuckerberg, Martin Wolf, megacity, Mexican peso crisis / tequila crisis, Neil Kinnock, new economy, North Sea oil, oil shock, open economy, pension reform, price stability, profit motive, Ronald Reagan, Sand Hill Road, Silicon Valley, Steve Jobs, Walter Mischel, wealth creators, Winter of Discontent, working-age population, Yom Kippur War

Chapter 5, entitled ‘Buccaneers’, is a wider exploration of the nature of business innovation and entrepreneurial drive. In this chapter the achievements of Israel, perhaps surprisingly to some, are celebrated in the area of science and technology. Israel has shown how venture capital can be attracted into exciting areas. This capital is particularly supportive of technological innovation and businesses which rely on what is sometimes called ‘the knowledge economy’. Through the application of science and business acumen, exciting commercial opportunities often arise. Overshadowed by political concerns, Israel remains an underappreciated hub of scientific innovation. By contrast, it is a commonly observed feature of modern Britain that the state and bureaucracy have become more entrenched over the last decade. There is a feeling that initiative and individual enterprise have been stifled by an obsession with rules, regulations and ‘health and safety’.

House of Lords Science and Technology Sub-Committee, ‘Call for Evidence: Higher Education in STEM Subjects’, Submission by the Council for the Mathematical Sciences (15 December 2011). 97. http://articles.timesofindia.indiatimes.com/2011-03-29/chennai/29357309_ 1_iit-m-m-s-ananth-iit-madras 98. Royal Society, Knowledge, Networks and Nations: Global Scientific Colloboration in the 21st Century (2011). 99. D. Autor, The Polarization of Job Opportunities in the U.S. Labor Market: Implications for Employment and Earnings (Center for American Progress and the Hamilton Project, 2010). 100. Ian Brinkley, Manufacturing and the Knowledge Economy (The Work Foundation, 2009). 101. Elizabeth Truss, Academic Rigour and Social Mobility: How Low Income Students are being Kept Out of Top Jobs (CentreForum, 2011). 102. Jonathan Adams and James Wilsdon, The New Geography of Science: UK Research and International Colloboration (Demos, 2006). 103. Royal Society, Knowledge, Networks and Nations. 104. Royal Society, Knowledge, Networks and Nations. 105. http://www.nytimes.com/2012/01/22/business/apple-america-and-asqueezed-middle-class.html?

., Angela Redish and Hugh Rockoff, Why Didn’t Canada have a Banking Crisis in 2008 (or in 1930, or in 1907, or in 1983) (2010). Bourgon, Jocelyn, Program Review: The Government of Canada’s Experience Eliminating the Deficit, 1994–99: A Canadian Case Study (Institute for Government, 2009). Bradshaw, Jenny, et al., PISA 2009: Achievement of 15-Year-Olds in England (NFER, 2010). Brinkley, Ian, Manufacturing and the Knowledge Economy (The Work Foundation, 2009). BVCA, Benchmarking UK Venture Capital to the US and Israel: What Lessons can be Learned? (2009). Cato Institute, Economic Freedom of the World (2011). CBI, Action for Jobs (2011). Centre for Social Justice, Breakdown Britain (2006). Centre for Social Justice, Breakthrough Britain (2007). Centre for Social Justice, Creating Opportunity, Rewarding Ambition (2011).


pages: 319 words: 89,477

The Power of Pull: How Small Moves, Smartly Made, Can Set Big Things in Motion by John Hagel Iii, John Seely Brown

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Albert Einstein, Andrew Keen, barriers to entry, Black Swan, business process, call centre, Clayton Christensen, cleantech, cloud computing, commoditize, corporate governance, creative destruction, Elon Musk, en.wikipedia.org, future of work, game design, George Gilder, intangible asset, Isaac Newton, job satisfaction, knowledge economy, knowledge worker, loose coupling, Louis Pasteur, Malcom McLean invented shipping containers, Maui Hawaii, medical residency, Network effects, old-boy network, packet switching, pattern recognition, peer-to-peer, pre–internet, profit motive, recommendation engine, Ronald Coase, shareholder value, Silicon Valley, Skype, smart transportation, software as a service, supply-chain management, The Nature of the Firm, the new new thing, too big to fail, trade liberalization, transaction costs

Here they share experiences, tell stories, celebrate (and analyze) prodigious achievements within the game, and explore innovative approaches to addressing the challenges at hand. Although a few of these forums are officially sponsored by the game designer, most of them have emerged spontaneously, organized by participants seeking access to more advice and insight regarding the challenges they face in the game. This “knowledge economy” is impressively large: In the United States alone, the official forums hosted by Blizzard Entertainment contain tens of millions of postings in hundreds of forums. There are an equal number in China and Europe.16 By providing the most up-to-date in-game information, this knowledge economy gives players a hedge against the ways in which World of Warcraft is constantly changing, allowing them to keep pace with their unpredictable in-game surroundings. As they do so, most advanced players make use of customized performance “dashboards” created either by themselves or other players.

See Myanmar (Burma) Saffron Revolution The Burning Crusade WoW release Business Process Expert (BPX) Community Canguu, Bali Cannon, Walter Carbon war room Cash-for-clunkers initiative ccMixter Chandler, Alfred Change as accelerating with growth initiatives, talent development in and of institutions as opportunity to motivate, mobilize, others with perceptions of fears, risk three phases with trajectory of passion, talent, growth Chief Culture Officer (McCracken) China as geographic edge-transforms-core example geographic spikes in knowledge economy of WoW Christensen, Clayton Cisco Clark, Jeff Clockspeed Cloud computing The Cluetrain Manifesto (Levine and others) Coase, Ronald Collaboration cross-team, for designing creation spaces mindset scalable sustained Collaboration curves defined, described exist as WoW players improve performance institutions reoriented around for mobilizing distributed resources and performance results creating virtuous cycles COMDEX Comfort zones Companies.

See Change; Innovations Institutional innovation catalyzed by passionate individuals by a few 20th century leaders hoped to be created by Markle Task Force needed for shaping strategies as third wave transforming challenges into opportunities Institutional platforms amplifying employee networks focusing on needs of others for talent development Institutions amplifying employees’ passions, creativity amplifying power of pull amplifying through IT investments amplifying through mindset being pulled from the top elements of journey toward pull ig with growth strategies using pull-based models motivating employees to improve performance participating in conference strategies participating in geographic spikes push programs described redefining scalable learning rationale viability of Intel Interaction leverage through shaping platforms Internet as edge-transforms-core example Internet Relay Chat iPhone communications technology iPod Iranian protests of 2009 cellphone videos go viral personal online networks mobilized Irons, Andy Irons, Bruce IT architectures, outside-in IT investments exception handling using edge participants related to scalable push ideas Ito, Joichi (Joi) as moving out of comfort zones personal benefits from social network in selected virtual environments social networks amplify success of others supports Iranian protestors with personal network iTunes platform Journey toward pull elements introduced maps with elementsig Joy, Bill Just-in-time manufacturing philosophy Kagermann, Henning Kaminsky, Dan Key players in shaping strategies Kinoshita, Matt Knowledge, explicit versus tacit Knowledge economy Knowledge flows access through shaping platforms compared to, moving from, knowledge stocks fig on the edge as filters for relevant information of passionate employees in personal lives, creating new knowledge tacit versus explicit Knowledge workers artificially distinguished from workforce performance improvement for Kustom Air Strike Labor unions Larsen brothers Lean manufacturing Learning organization approaches Lemmey, Tara Leschziner, Vanina Leverage based on capabilities vs. financial as element of journey toward pull igigig growth driven by pull platforms for/from passionate, talented, individuals in institutions as shaping, extending, personal ecosystems as shaping platform Levine, Rick Levy, Ellen Li & Fung global network Linear Technologies LinkedIn Listening skills.


pages: 336 words: 90,749

How to Fix Copyright by William Patry

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A Declaration of the Independence of Cyberspace, barriers to entry, big-box store, borderless world, business intelligence, citizen journalism, cloud computing, commoditize, creative destruction, crowdsourcing, death of newspapers, en.wikipedia.org, facts on the ground, Frederick Winslow Taylor, George Akerlof, Gordon Gekko, haute cuisine, informal economy, invisible hand, Joseph Schumpeter, Kickstarter, knowledge economy, lone genius, means of production, moral panic, new economy, road to serfdom, Ronald Coase, Ronald Reagan, semantic web, shareholder value, Silicon Valley, The Chicago School, The Wealth of Nations by Adam Smith, trade route, transaction costs, trickle-down economics, web application, winner-take-all economy, zero-sum game

Socrates thought the unexamined life not worth living.2 Selfexamination occurs only if we rigorously inquire into our habits, including habits of mind. Among the habits of mind this book examines are the fundamental beliefs that copyright laws directly cause people to create works they wouldn’t otherwise create, directly put substantial money in authors’ pockets; that culture depends on copyright; and, more recently, that copyright law is a key driver of competitiveness and of the knowledge economy. 2 HOW TO FIX COPYRIGHT Do copyright laws cause these wonderful things to come true in real life and not just in our beliefs? Simply believing things will happen isn’t enough. If we want wonderful things to come true (and who doesn’t?) we must do more than believe that they will; we must ensure they do. Ensuring they do requires, at a minimum, that copyright laws are consistent with prevailing markets and technologies.

In 2009, KEA, a Brussels-based consultancy group, prepared a report for the European Commission159 questioning the asserted link between creativity and competitiveness: “[T]raditionally, culture is not seen as a motor for better management or for honing a competitive edge in product development, learning or human resources.”160 In Europe (and many other regions), for example, there is intensive competition and innovation in developing cuisines, the recipes for which are not protected by copyright.161 Yet, despite occasional calls for such rights,162 chefs continue to innovate, much to diners’ delight. Just as the shift from the cultural industries to the creative industries led to a shift away from the expressive nature of authors’ and artists’ contributions and toward commodity sales, so too culture is now seen as merely another aspect of the “knowledge economy,”163 judged by how it performs in an invisible hand marketplace. But you can’t economically measure how an increase in knowledge will lead to productivity gains. If we want more creative works and more knowledgeable citizens, we will have to disassociate these goals from commodity markets, and focus on why people create and learn. We must then be willing to commit public monies to their encouragement where market forces have proved inadequate to the task.

Communication from the Commission to the European Parliament, the Council, the Economic and Social Committee and the Committee of the Regions: A Single Market for Intellectual Property Rights 294 NOTES TO PAGES 127–131 Boosting creativity and innovation to provide economic growth, high quality jobs and first class products and services in Europe, Provisional Version, May 2011. (“Single Market communication”). 158. This is not the only incomprehensible foundational remark made by the Commission in its Single Market communication. On page three the Commission states: IPR are property rights that protect the added value generated by Europe’s knowledge economy on the strength of its creators and investors.” I have no idea what this means. 159. “The Impact of Culture on Creativity” (June 2009), available at: http://www.keanet.eu/en/impactcreativityculture.html. 160. Report at 21. 161. See U.S. Copyright From Letter 122, available at: http://www. copyright.gov/fls/fl122.html. 162. See Who Owns the Korean Taco?, NY Times, July 2, 2010, available at: http://freakonomics.blogs.nytimes.com/2010/07/02/whoowns-the-korean-taco/; Tania Su Li Cheng, “Copyright protection of haute cuisine: recipe for disaster?


pages: 411 words: 95,852

Britain Etc by Mark Easton

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agricultural Revolution, Albert Einstein, British Empire, credit crunch, financial independence, garden city movement, global village, Howard Rheingold, income inequality, intangible asset, James Watt: steam engine, knowledge economy, knowledge worker, low skilled workers, mass immigration, moral panic, Ronald Reagan, science of happiness, sexual politics, Silicon Valley, Simon Kuznets, Slavoj Žižek, social software

With low-skilled jobs disappearing and knowledge jobs expanding, it is obvious that the UK needs to invest in knowledge, to educate and train its workforce. Britain has a higher proportion of NEETs – young people not in education, employment or training – than any other OECD country except Greece, Italy, Mexico and Turkey. The credit crunch only served to magnify the point. Unemployment figures in the depths of the recession showed that among those working in the knowledge economy – financial consultants, business managers, lawyers – the proportion claiming jobseeker’s allowance was 1 per cent. Among those who usually worked in unskilled admin jobs, the figure was 37 per cent. And for those without skills, matters are only going to get worse. Much worse. Globalisation doesn’t just open up new markets; it is bringing an estimated 42 million new people into the international jobs market every year – and most of those are unskilled.

For each Briton who graduates there are at least twenty Chinese and Indian graduates jostling for work in the global marketplace. Not every Indian degree is equivalent to a degree from Oxford or Cambridge. But then not every British degree is either. The noisy arguments over higher university tuition fees in England have tended to drown out the really critical point: higher education is a product in the global knowledge economy and price is a factor of supply and demand. Domestic students still get a subsidised rate, albeit not quite as generous a subsidy as previously, but the real revolution has been that UK institutions have begun directly competing with each other to sell their courses. At the same time, their student customers have been encouraged to become increasingly canny shoppers. A glance at the fees charged to overseas students has become a quick way of judging whether British undergraduates are getting a bargain or not.

Bloom puts ‘evaluation’ at the very top – the ability to present and defend opinions about information based on evidence, the bedrock of academia. But his model has been revised in recent years, taking into account the most valued knowledge skills. The new taxonomy has at its peak ‘synthesis’: the ability to take elements of the previous steps and use them to create new knowledge. Synthesis is the pinnacle – people who can synthesise are virtual gods in the knowledge economy, the most sought after talents in the globalised twenty-first century. British success in the new age is going to depend on workers who have knowledge and understanding, but also the ability to analyse and evaluate and synthesise information and ideas from multiple sources all at the same time. They will be individuals unrestricted by a single narrative. And what do such people look like?


pages: 527 words: 147,690

Terms of Service: Social Media and the Price of Constant Connection by Jacob Silverman

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23andMe, 4chan, A Declaration of the Independence of Cyberspace, Airbnb, airport security, Amazon Mechanical Turk, augmented reality, basic income, Brian Krebs, California gold rush, call centre, cloud computing, cognitive dissonance, commoditize, correlation does not imply causation, Credit Default Swap, crowdsourcing, don't be evil, drone strike, Edward Snowden, feminist movement, Filter Bubble, Firefox, Flash crash, game design, global village, Google Chrome, Google Glasses, hive mind, income inequality, informal economy, information retrieval, Internet of things, Jaron Lanier, jimmy wales, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, late capitalism, license plate recognition, life extension, lifelogging, Lyft, Mark Zuckerberg, Mars Rover, Marshall McLuhan, mass incarceration, meta analysis, meta-analysis, Minecraft, move fast and break things, move fast and break things, national security letter, Network effects, new economy, Nicholas Carr, Occupy movement, optical character recognition, payday loans, Peter Thiel, postindustrial economy, prediction markets, pre–internet, price discrimination, price stability, profit motive, quantitative hedge fund, race to the bottom, Ray Kurzweil, recommendation engine, rent control, RFID, ride hailing / ride sharing, self-driving car, sentiment analysis, shareholder value, sharing economy, Silicon Valley, Silicon Valley ideology, Snapchat, social graph, social web, sorting algorithm, Steve Ballmer, Steve Jobs, Steven Levy, TaskRabbit, technoutopianism, telemarketer, transportation-network company, Turing test, Uber and Lyft, Uber for X, universal basic income, unpaid internship, women in the workforce, Y Combinator, Zipcar

As the Danish academic Anders Colding-Jørgensen argues: “We should no longer see the Internet as a post office where information is sent back and forth, but rather as an open arena for our identity and self-promotion—an arena that is a legitimate part of reality, just like our homes, workplaces and other social arenas in our society.” We’ve moved, he explains, from an information economy to an identity economy. This is a bit self-serving—commentators have developed no shortage of dubious new types of “economy,” from the “attention economy” to the “knowledge economy”—but Colding-Jørgensen is onto something. Our consumption of information online has shifted from purely utilitarian to an expression of the self. This is the paradigm of “Pics or it didn’t happen,” where every incident is worthless without shareable documentation, because our experiences are made fuller by being shared. Even what we might think of as plainly utilitarian—a recipe, for instance—becomes an object for sharing and identity-crafting.

More and more of us are forced to be contingent laborers, freelancers, or “permalancers” always on the lookout for more work, always advertising ourselves through social-media and public networks, knowing—with a sense of generalized suspicion—that our public utterances on social media may influence our future job prospects. Risk assessment algorithms may already be parsing our social-media profiles, pooling information to be used in a future background check. Forced to work constantly to pay off household debt or school loans, we don’t have the time to learn the skills that would, we are told, allow us to succeed in the knowledge economy.* Large corporations start to realize that they can not only build on existing outsourcing—which has seen human resources, IT, customer service, and a range of other support staff shunted overseas—but also practice an ad hoc outsourcing at home, summoning pliable, cheap workers whenever they’re needed. Managers get plaudits for being technologically progressive and nimble, cutting budgets.

The lawsuit became a class-action case; 2,000 members of the program signed on. The case settled in 2009, years after the Community Leader Program was shut down, for a reported $15 million. A couple of years later, AOL bought the Huffington Post, another new-media company built partly on the backs of volunteers, none of whom saw any of the $315 million purchase price. As these examples illustrate, the knowledge economy relies on extracting maximum information and data from users at minimum cost. It is true, as Tiziana Terranova says, that “the Internet has been always and simultaneously a gift economy and an advanced capitalist economy.” Some things we’re comfortable giving away for free, others we’re not, and the decision on what is exploitative may differ between well-meaning individuals. But as Terranova goes on to explain, we shouldn’t “mistake this coexistence for a benign, unproblematic equivalence.”


pages: 537 words: 158,544

Second World: Empires and Influence in the New Global Order by Parag Khanna

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Admiral Zheng, affirmative action, anti-communist, Asian financial crisis, Bartolomé de las Casas, Branko Milanovic, British Empire, call centre, capital controls, central bank independence, cognitive dissonance, colonial rule, complexity theory, continuation of politics by other means, crony capitalism, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, Edward Glaeser, energy security, European colonialism, facts on the ground, failed state, flex fuel, Francis Fukuyama: the end of history, friendly fire, Gini coefficient, global reserve currency, global supply chain, haute couture, Hernando de Soto, illegal immigration, income inequality, informal economy, invisible hand, Islamic Golden Age, Khyber Pass, knowledge economy, land reform, low skilled workers, mass immigration, means of production, megacity, Monroe Doctrine, oil shale / tar sands, oil shock, open borders, open economy, Parag Khanna, Pax Mongolica, Pearl River Delta, pirate software, Plutonomy: Buying Luxury, Explaining Global Imbalances, Potemkin village, price stability, race to the bottom, RAND corporation, reserve currency, rising living standards, Ronald Reagan, Silicon Valley, Skype, South China Sea, special economic zone, stem cell, Stephen Hawking, Thomas L Friedman, trade route, trickle-down economics, uranium enrichment, urban renewal, Washington Consensus, women in the workforce

The base of the Burj Dubai tower was designed by American architects to resemble an Arabian desert flower, and the Al-Qasr bungalows blend modern design with Bedouin ventilation shafts that channel breezes downward into spacious chambers. Dubai can even buy brains: Its Knowledge Village features micro-campuses of the world’s top universities, and the current ruler, the benevolent Sheikh Mohammed, has pledged $10 billion to an education fund that promotes the region’s knowledge economy.*44 The hip Gulf male today sports his spotless white dishdasha, wears an American baseball cap, drives a Porsche or a Range Rover, and eats sushi in fine Asian fusion restaurants. But even with all the money in the world, Arab states seem to consciously avoid investing in replicating the indigenous capacity that has fueled East Asia’s rise to the pinnacle of the global economy. Instead, they allow bad habits to thrive in the new limitless context of globalization.

By keeping up with technology and wisely managing its reserves, Malaysia remains the only oil exporter in all of East Asia. Even when projected oil reserves run dry over the next two decades, it will still have massive deposits of natural gas. Urban-rural inequality and weak primary education have kept it from attaining the level of South Korea, but the highest share of its massive long-term budget is devoted to education, pushing the country to compete more actively in both the manufacturing and knowledge economies. The former spice route sultanate of Malacca now blends Portuguese colonial architecture with computer assembly plants, while Kuala Lumpur residents can purchase gourmet foods at Carrefour, the paragon brand of first-world grocery shopping. Leadership can make much of the difference anywhere in the world, and while Venezuelans are stuck with Hugo Chávez, Malaysians had Mahathir bin Mohamad.

Chinese enrollment in American universities has recently fallen because of opportunities in Europe and China itself. First-world countries slow to adjust to the pace of global redistribution of labor and investment are vulnerable to competition from—and potentially displacement by—members of the second world. A single world economy of competition across all sectors and regions has sparked a palpable global middling by which even more countries get pulled into the second world. The knowledge economy is no longer the special domain of the first world, meaning not only low-wage jobs but also such previously nontradable services as technology development, medical diagnostics, business consulting, and legal processing are off-shored to second-and third-world countries, where expanding incomes and consumption further strain the precious commons. But because no second-world state will voluntarily restrain its growth due to environmental concerns, rising commodity prices may harm growth for everyone.


pages: 208 words: 67,582

What About Me?: The Struggle for Identity in a Market-Based Society by Paul Verhaeghe

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Berlin Wall, call centre, cognitive dissonance, deskilling, epigenetics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, income inequality, invisible hand, jimmy wales, job satisfaction, knowledge economy, knowledge worker, Louis Pasteur, market fundamentalism, Milgram experiment, new economy, post-industrial society, Richard Feynman, Richard Feynman, Silicon Valley, stem cell, The Spirit Level, ultimatum game, working poor

This benefits society as a whole because competition entails everyone doing their best to come out on top. As a result, we get better and cheaper products and more efficient services within a single free market, unhampered by government intervention. This is ethically right because success or failure in that competition depends entirely on individual effort. So everyone is responsible for their own success or failure. Hence the importance of education, because we live in a rapidly evolving knowledge economy that requires highly trained individuals with flexible competencies. A single higher-education qualification is good, two is better, and lifelong learning a must. Everyone must continue to grow because competition is fierce. That’s what lies behind the current compulsion for performance interviews and constant evaluations, all steered by an invisible hand from central management. This is a brief summary of the grand narrative that controls our culture today and that consequently forms our identity.

The teachers who are there to guide their early steps often feel failures themselves because they are only lowly primary-school teachers, right at the bottom of the Niagara Falls of educational diplomas — unless, of course, they work at a top school with top pupils. Many people will acknowledge that the system is flawed, yet at the same time see no alternative. Surely competency-based education is crucial to the success of a knowledge economy? The simple answer is: no, it isn’t. As anyone with long-term teaching experience knows, the last few decades have seen a serious and universal decline in the standard of education. Despite the stress on competencies, this doesn’t just mean that pupils are less well-equipped in terms of cultural baggage. Basic skills such as reading, writing, and arithmetic have suffered equally. In today’s economy this hardly constitutes a problem, because most professionals, from doctors to carpenters, need less knowledge than formerly.

Financial stimuli increase motivation only in jobs that don’t involve any thought. As soon as thinking is involved, especially creativity, intrinsic motivation proves far more effective. In fact, in such cases extrinsic motivation — that’s to say, bonuses — has a negative effect, causing people to perform worse than those who are intrinsically motivated. In this region of the world, where the focus is on the knowledge economy, the majority of jobs fall into the second category. Jobs that entail little thought — for example, conveyor-belt work, are largely a thing of the past. In that sector, bonuses do have a positive effect, but ironically enough are rarely awarded. So politicians and captains of industry have everything to gain by dismantling the extrinsic-motivation model as fast as possible. Introducing intrinsic motivation becomes even more of a priority when one considers that the current system of bonuses heightens income inequality — an inequality that has been linked to almost every kind of negative psychosocial effect.


pages: 219 words: 61,720

American Made: Why Making Things Will Return Us to Greatness by Dan Dimicco

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2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, Affordable Care Act / Obamacare, American energy revolution, American Society of Civil Engineers: Report Card, Bakken shale, barriers to entry, Bernie Madoff, carbon footprint, clean water, crony capitalism, currency manipulation / currency intervention, David Ricardo: comparative advantage, decarbonisation, fear of failure, full employment, Google Glasses, hydraulic fracturing, invisible hand, job automation, knowledge economy, laissez-faire capitalism, Loma Prieta earthquake, manufacturing employment, oil shale / tar sands, Ponzi scheme, profit motive, Report Card for America’s Infrastructure, Ronald Reagan, Silicon Valley, smart grid, smart meter, sovereign wealth fund, The Wealth of Nations by Adam Smith, too big to fail, uranium enrichment, Washington Consensus, Works Progress Administration

And for the United States to be a major exporter in the world, it requires a trading system that can effectively police what he calls “predatory, mercantilistic trading practices,” such as the illegal dumping3 of steel and other commodities coming into the country. DiMicco’s refreshing heterodoxy isn’t limited only to trade. In chapter 6, he takes aim at the prevailing conventional wisdom surrounding the so-called knowledge economy and the skills gap, which was a prominent issue in the 2012 presidential debates. While innovation is important—crucial, in fact—DiMicco posits that it is not enough to generate real economic growth. And the fact is, more often than not, the supposed value created in the knowledge economy doesn’t stay in the United States. “It’s no accident that just as manufacturing has moved offshore, our research and development is now following,” he says. “If we use a little common sense, we’ll quickly realize that if the United States doesn’t make what it innovates, soon enough we’ll lose our ability to innovate, too.”

It’s what enables our businesses to grow, create new products and services, and generate new jobs.”2 “Ultimately, to create manufacturing jobs, we’ve got to be innovating,” says General Electric CEO Jeffrey Immelt.3 On the other hand, Larry Summers, who served as one of Obama’s closest economic advisers, has said, “America’s role is to feed a global economy that’s increasingly based on knowledge and services rather than on making stuff.”4 And Gary Shapiro, the president and CEO of the Consumer Electronics Association, says flatly, “Innovation, not manufacturing, will bring jobs.”5 So which is it? Can the United States be an innovator without manufacturing? Or do the two go hand in hand? Is it enough for the United States to focus on building a knowledge economy that fosters innovation? No. Sorry, but innovation alone is worth nothing. Platitudes about innovation are worth even less. As solutions go, if you think innovation is going to save us, you’re dreaming. You simply can’t sustain a diverse, vibrant, large-scale economy like that of the United States on innovation alone. Look, there are no magic bullets. Not all innovation translates into jobs.


pages: 235 words: 62,862

Utopia for Realists: The Case for a Universal Basic Income, Open Borders, and a 15-Hour Workweek by Rutger Bregman

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autonomous vehicles, banking crisis, Bartolomé de las Casas, basic income, Berlin Wall, Bertrand Russell: In Praise of Idleness, Branko Milanovic, cognitive dissonance, computer age, conceptual framework, credit crunch, David Graeber, Diane Coyle, Erik Brynjolfsson, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, Frank Levy and Richard Murnane: The New Division of Labor, full employment, George Gilder, George Santayana, happiness index / gross national happiness, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, income inequality, invention of gunpowder, James Watt: steam engine, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, Kodak vs Instagram, labour market flexibility, labour mobility, low skilled workers, means of production, megacity, meta analysis, meta-analysis, microcredit, minimum wage unemployment, Mont Pelerin Society, Nathan Meyer Rothschild: antibiotics, Occupy movement, offshore financial centre, Paul Samuelson, Peter Thiel, post-industrial society, precariat, RAND corporation, randomized controlled trial, Ray Kurzweil, Ronald Reagan, Second Machine Age, Silicon Valley, Simon Kuznets, Skype, stem cell, Steven Pinker, telemarketer, The Future of Employment, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tyler Cowen: Great Stagnation, universal basic income, wage slave, War on Poverty, We wanted flying cars, instead we got 140 characters, wikimedia commons, women in the workforce, working poor, World Values Survey

And while young people in the West have largely come of age in an era of apolitical technocracy, we will have to return to politics again to find a new utopia. In that sense, I’m heartened by our dissatisfaction, because dissatisfaction is a world away from indifference. The widespread nostalgia, the yearning for a past that never really was, suggests that we still have ideals, even if we have buried them alive. True progress begins with something no knowledge economy can produce: wisdom about what it means to live well. We have to do what great thinkers like John Stuart Mill, Bertrand Russell, and John Maynard Keynes were already advocating 100 years ago: to “value ends above means and prefer the good to the useful.”31 We have to direct our minds to the future. To stop consuming our own discontent through polls and the relentlessly bad-news media. To consider alternatives and form new collectives.

In the 1980s, Apple employees sported T-shirts that read, “Working 90 hours a week and loving it!” Later, productivity experts calculated that if they had worked half the hours then the world might have enjoyed the groundbreaking Macintosh computer a year earlier.35 The correlation between working hours and productivity in wealthy countries, 1990–2012 Source: OECD There are strong indications that in a modern knowledge economy, even 40 hours a week is too much. Research suggests that someone who is constantly drawing on their creative abilities can, on average, be productive for no more than six hours a day.36 It’s no coincidence that the world’s wealthy countries, those with a large creative class and highly educated populations, have also shaved the most time off their workweeks. The Solution to (Almost) Everything Recently, a friend asked me: What does working less actually solve?

The foremost reason for this is simple: Labor is becoming less and less scarce. Technological advances are putting the inhabitants of the Land of Plenty in direct competition with billions of working people across the world, and in competition with machines themselves. Obviously, people aren’t horses. There’s only so much you can teach a horse. People, on the other hand, can learn and grow. So we pump more money into education and give three cheers for the knowledge economy. There’s just one problem. Even people with a framed piece of paper on their wall have cause for concern. William Leadbeater was well trained in his job when it was supplanted by a mechanized loom in 1830. The point is not that he wasn’t educated, but that suddenly his skills were superfluous. This is an experience awaiting more and more people. “In the end, I will venture to say, it will be the destruction of the universe,” William warned.


pages: 482 words: 117,962

Exceptional People: How Migration Shaped Our World and Will Define Our Future by Ian Goldin, Geoffrey Cameron, Meera Balarajan

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Admiral Zheng, agricultural Revolution, barriers to entry, Berlin Wall, Branko Milanovic, British Empire, conceptual framework, creative destruction, demographic transition, Deng Xiaoping, endogenous growth, failed state, Fall of the Berlin Wall, Gini coefficient, global supply chain, guest worker program, illegal immigration, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), job automation, Joseph Schumpeter, knowledge economy, labor-force participation, labour mobility, Lao Tzu, life extension, low skilled workers, low-wage service sector, Malacca Straits, mass immigration, microcredit, Network effects, new economy, New Urbanism, old age dependency ratio, open borders, out of africa, price mechanism, purchasing power parity, Richard Florida, selection bias, Silicon Valley, Silicon Valley startup, Skype, spice trade, trade route, transaction costs, transatlantic slave trade, transatlantic slave trade, women in the workforce, working-age population

While these temporary worker programs ended in the 1970s, economic migration channels are now established policy tools for receiving countries to promote “demand-led” migration.9 High-Skilled Migration Globalization has helped to shape a consensus among leading receiving countries about the desirability of highly skilled economic migration.10 In the early 1990s, traditional countries of immigration redoubled their efforts to attract high-skilled migrants to work and settle permanently.11 McLaughlan and Salt note, “the mainspring for policy has been the perceived benefit to national economic growth derived from the permanent acquisition of high-level human expertise.”12 Global economic competitiveness has driven a contest for skilled migrants to work in growing service sectors and the “knowledge economy.” European and certain Asian countries, however, have been slower to implement high-skilled migrant programs that lead to permanent settlement. The basic definition of a highly skilled migrant is one who has completed a formal two-year college education or more.13 Some authors also include members of the “creative class”: artists, athletes, performers, and entrepreneurs who may not meet the preceding formal definition, but make niche contributions to the economy and society.14 Highly skilled migrants, concludes the World Migration Report, “are mainly in high value-added and high productivity activities that are essential in the global knowledge society.”15 In skilled migration programs, admission is often linked to employment conditions.

While business interests have long been a constituency pushing for fewer restrictions on cross-border movement, their arguments have become increasingly influential. The result has been a progressive (and selective) dismantling of barriers to skilled migration, a trend that will continue in the coming decades. Leading corporations and businesses are increasingly competing for talent at a global level. They testify that it is more difficult to attract employees in a knowledge economy, especially when jobs involve working across borders and cultures. A report by KPMG, a management consulting group, notes: As corporations expand and join the globalized economy, the demand for talent has never been greater. This factor, combined with declining fertility rates and an increasing demand for talent within developing countries, has led to the so-called “labour crunch” where competition for skilled labour is intense.100 The “war for talent” means that businesses are often looking for people with cross-cultural skills and perspectives and the education to thrive in an information-driven environment.

“Immigrants in the United States 2007: A Profile of America's Foreign-Born Population,” Center for Immigration Studies Backgrounder, November 2007. 161. Camarota, 2007 162. Quoted in Castles and Miller, 2009: 235. 163. Castles and Miller, 2009: 237. 164. OECD, 2007: 76. 165. Ibid.: 76. 166. Jeffrey G. Reitz. 2005. “Tapping Immigrants' Skills: New Directions for Canadian Immigration Policy in the Knowledge Economy,” IRPP Choices 11(1): 3. 167. Reitz, 2005: 3. 168. Aaditya Mattoo, Ileana Cristina Neagu, and Çalar Özden. 2005. “Brain Waste? Educated Immigrants in the U.S. Labor Market,” World Bank Policy Research Working Paper 3581. 169. The Observer. 2010. “A Portrait of the New UK Migrant,” 17 January 2010, pp. 16–17. 170. Financial Times. 2009b. “Downturn Deals Blow to US Migrants,” 18 November 2009, p. 10. 171.


pages: 353 words: 91,520

Most Likely to Succeed: Preparing Our Kids for the Innovation Era by Tony Wagner, Ted Dintersmith

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affirmative action, Airbnb, Albert Einstein, Bernie Sanders, Clayton Christensen, creative destruction, David Brooks, en.wikipedia.org, Frederick Winslow Taylor, future of work, immigration reform, income inequality, index card, Jeff Bezos, jimmy wales, Khan Academy, Kickstarter, knowledge economy, knowledge worker, low skilled workers, Lyft, Mark Zuckerberg, means of production, new economy, pattern recognition, Paul Graham, Peter Thiel, Ponzi scheme, pre–internet, school choice, Silicon Valley, Skype, Steven Pinker, TaskRabbit, the scientific method, unpaid internship, Y Combinator

Over the course of the twentieth century, that goal has been somewhat modified with the expectation that public schools, and not just private schools, should prepare more students for white-collar professions and for the “knowledge economy.” A college education was assumed to be required for both. But, as we will see, the nature of the education that students receive in many colleges today does nothing whatsoever to prepare them for the innovation economy that has emerged in the last two decades. Today’s world is different. Routine tasks are being automated. Content is ubiquitous. Even many of the tasks required in a knowledge economy—collection, transmission, and processing of information—are increasingly handled by computers. White-collar professions are being profoundly disrupted. Take law, for example. It used to be one of those professions that many parents wished for their children, white collar—a safe bet.

See purpose of education riding a bicycle example and, 31 test prep as focus and problem in, 85–86 variations and similarities in, 84 Karabel, Jerome, 173 Kay, Ken, 249, 260 Kearns, David, 224, 225 Keeling, Richard, 149 Kennedy, Ted, 26 Khan, Sal, 193–94, 199 Khan Academy, 98, 193, 194 kindergarten conflicting goals in, 37–39 See also K-12 education King, Martin Luther, 121 KIPP network of charter schools, 57, 122, 249, 252 Klein, Joel, 227 knowledge economy (knowledge workers) educational methods for, 25–26, 27 purpose of education and, 43 Koru, 237–38 Krueger, Alan, 176 Labaree, David, 161–62 laboratory schools, 233 LaMontagne, Juliette, 239 language arts courses. See English language courses Latin grammar school model, 24 Lawrenceville School, Lawrenceville, New Jersey, 41, 199 Leader’s Guide to 21st Century Education, The (Kay and Greenhill), 260 learning apprenticeship model of, 21, 22–24 college education and, 154–58 hands-on, learning-by-doing approach in, 32, 33, 34 riding a bicycle example in, 28–32 standardized assessment of, 32 See also educational methods learning-by-doing, hands-on approach, 21, 22–24, 33, 34, 244–45 lecture model, 191, 193–94, 195 “Letter from Birmingham Jail” (King), 121 Levin, Dave, 252–53 Levine, Arthur, 174 LinkedIn, 14, 237 Littky, Dennis, 247 Lockhart, Paul, 101–02 Losing Ourselves (documentary film), 47 Lumina Foundation, 164, 165 Maggiano, Ron, 218 MakerLab, 246 Malcolm X Shabazz High School, Newark, New Jersey, 49, 249–51 Mann, Horace, 24–25, 170 Massachusetts, early public education in, 24 Massachusetts Institute of Technology (MIT), 161, 167, 192, 193, 195, 196, 236, 238–39, 246, 254, 255, 256 math courses, 88–102, 145 adult use of skills learned in, 93 areas taught in, 88–89 college admissions and, 96–98 college teaching of, 93 computer applications for, 93–94 creative problem-solving in, 94 financial literacy and, 71–72, 88 fun of math, 102–03 importance of, 87 NBA Math Hoops game for developing, 45 proposed reimagining of curriculum in, 98–100 skills taught in, 90–91 slide-rule use in, 90–92 standardized tests on, 92–93, 94–95 20th-century model of, 89–90 21st-century model of, 101 Mathematician’s Lament, A (Lockhart), 101–02 Mattingly, Kevin, 199 Mazur, Eric, 129–31, 132, 194–95, 199, 200–02, 203, 216–17 McDaniel, Mark, 198 McKinsey, 189 Media Lab, MIT, 192, 193, 238–39, 254 Meier, Deborah, 73, 139, 247 memorization approach.


pages: 378 words: 110,518

Postcapitalism: A Guide to Our Future by Paul Mason

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Alfred Russel Wallace, bank run, banking crisis, banks create money, Basel III, basic income, Bernie Madoff, Bill Gates: Altair 8800, bitcoin, Branko Milanovic, Bretton Woods, BRICs, British Empire, business process, butterfly effect, call centre, capital controls, Cesare Marchetti: Marchetti’s constant, Claude Shannon: information theory, collaborative economy, collective bargaining, Corn Laws, corporate social responsibility, creative destruction, credit crunch, currency manipulation / currency intervention, currency peg, David Graeber, deglobalization, deindustrialization, deskilling, discovery of the americas, Downton Abbey, drone strike, en.wikipedia.org, energy security, eurozone crisis, factory automation, financial repression, Firefox, Fractional reserve banking, Frederick Winslow Taylor, full employment, future of work, game design, income inequality, inflation targeting, informal economy, information asymmetry, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, knowledge economy, knowledge worker, late capitalism, low skilled workers, market clearing, means of production, Metcalfe's law, money: store of value / unit of account / medium of exchange, mortgage debt, Network effects, new economy, Norbert Wiener, Occupy movement, oil shale / tar sands, oil shock, Paul Samuelson, payday loans, Pearl River Delta, post-industrial society, precariat, price mechanism, profit motive, quantitative easing, race to the bottom, RAND corporation, rent-seeking, reserve currency, RFID, Richard Stallman, Robert Gordon, Robert Metcalfe, secular stagnation, sharing economy, Stewart Brand, structural adjustment programs, supply-chain management, The Future of Employment, the scientific method, The Wealth of Nations by Adam Smith, Transnistria, union organizing, universal basic income, urban decay, urban planning, Vilfredo Pareto, wages for housework, women in the workforce

In addition to utility for the user of a telephone and revenue for the owner, he noticed a third thing: the more people join the network, the more useful it becomes to everybody. The problem comes when you try to measure and capture that third thing. Robert Metcalfe, the inventor of the Ethernet switch, claimed in 1980 that a network’s value is ‘the number of users squared’. So while the cost of building a network rises in a straight line, its value rises in an exponential curve.38 By implication the art of doing business in a knowledge economy is to capture everything between the straight line and the rising curve. But how do we measure value? In terms of money saved, revenue earned or profits accrued? In 2013, the OECD’s economists agreed that it could not be captured by traditional market metrics. ‘While the Internet’s impact on market transactions and value added has been undoubtedly far-reaching,’ they wrote, ‘its effect on non-market interactions … is even more profound.’39 Economists have tended to ignore non-market interactions: they are, by definition, non-economic – as insignificant as a smile passed between two customers in the Starbucks queue.

The great technological advance of the early twenty-first century consists not of new objects but of old ones made intelligent. The knowledge content of products is becoming more valuable than the physical elements used to produce them. In the 1990s, as the impact of info-tech began to be understood, people from several disciplines had the same thought at once: capitalism is becoming qualitatively different. Buzz phrases appeared: the knowledge economy, the information society, cognitive capitalism. The assumption was that info-capitalism and the free-market model worked in tandem; one produced and reinforced the other. To some the change looked big enough to conclude it was as important as the move from merchant capitalism to industrial capitalism in the eighteenth century. But just as economists got busy explaining how this ‘third kind of capitalism’ works, they ran into a problem: it doesn’t.

It’s not popular because it’s not very useful for calculating and predicting movements within a functioning and stable market system. But faced with the rise of info-capitalism, which is corroding price mechanisms, ownership and the connection between work and wages, the labour-theory is the only explanation that does not collapse. It is the only theory that allows us to properly model where value is created in a knowledge economy, and where it ends up. The labour-theory tells us how to measure value in an economy where machines can be built for free and last for ever. WORK IS THE SOURCE OF VALUE Amid the empty shops in the run-down high street of Kirkcaldy, Scotland, there is a branch of Gregg’s. Gregg’s sells high-fat food at low prices and is one of the few places busy at lunchtime. A glance at Scotland’s poverty map gives the context: the town is dotted with areas of extreme deprivation and ill health.1 On the wall outside Gregg’s is a plaque marking the house where Adam Smith wrote The Wealth of Nations.


pages: 561 words: 87,892

Losing Control: The Emerging Threats to Western Prosperity by Stephen D. King

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Admiral Zheng, asset-backed security, barriers to entry, Berlin Wall, Bernie Madoff, Bretton Woods, BRICs, British Empire, capital controls, Celtic Tiger, central bank independence, collateralized debt obligation, corporate governance, credit crunch, crony capitalism, currency manipulation / currency intervention, currency peg, David Ricardo: comparative advantage, demographic dividend, demographic transition, Deng Xiaoping, Diane Coyle, Fall of the Berlin Wall, financial deregulation, financial innovation, fixed income, Francis Fukuyama: the end of history, full employment, George Akerlof, German hyperinflation, Gini coefficient, hiring and firing, income inequality, income per capita, inflation targeting, invisible hand, Isaac Newton, knowledge economy, labour market flexibility, labour mobility, liberal capitalism, low skilled workers, market clearing, Martin Wolf, mass immigration, Mexican peso crisis / tequila crisis, Naomi Klein, new economy, old age dependency ratio, Paul Samuelson, Ponzi scheme, price mechanism, price stability, purchasing power parity, rent-seeking, reserve currency, rising living standards, Ronald Reagan, savings glut, Silicon Valley, Simon Kuznets, sovereign wealth fund, spice trade, statistical model, technology bubble, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Market for Lemons, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, transaction costs, Washington Consensus, women in the workforce, working-age population, Y2K, Yom Kippur War

And there are those who embrace the supposed benefits of the post-industrial ‘knowledge economy’. For example, in The Writing on the Wall Will Hutton says: Soft knowledge is becoming as crucial as hard knowledge in the chain of creating value. By hard knowledge I mean the specific scientific, technological and skill inputs into a particular good or service … soft knowledge refers to the bundle of less tangible production inputs involving leadership, communication, emotional intelligence, the disposition to innovate and the creation of social capital that harnesses hard knowledge and permits its effective embodiment in goods and services and – crucially – its customization. Their interaction and combination is the heart of the knowledge economy. There is something rather theological about this approach, in part because it is so intangible.

(i) healthcare (i), (ii), (iii), (iv), (v), (vi), (vii) hedge funds (i), (ii), (iii) Hertz, Noreena (i) Hitler, Adolf (i) Hobbes, Thomas (i) Home Office (i) Hong Kong (i) ‘hot money’ inflows (i) housing market anarchy in capital markets (i), (ii) capital controls (i) population ageing (i) price stability (i), (ii), (iii), (iv) savings (i) trade (i) human capital theory (i) human ingenuity argument (i), (ii) Hume, David (i), (ii) Hungary (i) hunt for yield (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) Huntingdon, Samuel (i) Hutton, Will (i), (ii) hyperinflation (i), (ii) IFS see Institute for Fiscal Studies IMF see International Monetary Fund immigration economic integration, political proliferation (i) nationalism (i) number of migrants to US (i) political economy and inequalities (i), (ii), (iii) population demographics (i) Spain and silver (i) Immigration Act (i), (ii) Immigration and Naturalization Act (1965) (i), (ii), (iii), (iv) imperialism (i), (ii), (iii), (iv), (v) imports (i), (ii), (iii), (iv), (v), (vi) income inequality globalization (i), (ii) political economy and inequalities (i) education (i) the emerging gap (i) emerging nations and income inequality in the developed world (i) food shortages (i) globalization (i) living with inequality (i) new modes of redistribution (i) not getting just rewards (i) a three-country model (i) too much domesticity (i) United Kingdom (i) winners and losers (i) price stability and economic instability (i) resource scarcity (i) state capitalism (i), (ii) Western progress (i), (ii), (iii) the West’s diminished status (i) income per capita argument (i) incomes China (i), (ii), (iii), (iv) political economy and inequalities (i), (ii) price stability and economic instability (i), (ii), (iii), (iv), (v), (vi) rent-seeking behaviour (i) scarcity (i), (ii), (iii), (iv) trade (i), (ii), (iii), (iv) India anarchy in capital markets (i), (ii) Islam (i) political economy and inequalities (i), (ii), (iii), (iv), (v), (vi), (vii) population demographics (i), (ii), (iii) price stability and economic instability (i) rent-seeking behaviour (i) scarcity (i), (ii), (iii), (iv) state capitalism (i), (ii), (iii) trade (i), (ii), (iii), (iv), (v) the West’s diminished status (i), (ii), (iii), (iv), (v) Indonesia (i), (ii), (iii) Industrial and Commercial Bank of China Ltd (ICBC) (i) Industrial Revolution (i), (ii), (iii), (iv), (v), (vi) infant mortality rate (i), (ii), (iii) inflation anarchy in capital markets (i) economic integration, political proliferation (i) indulging the US no more (i), (ii) political economy and inequalities (i), (ii) population demographics (i), (ii), (iii) price stability and economic instability (i) back to the 1970s (i) defining and controlling inflation (i) emerging economies (i), (ii) inflation as an instrument of income and wealth distribution (i) inflation as a result of currency linkages (i) overview (i), (ii), (iii) from stability to instability (i) we are not alone (i) resource scarcity (i) state capitalism (i), (ii) trade (i), (ii) the West’s diminished status (i), (ii), (iii) information technology (i), (ii) Institute for Fiscal Studies (IFS) (i), (ii) interest rates anarchy in capital markets (i), (ii), (iii), (iv), (v), (vi) globalization (i) indulging the US no more (i), (ii) price stability and economic instability (i), (ii), (iii), (iv), (v), (vi), (vii) savings (i) state capitalism (i), (ii), (iii) trade (i) the West’s diminished status (i), (ii) International Monetary Fund (IMF) (i), (ii), (iii), (iv), (v), (vi) International Olympic Committee (i), (ii) Internet (i) investment anarchy in capital markets (i), (ii), (iii), (iv), (v), (vi) capital flows and nation states (i), (ii) economic integration, political proliferation (i) nineteenth century (i) political economy and inequalities (i) population demographics (i), (ii), (iii) price stability and economic instability (i) protectionism (i) resource scarcity (i) state capitalism (i) trade (i), (ii), (iii) investment banks (i), (ii) ‘invisible hand’ (i), (ii), (iii), (iv), (v), (vi) Iran (i), (ii), (iii), (iv), (v) Iraq (i), (ii), (iii) Ireland (i), (ii) Islam (i), (ii), (iii) Isutani, Minoru (i) Italy (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) Izvolsky, Count Alexander (i) Japan anarchy in capital markets (i), (ii), (iii), (iv) political economy and inequalities (i), (ii), (iii), (iv), (v) population demographics (i), (ii), (iii), (iv), (v), (vi), (vii) price stability and economic instability (i), (ii) scarcity (i), (ii) secrets of Western success (i), (ii) state capitalism (i), (ii), (iii), (iv) trade (i), (ii), (iii) US trade deficit (i) the West’s diminished status (i), (ii), (iii), (iv), (v) Jay, Peter (i) Jefferson, Thomas (i) jet airline industry (i) Jewish populations (i), (ii), (iii) Jin Mao Tower (i) Jones, Francis (i) Judt, Tony (i) junk bonds (i), (ii) juntas (i) Kamin, Steven B. (i) Kaplan, Stephen N. (i) keiretsu firms (i), (ii) Kennedy, John F. (i), (ii) Kennedy, Paul (i) Keynesianism (i), (ii) Keynes, John Maynard (i), (ii), (iii), (iv), (v), (vi) KGB (i) Khan, Genghis (i) Khan, Kublai (i) Kirchgaessner, Stephanie (i) Klein, Naomi (i) knowledge economy (i), (ii) Komatsu (i) Korea (i), (ii), (iii), (iv) Korean War (i) kudoka (‘hollowing out’) in Japan (i) Kuwait (i) Kuznets, Simon (i), (ii) labour capital markets (i) empires (i), (ii) political economy and inequalities (i), (ii), (iii), (iv) price stability and economic instability (i), (ii) rent-seeking behaviour (i) running out of workers (i) command over limited resources (i) demographic dividends and deficits (i) demographic dynamics (i) infant mortality (i) Japan: an early lesson in ageing (i) not the time to close the borders (i) pensions and healthcare (i) a renewed look at migration (i) scarcity (i) state capitalism (i) trade (i), (ii), (iii), (iv) the West’s diminished status (i), (ii) labour mobility (i), (ii), (iii), (iv), (v), (vi) Labour Party (i), (ii) land (i), (ii), (iii), (iv), (v), (vi) Latin America (i), (ii), (iii), (iv), (v), (vi), (vii) law (i), (ii) League of Nations (i) Leicester, Andrew (i) Lenglen, Suzanne (i) Lenin, Vladimir (i), (ii), (iii) Lennon, Emily (i) Leviathan (Hobbes) (i) Levi Strauss company (i) Levy, Frank (i), (ii), (iii) Lewis, Bernard (i) LG (i) liberal democracy (i), (ii), (iii), (iv), (v) life expectancy (i), (ii), (iii), (iv), (v) Lincoln, Abraham (i) liquidity (i), (ii), (iii) Liverpool FC (i) living standards anarchy in capital markets (i), (ii), (iii) capital controls (i) demographic dividends and deficits (i) political economy and inequalities (i), (ii) price stability and economic instability (i), (ii) scarcity (i), (ii), (iii), (iv), (v), (vi), (vii) trade (i) London (i), (ii), (iii) London Electricity plc (i) L’Oréal (i) Louisiana Purchase (i), (ii) Louis XVIII (i) Louvre accord (i) Lucas, Edward (i) Luther, Martin (i) Macmillan, Harold (i) macroeconomic policy (i), (ii), (iii) Maddison, Angus (i), (ii), (iii) Magna Carta (i) malaria (i) Malaysia (i) Malta (i) Malthusian constraint political economy and inequalities (i), (ii), (iii), (iv) population demographics (i) price stability and economic instability (i) rent-seeking behaviour (i), (ii) scarcity (i) state capitalism (i) Malthus, Thomas (i), (ii), (iii) Manchester City FC (i), (ii) Manchester United FC (i) manufacturing (i), (ii), (iii) Mao Zedong (i), (ii), (iii), (iv) market forces political economy and inequalities (i), (ii) scarcity (i), (ii) secrets of Western success (i), (ii), (iii) state capitalism (i), (ii) Western progress (i), (ii) the West’s diminished status (i), (ii) Marks, Catherine (i) Marxism (i) Marx, Karl (i), (ii), (iii) McDonalds (i) meat-based diets (i) Medicare (i) Medvedev, Dimitry (i), (ii) metals (i), (ii), (iii), (iv), (v) Mexico anarchy in capital markets (i), (ii) migration (i) monetary union (i) Spain and silver (i) trade (i), (ii), (iii), (iv) Meyer, Sir Christopher (i) Microsoft (i) Middle East (i), (ii), (iii), (iv), (v), (vi) migration globalization (i), (ii), (iii) political economy and inequalities (i), (ii), (iii) population demographics (i), (ii) scarcity (i) Spain and silver (i) military action (i), (ii), (iii), (iv), (v) Mill, John Stuart (i) Minder, Raphael (i) Ming Dynasty (i), (ii) minimum wage (i) Mitsubishi Estate Company (i), (ii) mobile phones (i) monetarism (i), (ii) monetary policy (i), (ii), (iii), (iv), (v), (vi) Monetary Policy Committee (i) money supply (i), (ii), (iii) Mongols (i), (ii) monopolies (i), (ii) Morgan, Darren (i) mortgages (i), (ii), (iii) multinationals (i), (ii), (iii), (iv), (v), (vi), (vii) Muslims (i), (ii) Nabucco (i) Napoleon Bonaparte (i) Napoleonic Wars (i) nationalism globalization (i), (ii), (iii) political economy and inequalities (i), (ii) state capitalism (i) the West’s diminished status (i), (ii), (iii) xenophobia (i) nation states (i), (ii), (iii), (iv), (v), (vi), (vii) NATO (North Atlantic Treaty Organization) (i), (ii), (iii), (iv) natural gas (i), (ii), (iii), (iv) The Netherlands (i), (ii) ‘new economy’ (i) New Orleans (i) Newton, Sir Isaac (i) New York (i) New York Times (i) New Zealand dollar (i) Nicolson, Sir Arthur (i) Nigeria (i) Nixon, Richard (i), (ii) Nord Stream (i), (ii), (iii) North American Free Trade Association (i), (ii), (iii) North Atlantic Treaty Organization see NATO Norway (i), (ii) Nozick, Robert (i) nuclear technology (i), (ii), (iii), (iv) nutrition see diet; food Obama, Barack (i), (ii) Obama, Michelle (i) Obstfeld, Maurice (i) O’Dea, Cormac (i) OECD see Organization for Economic Co-operation and Development Office for National Statistics (i), (ii), (iii) off-shoring (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) oil indulging the US no more (i), (ii) political economy and inequalities (i), (ii), (iii) price stability (i), (ii), (iii), (iv) scarcity (i) state capitalism (i), (ii) Oldfield, Zoë (i) Olympic Games (i), (ii), (iii) one-child policy (i), (ii) On the Principles of Political Economy and Taxation (Ricardo) (i), (ii) OPEC (Organization of the Petroleum Exporting Countries) (i) Opium Wars (i), (ii) opportunity cost (i), (ii), (iii) Oregon (i) Organization for Economic Co-operation and Development (OECD) (i), (ii), (iii) Organization of the Petroleum Exporting Countries (OPEC) (i) Ottoman Empire (i), (ii), (iii), (iv) outsourcing (i), (ii), (iii), (iv), (v), (vi), (vii) Owens, Jesse (i), (ii) ownership (i), (ii) Oxford University (i) P&O (i) Pakistan (i) Panama (i) Pearl Harbor (i) Pebble Beach, California (i) Pennine Natural Gas (i) pensions anarchy in capital markets (i), (ii), (iii) population demographics (i), (ii), (iii), (iv), (v), (vi), (vii) price stability and economic instability (i) scarcity (i) the West’s diminished status (i), (ii), (iii) People’s Bank of China (i) Perloff, Jeffrey M.


pages: 364 words: 99,897

The Industries of the Future by Alec Ross

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23andMe, 3D printing, Airbnb, algorithmic trading, AltaVista, Anne Wojcicki, autonomous vehicles, banking crisis, barriers to entry, Bernie Madoff, bioinformatics, bitcoin, blockchain, Brian Krebs, British Empire, business intelligence, call centre, carbon footprint, cloud computing, collaborative consumption, connected car, corporate governance, Credit Default Swap, cryptocurrency, David Brooks, disintermediation, Dissolution of the Soviet Union, distributed ledger, Edward Glaeser, Edward Snowden, en.wikipedia.org, Erik Brynjolfsson, fiat currency, future of work, global supply chain, Google X / Alphabet X, industrial robot, Internet of things, invention of the printing press, Jaron Lanier, Jeff Bezos, job automation, John Markoff, knowledge economy, knowledge worker, lifelogging, litecoin, M-Pesa, Marc Andreessen, Mark Zuckerberg, Mikhail Gorbachev, mobile money, money: store of value / unit of account / medium of exchange, new economy, offshore financial centre, open economy, Parag Khanna, peer-to-peer, peer-to-peer lending, personalized medicine, Peter Thiel, precision agriculture, pre–internet, RAND corporation, Ray Kurzweil, recommendation engine, ride hailing / ride sharing, Rubik’s Cube, Satoshi Nakamoto, selective serotonin reuptake inhibitor (SSRI), self-driving car, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart cities, social graph, software as a service, special economic zone, supply-chain management, supply-chain management software, technoutopianism, The Future of Employment, underbanked, Vernor Vinge, Watson beat the top human players on Jeopardy!, women in the workforce, Y Combinator, young professional

To this end, the core question for China’s future is whether its model of relative economic openness but tight political control can foster real innovation. Thus far, it seems that its knowledge economy has been hampered. For example, China’s successes in the Internet economy have all come from either building Chinese versions of technologies previously invented in the United States or Canada (and often stealing the intellectual property to do it) or from providing low-cost manufacturing to build the hardware for non-Chinese companies. But while the control-freak impulse from Beijing has hindered the development of China’s knowledge economy, it hasn’t killed off the spirit of Chinese innovation. Jack Dorsey senses a level of vibrancy coming from China’s entrepreneurs. He told me, “The people working at the companies have a feeling like they can create anything and really take on the world.

As globalization and innovation challenged the lifestyles of many of those living in industrial cities and states in the West, it bolstered the economic growth of up-and-coming nations. Beyond developing nations, individuals and states all over the world that took advantage of the wave of technological innovation flourished. Our most valued commodities have gone from salt and sugar to chemicals and fuels to data and services. The regions that provide those now lead the global knowledge economy. Twenty-five hundred miles from Charleston, West Virginia, several trillion dollars of wealth was generated in Silicon Valley in addition to products that fundamentally changed the way everyone reading this book lives. THE INDUSTRIES OF THE FUTURE The book I know my parents or grandparents wish they had read in the 1960s would have described what globalization was going to do to the world.


pages: 344 words: 93,858

The Post-American World: Release 2.0 by Fareed Zakaria

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affirmative action, agricultural Revolution, airport security, anti-communist, Asian financial crisis, battle of ideas, Berlin Wall, Bretton Woods, BRICs, British Empire, call centre, capital controls, central bank independence, centre right, collapse of Lehman Brothers, conceptual framework, Credit Default Swap, currency manipulation / currency intervention, delayed gratification, Deng Xiaoping, double entry bookkeeping, failed state, Fall of the Berlin Wall, financial innovation, global reserve currency, global supply chain, illegal immigration, interest rate derivative, Intergovernmental Panel on Climate Change (IPCC), knowledge economy, Mahatma Gandhi, Martin Wolf, mutually assured destruction, new economy, oil shock, open economy, out of africa, Parag Khanna, postindustrial economy, purchasing power parity, race to the bottom, reserve currency, Ronald Reagan, Silicon Valley, Silicon Valley startup, South China Sea, Steven Pinker, The Great Moderation, Thomas L Friedman, Thomas Malthus, trade route, Washington Consensus, working-age population, young professional, zero-sum game

The difference between average science scores in poor and wealthy school districts within the United States, for instance, is four to five times greater than the difference between the U.S. and Singaporean national averages. In other words, America is a large and diverse country with a real inequality problem. This will, over time, translate into a competitiveness problem, because if we cannot educate and train a third of the working population to compete in a knowledge economy, it will drag down the country. But we do know what works. The large cohort of students in the top fifth of American schools rank along with the world’s best. They work hard and have a highly scheduled academic and extracurricular life, as anyone who has recently been to an Ivy League campus can attest. I went to elementary, middle, and high school in Mumbai, at an excellent institution, the Cathedral and John Connon School.

Whatever the savings rate, it has fallen fast over the past two decades, though a new recession-driven thriftiness has raised it to about 5 percent in the last two years. By all calculations, Medicare threatens to blow up the federal budget. The swing from the surpluses of 2000 to the deficits of today has serious implications. For most families, moreover, incomes are flat or rising very slowly. Growing inequality is the signature feature of the new era fueled by a triple force—the knowledge economy, information technology, and globalization. Perhaps most worryingly, Americans are borrowing 80 percent of the world’s surplus savings and using it for consumption. In other words, we are selling off our assets to foreigners to buy a couple more lattes a day. These problems have accumulated at a bad time because, for all its strengths, the American economy now faces some of its strongest challenges in history.

., 53, 87 Hussein, Saddam, 189, 248n, 274 Hwa Chong Institution, 211 hyperinflation, 25 “hyperpower,” 246 IBM, 104 Ignatius, David, 270 Ikenberry, John, 256 Immelt, Jeffrey, 204, 258 immigration, 16, 61, 87, 167, 213–16, 224, 233, 272, 276, 278, 283 Imperial China, 62–74, 76, 77, 84, 86, 122–25 Imperial Germany, 186n, 192, 195, 257, 261, 266–67 imperialism, 42, 258–59, 261–63 Imperial Japan, 36–37, 38, 84, 134–35, 196 income levels, 23, 67, 113–14, 148, 206, 207, 212, 216, 217–18, 219, 282 independent regulatory agencies, 90 India, 31, 145–83, 281 agriculture in, 151, 160 ancient civilization of, 64, 65, 67, 70, 77, 82–83 as Asian country, 151–52, 173, 181 author as native of, 205, 210, 271, 283, 284–85 automobiles in, 110, 111, 149, 229–30 banking industry of, 153, 157 billionaires in, 149, 155 British rule of, 36, 37, 60, 81, 84, 89, 94, 97–98, 151, 154, 156, 158–59, 161, 162–63, 164, 170, 173, 179 capitalism in, 74, 113–15, 152–53, 157, 167 caste system of, 74, 180–81 China compared with, 64, 108–9, 110–11, 113, 146, 147–51, 152, 157, 159, 167, 169, 175–78, 181–82, 257 Chinese relations with, 133, 143, 165, 166, 169, 173, 257 coal power in, 34 Communist Party of, 158 Constituent Assembly of, 154 Constitution of, 150 consumerism in, 151–52 corruption in, 156–57 credit in, 152–53 culture of, 64, 67, 70, 77, 82–83, 88, 93, 94, 95, 99, 169–74 as democracy, 40, 108, 109, 113, 117, 145, 150, 152, 154, 156–62, 167, 169, 172, 173, 176, 178–83 demographics of, 148 as developing country, 151–53, 157–62, 169, 175, 177, 181 diversity of, 178–83 domestic market of, 48 economic reform in, 108, 159–62, 169, 178 economy of, xii, 2–3, 23, 40–41, 48, 55, 65, 74, 86, 108, 113–15, 117, 145–62, 166–67, 169, 175, 178, 181, 200, 226–27, 249 education in, 82–83, 109, 155, 157–58, 160, 161, 204–8, 210 Election Commission of, 157 as emerging market, 39, 53, 258 emigration from, 167 energy needs of, 30, 34, 176 engineers trained in, 204–8 female literacy in, 157 film industry of, 90, 94, 147, 153–55 foreign investment in, 153 foreign policy of, 162–78 free markets in, 23 global influence of, 53, 146–48, 164–78, 181, 256–57, 269 government of, 145, 150, 156–67, 177–83 gross domestic product (GDP) of, 49, 66, 145, 148, 151, 152, 157, 249 growth rate for, 2, 145–56, 158, 159–62, 166, 169, 178, 182, 249 health care in, 155, 157–58, 160, 161 Hinduism in, 74, 75, 97–98, 146, 169–74, 180 HIV rate in, 149, 161 human rights in, 88–89, 97, 157–58, 173 income levels of, 148, 207 independence of, 154, 159, 162 industrialization of, 151 inflation in, 145 infrastructure of, 149–53, 159 languages of, 93, 151, 168, 179, 180 legal system of, 150, 157 literacy rate in, 157–58 living standards in, 66–67 manufacturing sector of, 22, 148–49, 151, 153 mass media in, 154–55, 173 middle class of, 160 military forces of, 164, 167, 174–78, 249, 260 modernization of, 74, 145–49, 151 multinational corporations in, 60 Muslim minority in, 12, 158–59, 172, 180–81 nationalism in, 41, 145, 158–59, 180–83 nonalignment policy of, 163–66, 177 nuclear weapons of, 54, 167, 174–78, 249, 260 oil needs of, 30 Pakistan’s relations with, 145, 165, 172, 176 political parties in, 154, 156–62, 178, 179–80 population of, 23, 31, 66, 145, 147–48, 178–83 poverty in, 3, 146, 149, 150, 155–58, 169, 177 private sector of, 148–53, 160–61 regional governments in, 145, 161–62, 178–83 service sector of, 43, 148, 151, 229 socialism in, 157, 161, 173, 178 taxation in, 236 technology sector of, 28, 50, 148–49, 161, 204–8 as UN member, 165n urbanization of, 150, 153–55, 160, 166 U.S. compared with, 155–56, 200, 226–27 U.S. relations with, 54–55, 144, 160, 166–68, 173, 174–78, 182, 249–50, 263, 264, 266, 269, 271, 274, 283 wage levels in, 207 Western influence in, 88–91, 94, 99 women in, 88, 157, 160–61 Indian Institutes of Technology, 145, 161, 205–6 Indonesia, xii, 4, 11, 13, 14, 17, 23, 86, 99, 110, 132, 171, 278 industrialization, 2, 3, 20, 65, 66, 87, 104, 106–7, 110, 151, 191, 192–93, 200, 204, 217, 218, 262 industrial revolution, 104, 262 inflation, 25–26, 28, 43, 145, 217 information technology, 9, 215, 219 Infosys Technologies, 50, 148, 153, 155 infrastructure, 149–53 initial public offerings (IPOs), 202, 220–22 intellectual property, 125–26 interest rates, 21, 43, 75, 139, 222 Intergovernmental Panel on Climate Change, 33 intermediate business expenses, 218 International Atomic Energy Agency (IAEA), 54, 175, 176 International Herald Tribune, 96 International Monetary Fund (IMF), 24, 41, 48–49, 55, 241 Internet, 27, 93, 96, 112–13, 135, 142, 225 investment funds, 3, 32, 201 iPhone, 203 iPod, 147 Iran, 6, 8, 9, 16, 18, 31, 54–55, 96, 125, 141, 167, 190, 235–36, 259, 260, 273, 277, 284 Iranian hostage crisis, 284 Iran-Iraq War, 9 Iraq, xi, 6, 8, 9, 11–12, 13, 15, 52, 141, 162, 185, 189–90, 199, 244, 246, 247–48, 250 Iraq War, xi, 6, 8, 52, 141, 185, 189–90, 199, 247–48, 250, 251, 252, 260, 269, 273, 274 Ireland, 46–47, 48 iron, 131, 191 Islam, 10–17, 75, 89, 122, 125, 158–59, 172, 180–81, 213, 241, 263, 272, 276, 278 Islamic fundamentalism, 10–17, 75, 89, 172, 241, 263, 271, 272, 278 Israel, 6, 96, 168, 246, 260, 269, 274, 284 Italy, 24, 97, 148, 182, 195 It’s a Wonderful Life, 85 “Ivory Tower” nations, 201 Jakarta, 17 James, Lawrence, 189 Japan, 26, 282 Buddhism in, 171 China compared with, 104–5 Chinese relations of, 101, 120, 134–35, 143 culture of, 87, 89, 91–92, 98, 99, 122, 212 democracy in, 114, 116 economy of, 20, 22, 23, 28, 36–37, 38, 40, 86, 104–5, 118, 120, 233, 245 education in, 207–8, 209, 210, 211–12 family values in, 92, 93 fertility rate of, 214 Japan (continued) foreign aid by, 135 foreign trade of, 77, 81–82 global influence of, 22, 35, 37, 38, 40, 53, 118, 120, 121, 176, 233, 256 gross domestic product (GDP) of, 207–8 Imperial, 36–37, 38, 84, 134–35, 196 manufacturing sector of, 28 Meiji Reformation in, 84 military forces of, 134 population of, 51, 214 savings rate of, 104 technology sector of, 87, 201, 207–8, 233 trade balance of, 104 U.S. relations with, 245, 266 Western influence in, 81–82, 84, 98, 99 Jemaah Islamiah, 11 Jiang Zemin, 134 jihad, 10–17 Muslim views on, 14–15 Joffe, Josef, 53, 251, 266 Jones, Benjamin, 214–15 Jordan, 8, 14 Judaism, 11, 122, 172 Kagan, Robert, 253 Kant, Immanuel, 123 Karnataka, 180 Kennedy, Paul, 74, 193 Kent, Muhtar, 58, 236–37 Kenya, 4, 41 Keynes, John Maynard, 196–97 kimonos, 88 Kissinger, Henry, 245, 265 Kitchener, H. H., 189 knowledge economy, 219 Kohl, Helmut, 245 Korean War, 20 Kosovo, 35, 245, 272 Kotak, Uday, 153 Kreuz-Zeitung, 188 Krishnadevaraya, 67 Kursk, Battle of, 37 Kyoto accords (1997), 34, 40 Kyrgyz Republic, 54 labor market, 27–28, 69, 151, 202, 206, 225–26, 228–29 labor-saving devices, 71–72 labor unions, 158, 212 Landes, David, 73 Las Vegas, 3 Latin America, 6, 19, 31, 40, 90, 95, 245 Latin language, 92 law: common, 81 contract, 125–26, 150 divine, 123 Islamic, 16 natural, 123–24 rule of, 114, 125–26, 150, 157, 225 Laxman, R.


pages: 261 words: 57,595

China's Future by David Shambaugh

Berlin Wall, capital controls, demographic dividend, demographic transition, Deng Xiaoping, facts on the ground, financial intermediation, financial repression, Gini coefficient, high net worth, knowledge economy, labour mobility, low skilled workers, market bubble, megacity, Mikhail Gorbachev, New Urbanism, offshore financial centre, open economy, Pearl River Delta, rent-seeking, secular stagnation, short selling, South China Sea, special drawing rights, too big to fail, urban planning, Washington Consensus, working-age population, young professional

The Key to Success: Innovation Innovation is the key test for China if it is to accomplish the overall macro-economic transition and become a fully modern society and economy. This is crucial if China is to avoid becoming stuck forever in the Middle Income Trap. The only way out of the trap (as Japan, South Korea, Taiwan, and other newly industrialized economies have demonstrated) is through innovation, which enables moving up the productivity and economic value chains. Becoming an innovative society and knowledge economy is the principal task facing the nation, and it is cited as such in all major government documents and leaders’ speeches. Yet, China’s economy today remains an assembly and processing economy, not a creative and inventive one. Moreover, most of the goods that are assembled or produced in China for export are intellectually created elsewhere. China’s rampant theft of intellectual property and its government programs to spur “indigenous innovation” (which pour billions into domestic R&D every year) are clear admissions of its failure to create.

Soft Authoritarianism, global impact healthcare heavy industry, energy demand of higher education / university system Himalayan glacial melt Hong Kong Hu Jintao Hu Yaobang “Hua Guofeng Interregnum” hukou system Huntington, Samuel Hurun China Rich List I “illusion of Chinese power” India Indian Ocean / Indo-Pacific region individualism Indonesia inequality innovation as key to success private sector vs. state sector insurance bank deposit health intellectual property intellectuals International Monetary Fund (IMF) international relations Europe future impact of China Global South military capabilities peripheral countries Russia see also United States (US) internet / social media investment and aid program EU foreign overinvestment problem R&D and trade, Asia J “J-Curve” concept Japan as newly industrializing economy (NIE) relations with jasmine revolution Jiang Zemin K Kissinger, Henry knowledge economy Krugman, Paul L labor market / workforce aging Lewis Turning Point migration social mobility land degradation Laos Lardy, Nicholas Latin America Lee Kuan Yew Leninist systems Lewis, W. Arthur Lewis Turning Point Li Keqiang Li Shiqiao liberal neo-authoritarianism local government debt protests against revenues and expenditures transparency and accountability Lou Jiwei low-wage manufacturing Lubman, Stanley M “Made in China 2025” program managed political reform from above manufacturing/industry chemical pollution / explosion energy demands high-end low-wage Mao Zedong mass unrest, incidents of Tiananmen Square demonstrations McKinsey & Company media sector megapolises Mekong River middle class, growth of Middle Income Trap migration and labor market military (PLA) anti-corruption campaign capabilities EU arms embargo innovation modernization program navy Russia and China, coordination US and China, comparison millionaires/billionaires modernization theorists multinational corporations Myanmar N National Budget Law National Bureau of Statistics National Development and Reform Commission (NDRC) National People’s Congress (NPC) National Security Law nationalism navy neo-authoritarianism, liberal Neo-Totalitarianism economy polity society vs.


pages: 223 words: 58,732

The Retreat of Western Liberalism by Edward Luce

3D printing, affirmative action, Airbnb, basic income, Berlin Wall, Bernie Sanders, Branko Milanovic, Bretton Woods, call centre, carried interest, centre right, cognitive dissonance, colonial exploitation, colonial rule, computer age, corporate raider, cuban missile crisis, currency manipulation / currency intervention, Dissolution of the Soviet Union, Doha Development Round, Donald Trump, double entry bookkeeping, Erik Brynjolfsson, European colonialism, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, future of work, George Santayana, gig economy, Gini coefficient, global supply chain, illegal immigration, imperial preference, income inequality, informal economy, Internet of things, Jaron Lanier, knowledge economy, liberal capitalism, Marc Andreessen, Mark Zuckerberg, Martin Wolf, mass immigration, means of production, Monroe Doctrine, moral panic, more computing power than Apollo, mutually assured destruction, new economy, New Urbanism, Norman Mailer, offshore financial centre, one-China policy, Peace of Westphalia, Peter Thiel, Plutocrats, plutocrats, precariat, purchasing power parity, reserve currency, Richard Florida, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, Snapchat, software is eating the world, South China Sea, Steve Jobs, superstar cities, TaskRabbit, telepresence, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, Washington Consensus, We are the 99%, We wanted flying cars, instead we got 140 characters, white flight, World Values Survey, Yogi Berra

What has befallen the West’s blue-collar workforce in the last generation is the shift of routine physical tasks to the factory floors of the developing world. This was enabled by the relentless drop in the cost of transport. What steam did in the nineteenth century, aeroplanes, supertankers and mechanised ports did for the last third of the twentieth century. The explosion of communications technology in the twenty-first century is enabling Western companies to do precisely the same in the knowledge economy today. Companies’ ability to go offshore via diversified global supply chains is no longer confined to physical goods. In the short term it is not artificial intelligence the West should worry about. It is what Baldwin calls remote intelligence. In some respects it has already arrived. Over the last twenty years, India and the Philippines reaped the rewards of the telecoms revolution to create lower-skilled service sector jobs at call centres, and on technology helpdesks.

(essay), 5, 14, 181 Garten, Jeffrey, From Silk to Silicon, 25 Gates, Bob, 177–8 gay marriage issue, 187, 188 gender, 57 General Agreement on Tariffs and Trade (GATT), 72 Genghis Khan, 25 gentrification, creeping, 46, 48, 50–1 Georgia, Rose Revolution (2003), 79 Germany, 15, 42, 43, 57, 78, 115; far-right resurgence in, 139–40; and future of EU, 180; Nazi, 116, 117, 155, 171; post-war constitution, 116; rise of from late nineteenth century, 156–7; Trump’s attitude towards, 179–80; vocational skills education, 197 gig economy, 62–5 Gladiator (film), 128–9 Glass, Ruth, 46 global economy: centre of gravity shifting eastwards, 21–2, 141; change of guard (January 2017), 19–20, 26–7; emerging middle classes, 21, 31, 39, 159; end of Washington Consensus, 29–30; fast-growing non-Western economies, 20–2; Great Convergence, 12, 13, 24, 25–33; Great Divergence, 13, 22–5; Great Recession, 63–4, 83–4, 192, 193; new protectionism, 19–20, 73, 149; ‘precariat’ (‘left-behinds’), 12, 13, 43–8, 50, 91, 98–9, 110, 111, 131; rapid expansion of China, 20–2, 25–8, 157, 159; spread of market economics, 8, 29; West’s middle-income problem, 13, 31–2, 34–41; see also globalisation, economic; growth, economic globalisation, economic: China as new guardian of, 19–20, 26–7; Bill Clinton on, 26; in decades preceding WW1, 155; Elephant Chart, 31–3; Friedman’s Golden Straitjacket, 74; Jeffrey Garten’s history of, 25; and global trilemma, 72–3; and multinational companies, 26–7; need to abandon deep globalisation, 73–4; next wave of, 32; radical impact of, 12–13; and stateless elites, 51, 71; and Summers’ responsible nationalism, 71–2; and technology, 55–6, 73, 174 Gongos (government-organised non-governmental organisations), 85 Google, 54, 67 Gordon, Robert, The Rise and Fall of American Growth, 57–8, 59–61 Graham, Lindsey, 134 Greece: classical, 4, 10, 25, 137–8, 156, 200; overthrow of military junta, 77 Greenspan, Alan, 71 growth, economic: and bad forecasting, 27; as Bell’s ‘secular religion’, 37; and digital economy, 54–5, 59, 60; Elephant Chart, 31–3; emerging economies as engine of, 21, 30, 31, 32; Golden Age for Western middle class, 33–4, 43; Robert Gordon’s thesis, 57–8, 59–61; and levels of trust, 38–9; as liberal democracy’s strongest glue, 13, 37, 103, 201–2; out-dated measurement models, 30–1; technological leap forward (from 1870), 58–9; West’s middle-income problem, 13, 31–2, 34–41 Hamilton, Alexander, 78 Harvard University, 44–5 healthcare and medicine, 35, 36, 42, 58, 59, 60, 62, 102, 103, 198 Hedges, Chris, Empire of Illusion, 125 Hegel, Friedrich, 161–2 Heilbroner, Robert, 10 Hispanics in USA, 94–5 history: 1930s extremism, 116–17; Chinese economy to 1840s, 22–3; Fukuyama’s ‘end of history’, 5, 14, 181; Great Divergence, 13, 22–5; Hobson’s prescience over China, 20–1; and inequality, 41–3; and journalists, 15; Keynes’ view, 153–5; Magna Carta, 9–10; of modern democracy, 112–17; nineteenth-century protectionism, 78; nineteenth-century European diplomacy, 7–8, 155–6, 171–2; non-Western versions of, 11; Obama on, 190; Peace of Westphalia (1648), 171; populist surge in late-nineteenth-century USA, 110–11; post-war golden era, 33–4, 43; post-war US foreign policy, 183–4; technological leap forward (from 1870), 58–9; theories of, 10–11, 14, 190; Thucydides trap, 156–7; utopian faith in technology, 127–8; Western thought on China, 158–9, 161–2; ‘wrong side of history’ language, 187–8, 190, 191–2; Zheng He’s naval fleet, 165–6; see also Cold War; Industrial Revolution Hitler, Adolf, 116, 128, 171 Hobbes, Thomas, 104 Hobsbawm, Eric, 5 Hobson, John, 20, 22–3 Hofer, Norbert, 15–16 homosexuality, 106, 107, 109–10 Hong Kong, 163–4 Hourly Nerd, 63 Hu Jintao, 159 Humphrey, Hubert, 189 Hungary, 12, 82, 138–9, 181 Huntington, Samuel, The Clash of Civilizations, 181 Huxley, Aldous, Brave New World, 128, 129 illiberal democracy concept, 119, 120, 136–7, 138–9, 204 India: caste system, 202; circular view of history, 11; colonial exploitation of, 22, 23, 55–6; democracy in, 201; future importance of, 167, 200–1; and Industrial Revolution, 23–4; internal migration in, 41; as nuclear power, 175; and offshoring, 61–2; pre-Industrial Revolution economy, 22; rapid expansion of, 21, 25, 28, 30, 58, 200, 201–2; Sino-Indian war (1962), 166; as ‘young’ society, 39, 200 Indonesia, 21 Industrial Revolution, 13, 22, 23–4, 46, 53; non-Western influences on, 24–5; and steam power, 24, 55–6 inequality: decline in post-war golden era, 43; and demophobia, 122–3; forces of equalisation, 41–3; global top 1 per cent, 32–3, 50–1; growth of in modern era, 13, 41, 43–51; in India, 202; in liberal cities, 49–51; in nineteenth century, 41; and physical segregation, 46–8; urban–hinterland split, 46–51 infant mortality, 58, 59 inflation, 36 Instagram, 54 intelligence agencies, 133–4 intolerance and incivility, 38 Iran, 175, 193, 194 Iraq War (2003), 8, 81, 85, 156 Isis (Islamic State), 178, 181, 182–3 Islam, 24–5; Trump’s targeting of Muslims, 135, 181–3, 195–6 Israel, 175 Jackson, Andrew, 113–14, 126, 134 Jacobi, Derek, 128–9 Japan, 78, 167, 175 Jefferson, Thomas, 56, 112, 163 Jobs, Steve, 25 Johnson, Boris, 48, 118–19 Jones, Dan, 9 Jospin, Lionel, 90 journalists, 15, 65 judiciary, US, 134–5 Kant, Immanuel, 126 Kaplan, Fred, Dark Territory: The Secret History of Cyber War, 176–8 Kennedy, John F., 146, 165 Kerry, John, 8 Keynes, John Maynard, 153–5, 156 Khan, A.Q., 175 Khan, Sadiq, 49–50 Kissinger, Henry, 14, 162, 166 knowledge economy, 47, 61 Kreider, Tim, 111 Krugman, Paul, 162 Ku Klux Klan, 98, 111 labour markets: and digital revolution, 52–5, 56, 61–8; and disappearing growth, 37; driving jobs, 56–7, 63, 191; gig economy, 62–5; offshoring, 61–2; pressure to postpone retirement, 64; revolution in nature of work, 60–6, 191–3; security industry, 50; status of technical and service jobs, 197–8; and suburban crisis, 46; wage theft, 192; zero hours contracts, 191 Lanier, Jaron, 66, 67 Larkin, Philip, 188 Le Pen, Marine, 15, 102, 108–10 League of Nations, 155 Lee, Spike, 46 Lee Teng-hui, 158 left-wing politics: and automation, 67; decline in salience of class, 89–92, 107, 108–10; elite’s divorce from working classes, 87–8, 89–95, 99, 109, 110, 119; in France, 105–10; Hillaryland in USA, 87–8; and ‘identity liberalism’, 14, 96–8; McGovern–Fraser Commission (1972), 189; move to personal liberation (1960s), 188–9; populist right steals clothes of, 101–3; Third Way, 89–92; urban liberal elites, 47, 49–51, 71, 87–9, 91–5, 110, 204 Lehman Brothers, 30 Li, Eric, 86, 163–4 liberalism, Western: Chinese hostility to, 84–6, 159–60, 162; crisis as real and structural, 15–16; declining belief in ‘meritocracy’, 44–6; declining hegemony of, 14, 21–2, 26–8, 140–1, 200–1; elites as out of touch, 14, 68–71, 73, 87–8, 91–5, 110, 111, 119, 204; and ‘identity liberalism’, 14, 96–8; linear view of history, 10–11; Magna Carta as founding myth of, 9–10; majority-white backlash concept, 12, 14, 96, 102, 104; psychology of dashed expectations, 34–41; scepticism as basis of, 10; and Trump’s victory, 11–12, 28, 79, 81, 111; ‘wrong side of history’ language, 187–8, 190, 191–2; see also democracy, liberal Lilla, Mark, 96, 98 Lincoln, Abraham, 146 Lindbergh, Charles, 117 literacy, mass, 43, 59 Lloyd George, David, 42 Locke, John, 104 London, 46, 47, 48, 49–50, 140 Los Angeles, 50 Machiavelli, Niccolò, 133 Magna Carta, 9–10 Mahbubani, Kishore, 162 Mailer, Norman, Miami and the Siege of Chicago, 189 Mair, Peter, 88, 89, 118 Mann, Thomas, 203 Mao Zedong, 163, 165 Marconi, Guglielmo, 128 Marcos, Ferdinand, 136 Marshall, John, 134 Marshall Plan, 29 Marxism, 10, 11, 51, 68, 106, 110, 162 Mattis, Jim, 150–1 May, Theresa, 100, 152, 153 McAfee, Andrew, 60 McCain, John, 134 McMahon, Vince and Linda, 124, 125 McMaster, H.


pages: 187 words: 62,861

The Penguin and the Leviathan: How Cooperation Triumphs Over Self-Interest by Yochai Benkler

business process, California gold rush, citizen journalism, Daniel Kahneman / Amos Tversky, East Village, Everything should be made as simple as possible, experimental economics, experimental subject, framing effect, informal economy, invisible hand, jimmy wales, job satisfaction, Joseph Schumpeter, Kenneth Arrow, knowledge economy, laissez-faire capitalism, loss aversion, Murray Gell-Mann, Nicholas Carr, peer-to-peer, prediction markets, Richard Stallman, Scientific racism, Silicon Valley, Steven Pinker, telemarketer, Toyota Production System, ultimatum game, Washington Consensus, zero-sum game, Zipcar

What made the early work on commons, like Ostrom’s Nobel-winning work or Acheson’s on lobster gangs, so influential is that they began the long process of empirical debunking of the then-prevailing view that commons in which rules are enforced by norms are necessarily doomed to fail. Intellectually, these studies set the background for the explosive growth in commons-based practices in the twenty-first century. For the commons has finally come into its own. Because in today’s knowledge economy, the most valuable resources—information and knowledge—are themselves a public good, and the best way to develop and maximize this good is through millions of networked people pooling that knowledge and working together to create new products, ideas, and solutions. And no example better shows how successful norms can organize this very kind of cooperation than Wikipedia. Wikipedia’s Neutral Point of View I first began studying Wikipedia in the summer of 2001, about four months after it launched.

It doesn’t take a multimillion-dollar package to attract talent to run for U.S. president, for example; the power, excitement, respect (sometimes), and other intrinsic rewards of the job are more than enough to draw many impressive candidates. Similarly, $900,000 per year (compared to tens of millions of dollars in the United States) at the Japanese automobile firms was more than enough to attract leading executives to the top positions. Another example, near and dear to my own heart, is academia. The leading American universities are widely known for attracting the top scientific minds in the world. In today’s knowledge economy, ever more dependent on innovation and technological advances, the top researchers who teach at these universities would all have much higher-paying salaries if they were to work for companies, be they Merck or Microsoft. Yet thousands of the most qualified, intelligent, creative, and educated people in the world choose to earn vastly less (in some cases hundreds of thousands of dollars a year less) in academia instead of taking their skills to the private sector.


pages: 777 words: 186,993

Imagining India by Nandan Nilekani

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affirmative action, Airbus A320, BRICs, British Empire, business process, business process outsourcing, call centre, clean water, colonial rule, corporate governance, cuban missile crisis, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, digital map, distributed generation, farmers can use mobile phones to check market prices, full employment, ghettoisation, glass ceiling, global supply chain, Hernando de Soto, income inequality, informal economy, Intergovernmental Panel on Climate Change (IPCC), joint-stock company, knowledge economy, labour market flexibility, land reform, light touch regulation, LNG terminal, load shedding, Mahatma Gandhi, market fragmentation, mass immigration, Mikhail Gorbachev, Network effects, new economy, New Urbanism, open economy, Parag Khanna, pension reform, Potemkin village, price mechanism, race to the bottom, rent control, rolodex, Ronald Reagan, school vouchers, Silicon Valley, smart grid, special economic zone, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, transaction costs, trickle-down economics, unemployed young men, upwardly mobile, urban planning, urban renewal, women in the workforce, working poor, working-age population

The impact of our changing demographics will be a cycle in either effectiveness or disaster—harnessing it for growth will minimize our divides and dampen the demand for community-based benefits. But if we fail, our demographic curve will become a line to a powder keg. “People, people, people”: Our changing impressions Looking back, the common man and woman have been bit players in our histories, their role determined by statistics and crowds. It is only recently, particularly since the 1970s, with the rise of labor productivity and the knowledge economy, that the political power of people has been accompanied with greater economic power. This shift in power has been especially significant in India. For a long time, governments regarded the country’s population as its great liability. Vastly poor and illiterate, India’s people were “the great unwashed,” a burden not just for the country but also a worry for the rest of the world. Today, however, India’s growth is credited to its strength in human capital, and the rise of IT in India, for instance, is seen in terms of “Indian talent,”30 as entrepreneurs and workers overcame the barriers that existed in the 1990s to drive growth.

“There is a lot of change,” he says, “but I wonder if there is enough of it. India has a lot of ground to cover on education, and very little time.” I am familiar with this tone of wary optimism—I have caught it often in the remarks of NGO workers and the bureaucrats working with India’s schools. Despite some signs of progress, our dilemmas in school education are very real; they are the small print that accompanies India’s rise as a knowledge economy. We have some pretty shocking statistics when it comes to education: India produces the second largest number of engineers in the world every year, as well as the largest number of school dropouts. Even as India is building a name for itself in intellectual capital, a third of its population remains illiterate. Across cities, some of the best-equipped schools—with swimming pools and air-conditioned tennis courts—and the worst, lacking even a blackboard, exist across the street from one another.

Politicians who oppose the unshackling of the labor market, and even favor new constraints, have often referred to India’s workers as the “toiling masses,” a homogeneous, beaten-down group who need the enveloping arms of the state. In this version of events, labor is a passive force that survives only thanks to the aggressive intervention of labor regulations. But this is no longer true. The idea of “mass,” easily replaceable labor has foundered on the rock of India’s rising knowledge economy. India’s growth has also given labor new power and employment opportunities. At Infosys, we have our share of employees who come from financially constrained backgrounds—Prasad, the son of a rickshaw puller, and Fatima Bibi Sheik, a young girl whose husband, a street pani puri vendor, supported her education and put her through college. In India’s present investment-friendly, high-growth market, such opportunities for financial mobility and an entry into the middle class have the potential to multiply and explode for our workers.


pages: 255 words: 75,172

Sleeping Giant: How the New Working Class Will Transform America by Tamara Draut

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affirmative action, Affordable Care Act / Obamacare, always be closing, battle of ideas, big-box store, blue-collar work, collective bargaining, creative destruction, David Brooks, declining real wages, deindustrialization, desegregation, Detroit bankruptcy, Donald Trump, Edward Glaeser, ending welfare as we know it, Ferguson, Missouri, financial deregulation, full employment, immigration reform, income inequality, invisible hand, job satisfaction, knowledge economy, knowledge worker, low skilled workers, mass incarceration, minimum wage unemployment, mortgage tax deduction, new economy, obamacare, occupational segregation, payday loans, pink-collar, Plutocrats, plutocrats, Powell Memorandum, profit motive, race to the bottom, Ralph Nader, rent-seeking, rising living standards, Ronald Reagan, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, trickle-down economics, union organizing, upwardly mobile, War on Poverty, white flight, women in the workforce, young professional

And like the small army that cared for my dad, the wages range from poverty-level to solidly middle class.1 The need for legions of health-care workers, still mostly women but with a modest and growing percentage of men, will continue to swell as the baby boomers grow old and frail. In fact, it will be the low-paid health-service jobs that will increase the most as more baby boomers retire. This bargain-basement economy will grow the most for the foreseeable future—not the much-touted knowledge economy. Topping the list of occupations that will add the most jobs to our economy are retail salespeople, child-care workers, food preparers and cooks, janitors, bookkeepers, maids, and truck drivers. Of the thirty occupations that will add the most jobs in the coming decade, half pay less than $30,000 a year.2 This is the heart of America’s working class today. And it will be even more so tomorrow.

Many of these jobs exist at the bottom of a long line of contracts and subcontracts, or are staffed by temp agencies, or are part of a franchise system—all forms of hiring that no longer align with existing labor laws written almost a century ago, making them vulnerable to wage theft and unsafe working conditions. These jobs are the giant amoeba of the American labor market, swallowing and engulfing more and more of our workers in a huge blob of low-paying work. This reality is not reflected in TED talks, swanky ideas summits, or other intellectually elite venues where rumination about the knowledge economy, entrepreneurship, and creative destruction are de rigueur. But make no mistake, it is the economy of our present and our future. Table 1. The Largest Jobs in the Bargain-Basement Economy (2012) Source: U.S. Department of Labor, U.S. Bureau of Labor Statistics, Table 1.4, Occupations with the Most Job Growth, 2012 and Projected 2022, at http://www.bls.gov/emp/ep_table_104.htm and Occupational Outlook Handbook at http://www.bls.gov/ooh/.


pages: 265 words: 74,941

The Great Reset: How the Post-Crash Economy Will Change the Way We Live and Work by Richard Florida

banking crisis, big-box store, blue-collar work, car-free, carbon footprint, collapse of Lehman Brothers, congestion charging, creative destruction, deskilling, edge city, Edward Glaeser, falling living standards, financial innovation, Ford paid five dollars a day, high net worth, Home mortgage interest deduction, housing crisis, if you build it, they will come, income inequality, indoor plumbing, interchangeable parts, invention of the telephone, Jane Jacobs, Joseph Schumpeter, knowledge economy, labour mobility, low skilled workers, manufacturing employment, McMansion, Menlo Park, Nate Silver, New Economic Geography, new economy, New Urbanism, oil shock, Own Your Own Home, pattern recognition, peak oil, Ponzi scheme, post-industrial society, postindustrial economy, reserve currency, Richard Florida, Robert Shiller, Robert Shiller, secular stagnation, Silicon Valley, Silicon Valley startup, sovereign wealth fund, the built environment, The Wealth of Nations by Adam Smith, Thomas L Friedman, total factor productivity, urban decay, urban planning, urban renewal, white flight, young professional, Zipcar

After making auto production cheaper and more efficient, Henry Ford realized that a bigger market for his assembly-line cars was needed, so he boosted workers’ wages and introduced the “five-dollar day.” But true Fordism, the combination of mass production and mass consumption, didn’t emerge as a full-blown economic and social model until mass suburbanization—the spatial fix of post–World War II America. Our own collapse, in the early years of the twenty-first century, is the crisis of the latest economic revolution—the rise of an idea-driven knowledge economy that runs more on brains than brawn. It reflects the limits of the suburban model of development to channel the full innovation and productive capabilities of the creative economy. The places that thrive today are those with the highest velocity of ideas, the highest density of talented and creative people, and the highest rate of metabolism. “Velocity” and “density” are not words that many people use when describing suburbia.

Also see Jacob Schmookler, Invention and Economic Growth (Cambridge, Mass.: Harvard University Press, 1966). 3. My discussion of technological innovation during the First Reset is based on the following key sources: Joel Mokyr, The Lever of Riches: Technological Creativity and Economic Progress (New York: Oxford University Press, 1992), and Mokyr, Gifts of Athena: Historical Origins of the Knowledge Economy (Prince ton, N.J.: Prince ton University Press, 2004). See also David Landes, The Wealth and Poverty of Nations: Why Some Nations Are So Rich and Others Are So Poor (New York: W. W. Norton, 1999). 4. David Hounshell, From American System to Mass Production, 1880–1932: The Development of Manufacturing Technology in the United States (Baltimore: Johns Hopkins University Press, 1985). 5. Joel Mokyr, “The Second Industrial Revolution, 1870–1914,” in Valerio Castronovo, ed., Storia dell’economia mondiale (Rome: Laterza Publishing, 1999), 219–245. 6.


Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages by Carlota Pérez

agricultural Revolution, Big bang: deregulation of the City of London, Bob Noyce, Bretton Woods, capital controls, commoditize, Corn Laws, creative destruction, David Ricardo: comparative advantage, deindustrialization, distributed generation, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, full employment, Hyman Minsky, informal economy, joint-stock company, Joseph Schumpeter, knowledge economy, late capitalism, market fundamentalism, new economy, nuclear winter, offshore financial centre, post-industrial society, profit motive, railway mania, Robert Shiller, Robert Shiller, Sand Hill Road, Silicon Valley, Simon Kuznets, South Sea Bubble, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, trade route, tulip mania, Upton Sinclair, Washington Consensus

The post-Second World War golden age was facilitated as much by the Bretton Woods agreements as by the development of ample personal banking services, widespread consumer and home buying credit (both made less risky by unemployment insurance); urban development financial schemes, specialized banking and other arrangements for the smooth functioning of the fast growing real estate and insurance sectors; government loans; and so on. It is clear that the burgeoning knowledge economy will require a very wide range of new instruments and even the overturning of some ‘eternal truths’ about the tangible nature of assets. 215. Kindleberger (1984) p. 79. Synergy: Supporting the Expansion of the Paradigm 133 C. A Shared and Embedded Paradigm: Flourishing Synergy and Convergent Expansion What makes the Synergy prosperity an era of good feeling is its tendency to encompass greater and greater parts of the economy and larger and larger parts of society in the benefits of growth.216 After a period of acute polarization on several fronts, when prosperity was extremely lopsided, the system searches for coherence through the widespread application of the now established paradigm, as the logic of both production and consumption.

They include construction, transport and trade accompanying the particular nature of the expansion, as well as other activities that complete the new production and consumption spectrum. In the fourth surge, these included the flourishing of a service economy; in the case of the current surge, they will probably involve many activities related to intermediation in the information world and to production in the knowledge economy. So the range of sectors that support growth and need financing in this phase encompasses: ● the core industries of the paradigm, which are still growing, advancing and expanding; 216. Tylecote (1985 and 1992) was the first to discuss the importance of income distribution as a determining element of the possibility of a ‘long-wave’ prosperity. 134 ● ● ● Technological Revolutions and Financial Capital the infrastructure, increasing its coverage and services; the whole of the old economy being modernized and rejuvenated; and a group of new branches of industry and services that are supplementary to the others and complete the fabric of the economy within the logic of that paradigm.


pages: 83 words: 26,097

Payoff: The Hidden Logic That Shapes Our Motivations (TED Books) by Dan Ariely

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3D printing, Affordable Care Act / Obamacare, always be closing, David Brooks, en.wikipedia.org, knowledge economy, knowledge worker, science of happiness, Snapchat, The Wealth of Nations by Adam Smith

At the same time, as our research has shown, getting people to care deeply about their jobs, by adding meaning, personal investment, and connection, can create substantial benefits for both employees and employers. Work quality, morale, and productivity all improve. While both perspectives contain important truths, I believe that in an increasingly knowledge-based economy, it’s becoming increasingly important to design organizations along Marx’s point of view. In the knowledge economy, the workplace relies heavily on trust, engagement, and goodwill—and as the autonomy of each person in the organization increases, so does the importance of making everyone feel deeply connected to the enterprise. Reflecting on my relationship with Duke University, I think of myself as someone who benefits from a win-win relationship. My work as a university professor and researcher is my job, but it is also my hobby and, to a large degree, my identity and my life.


pages: 420 words: 124,202

The Most Powerful Idea in the World: A Story of Steam, Industry, and Invention by William Rosen

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Albert Einstein, All science is either physics or stamp collecting, barriers to entry, collective bargaining, computer age, Copley Medal, creative destruction, David Ricardo: comparative advantage, decarbonisation, delayed gratification, Fellow of the Royal Society, Flynn Effect, fudge factor, full employment, invisible hand, Isaac Newton, Islamic Golden Age, iterative process, Jacquard loom, James Hargreaves, James Watt: steam engine, John Harrison: Longitude, Joseph Schumpeter, Joseph-Marie Jacquard, knowledge economy, moral hazard, Network effects, Paul Samuelson, Peace of Westphalia, Peter Singer: altruism, QWERTY keyboard, Ralph Waldo Emerson, rent-seeking, Ronald Coase, Simon Kuznets, spinning jenny, the scientific method, The Wealth of Nations by Adam Smith, Thomas Malthus, transaction costs, transcontinental railway, zero-sum game, éminence grise

One of those costs, in the early decades of the eighteenth century, was incurred due to the fact that an awful lot of the newest bits of useful knowledge were hard to compare, one with the other, because they described the same phenomenon using different words (and different symbols). As the metaphorical shelves of the knowledge market filled with innovations, buyers demanded that they be comparable, which led directly to standardization of everything from mathematical notation to temperature scales. In this way, the Industrial Enlightenment’s knowledge economy lowered the barriers to communication between the creators of theoretical models and masters of prescriptive knowledge, for which the classic example is Robert Hooke’s 1703 letter to Thomas Newcomen advising him to drive his piston by means of vacuum alone. The dominoes look something like this: A new enthusiasm for creating knowledge led to the public sharing of experimental methods and results; demand for those results built a network of communication channels among theoretical scientists; those channels eventually carried not just theoretical results but their real-world applications, which spread into the coffeehouses and inns where artisans could purchase access to the new knowledge.

This was one of the many areas that attracted the attention of the Austrian American economist Fritz Machlup, who, forty years ago, approached the question in a slightly different way: Is it possible to expand the inventive work force? Can labor be diverted into the business of invention? Can an educational or training system emphasize invention? Machlup—who first popularized the idea of a “knowledge economy”—spent decades collecting data on innovation in everything from advertising to typewriter manufacture—by one estimate, on nearly a third of the entire U.S. economy—and concluded with suggesting the counterintuitive possibility that higher rates of compensation actually lower the quality of labor. Machlup argued that the person who prefers to do something other than inventing and does so only under the seductive lure of more money is likely to be less gifted than one who doesn’t.

., Technology in Western Civilization. 17 His greatest contribution to metallurgical history Cyril Stanley Smith, “Metallurgy in the 17th and 18th Centuries,” in Kranzberg and Pursell, eds., Technology in Western Civilization. 18 After nearly ten years of secret experiments “Benjamin Huntsman” in Oxford Dictionary of National Biography. 19 His furnaces could be made Smith, “Metallurgy in the 17th and 18th Centuries,” in Kranzberg and Pursell, eds., Technology in Western Civilization. 20 He departed from the norm Joel Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton: Princeton University Press, 2002). 21 in 1750, when Britain consumed Pacey, Maze of Ingenuity. 22 “the father of the iron trade” The Times, editorial, July 29, 1856. 23 a relatively pure form of wrought iron From Dr. Joseph Gross’s description of Wood’s process in Puddling in the Iron Works of Merthyr Tydfil, quoted at http://www.henrycort.net. 24 “The puddlers were the artistocracy” Postan and Habakkuk, The Cambridge Economic History of Europe (Cambridge: Cambridge University Press, 1966). 25 “a peculiar method of preparing” R.


pages: 742 words: 137,937

The Future of the Professions: How Technology Will Transform the Work of Human Experts by Richard Susskind, Daniel Susskind

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23andMe, 3D printing, additive manufacturing, AI winter, Albert Einstein, Amazon Mechanical Turk, Amazon Web Services, Andrew Keen, Atul Gawande, Automated Insights, autonomous vehicles, Big bang: deregulation of the City of London, big data - Walmart - Pop Tarts, Bill Joy: nanobots, business process, business process outsourcing, Cass Sunstein, Checklist Manifesto, Clapham omnibus, Clayton Christensen, clean water, cloud computing, commoditize, computer age, Computer Numeric Control, computer vision, conceptual framework, corporate governance, creative destruction, crowdsourcing, Daniel Kahneman / Amos Tversky, death of newspapers, disintermediation, Douglas Hofstadter, en.wikipedia.org, Erik Brynjolfsson, Filter Bubble, Frank Levy and Richard Murnane: The New Division of Labor, full employment, future of work, Google Glasses, Google X / Alphabet X, Hacker Ethic, industrial robot, informal economy, information retrieval, interchangeable parts, Internet of things, Isaac Newton, James Hargreaves, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Khan Academy, knowledge economy, lifelogging, lump of labour, Marshall McLuhan, Metcalfe’s law, Narrative Science, natural language processing, Network effects, optical character recognition, Paul Samuelson, personalized medicine, pre–internet, Ray Kurzweil, Richard Feynman, Richard Feynman, Second Machine Age, self-driving car, semantic web, Shoshana Zuboff, Skype, social web, speech recognition, spinning jenny, strong AI, supply-chain management, telepresence, The Future of Employment, the market place, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, transaction costs, Turing test, Watson beat the top human players on Jeopardy!, young professional

The acquisition of knowledge through education and training has always been a priority, and professionals distinguish themselves by being more knowledgeable than their colleagues. However, when professionals are told—by academics and consultants, for example—that they are in the ‘knowledge business’, somehow this terminology does not resonate. Similarly, when professionals are informed that they are central to the so-called ‘knowledge economy’, they are rarely moved. A simple distinction is also often ignored in thinking about the ‘knowledge economy’—between industries, on the one hand, that have come to depend deeply on knowledge and those, on the other, whose very purpose is to provide knowledge itself. In the former camp, for instance, fall the manufacturing and retail sectors, whose operating models have been enhanced through the development and application of innovative ideas, fresh thinking, new working practices, imaginative use of technology, and more systematic management.

It does not matter that liberating expertise is less profitable, the argument goes, because people are not always motivated by financial gain. Very often they are driven some by other, non-financial motivation—they want to make better legal guidance and medical advice available because, for example, it is intrinsically good to do so. Yochai Benkler explores this phenomenon in detail in his book The Penguin and the Leviathan. And he is infused with optimism: For the commons has finally come into its own. Because in today’s knowledge economy, the most valuable resources—information and knowledge—are themselves a public good, and the best way to develop and maximise this good is through millions of networked people pooling that knowledge and working together to create new products, ideas, and solutions.39 And again: Once you open up the possibility that people are not only using the Web as a platform to produce their own individual content, but also to pool their efforts, knowledge and resources without expecting any sort of payment or compensation, the possibilities for what they can create are astounding.40 This evidence goes some way to addressing the ‘free-rider’ problem.


pages: 411 words: 114,717

Breakout Nations: In Pursuit of the Next Economic Miracles by Ruchir Sharma

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3D printing, affirmative action, Albert Einstein, American energy revolution, anti-communist, Asian financial crisis, banking crisis, Berlin Wall, BRICs, British Empire, business climate, business process, business process outsourcing, call centre, capital controls, Carmen Reinhart, central bank independence, centre right, cloud computing, collective bargaining, colonial rule, corporate governance, creative destruction, crony capitalism, deindustrialization, demographic dividend, Deng Xiaoping, eurozone crisis, Gini coefficient, global supply chain, housing crisis, income inequality, indoor plumbing, inflation targeting, informal economy, Kenneth Rogoff, knowledge economy, labor-force participation, labour market flexibility, land reform, M-Pesa, Mahatma Gandhi, Marc Andreessen, market bubble, mass immigration, megacity, Mexican peso crisis / tequila crisis, new economy, oil shale / tar sands, oil shock, open economy, Peter Thiel, planetary scale, quantitative easing, reserve currency, Robert Gordon, Shenzhen was a fishing village, Silicon Valley, software is eating the world, sovereign wealth fund, The Great Moderation, Thomas L Friedman, trade liberalization, Watson beat the top human players on Jeopardy!, working-age population, zero-sum game

The dotcom sensation broke the bounds of the financial world and seized the popular imagination, attracting thrilled media hype around the world and enticing cubicle jockeys to become day traders. There was the dream of great riches, yes, but also a boundless optimism and faith in human progress, a sense that the innovations flowing out of Silicon Valley would soon reshape the world for the better. Tech CEOs became rock stars because they promised a life of rising productivity, falling prices, and high salaries for generating ideas in the hip office pods of the knowledge economy, or for trading tech stocks from a laptop in the living room. It was impossible in those days to get investors interested in anything that did not involve technology and the United States, so some of us started talking up emerging markets as “e-merging markets,” while analysts spent a lot of time searching for the new Silicon Valley, which they dutifully but often implausibly discovered hiding in loft offices everywhere from Prague to Kuala Lumpur.

More capital could also then flow to the productive parts of the global economy, and I would not be surprised if U.S. technology again becomes the mania of the coming decade—mirroring the nineteenth century, when the United States saw two railroad booms in the space of three decades. In the 1980s and 1990s, the United States cut way back on investment in roads and buildings—exactly the investments that were taking off in China—and moved to embrace its new role as the premier knowledge economy. The state of American roads is now seen as a national scandal, but much less attention is paid to the upside: spending on software and equipment more than doubled in the period between 1980 and 2000, unleashing a productivity boom that drove the strong U.S. recovery through the 1990s. U.S. strength in technology looks overwhelming in comparison with even the fastest-rising emerging markets, and in comparison with Japan and Taiwan, nations that also spend heavily on tech research and development but generate a lot less growth out of it.

To a degree that is unmatched outside small nations such as Finland, the U.S. economy is built to innovate: there are whole industries dedicated to refining the next wrinkle in innovation—the latest are open innovation (basically using open-source software systems on the Linux model) and light innovation (optimizing the use of cheap new software sources like the Amazon cloud for business). So American innovation is no accident. As Albert Einstein said, “Innovation is not the product of logical thought, although the result is tied to logical structure.” The United States is strong across the board in technology, but it’s really in the field of software—the ideas that drive the emerging knowledge economy—that the system produces its greatest advantages and generates the most wealth. While Apple employs fifty thousand people and has a market capitalization that has risen fivefold over the last five years, the Taiwan companies that make gadgets for Apple employ millions but have seen their stock prices stagnate for lack of pricing power. The hardware is easy to replicate, which in turn cuts profit margins, while the software is highly profitable so long as it continues to evolve.


pages: 409 words: 118,448

An Extraordinary Time: The End of the Postwar Boom and the Return of the Ordinary Economy by Marc Levinson

affirmative action, airline deregulation, banking crisis, Big bang: deregulation of the City of London, Boycotts of Israel, Bretton Woods, Capital in the Twenty-First Century by Thomas Piketty, car-free, Carmen Reinhart, central bank independence, centre right, clean water, deindustrialization, endogenous growth, falling living standards, financial deregulation, floating exchange rates, full employment, George Gilder, Gini coefficient, global supply chain, income inequality, income per capita, indoor plumbing, informal economy, intermodal, invisible hand, Kenneth Rogoff, knowledge economy, late capitalism, linear programming, lump of labour, manufacturing employment, new economy, Nixon shock, North Sea oil, oil shock, Paul Samuelson, pension reform, price stability, purchasing power parity, refrigerator car, Right to Buy, rising living standards, Robert Gordon, rolodex, Ronald Coase, Ronald Reagan, Simon Kuznets, statistical model, strikebreaker, structural adjustment programs, Thomas Malthus, total factor productivity, unorthodox policies, upwardly mobile, War on Poverty, Washington Consensus, Winter of Discontent, Wolfgang Streeck, women in the workforce, working-age population, yield curve, Yom Kippur War, zero-sum game

As quality improved, more affluent buyers in other countries were willing to give Japanese models a chance. The yen’s sharp rise against the dollar in 1978 did little to dent sales. By then, Japanese cars were common sights in the United States, where they accounted for one-fourth of automobile sales in 1980.15 As MITI’s planners had envisioned, small cars were just the leading edge of Japan’s new “knowledge economy.” Japan’s research and development spending per worker rose 70 percent during the 1970s, after adjusting for inflation, turning Japan from a maker of copycat products to a source of innovation. As the credo “lighter, thinner, shorter, and smaller” spread across Japanese industry, high-speed computers, advanced cameras with top-notch optics, numerically controlled machine tools, and high-capacity color photocopiers began pouring out of factories.

., 82 Jamaica, 244 Japan, 63, 66–67, 81, 115–129, 163, 164, 233; administrative management in, 178; anti-inflation campaign in, 118–119; automobile industry in, 122–123; bank loans to Third World and, 241, 242; banks/banking system in, 94 (see also Bank of Japan; banks/banking systems); budget deficits in, 150; debt crisis in, 247, 251; decline of old economy of cheap labor and energy in, 118, 121–122; deregulation in, 113; economic crisis of 1990s in, 270; economic growth in, contributors to, 116–117; economic inefficiency in, 117; economic planning in, 25, 117, 123; economic slowdown in, 3–4; economic stagnation in, 261; economy at close of World War II in, 17, 18, 19; education in, 145; environmentalism in, 62; income distribution in, 140; income per person in, 6, 116; income tax in, 147, 149, 164; inflation and buying power in, 56; inflation in, 164; knowledge economy in, 123; labor productivity in, 257; labor share in, 141–142; manufacturing and trade in, 11, 116, 118, 119, 123, 124–129, 131, 137, 261; Ministry of International Trade and Industry, 25, 116, 117, 118, 120, 121, 123, 125, 129; modernization in, 117; new economy of engineering and design in, 122; oil crisis of 1973 in, 2–3, 72, 74, 77–78, 115–119, 122–124, 240; oil crisis of 1970s in, 177–178; operation scale-down in, 118; political parties in, 178; postwar economic boom in, 20; postwar productivity in, 23, 24; privatization in, 215–216; productivity bust in, 259, 268; productivity growth in, 263; productivity slowdown in, 265; service sector in, 117, 123–124; textile/apparel sector in, 119–120; trade with United States and, 119–120; unemployment scheme in, 121; ungovernability in, 156–160; US trade sanctions against, 128–129; wage, training, and job seeking subsidies in, 121; welfare state in, 18, 145 jawboning, 76–77 Jenkins, Peter, 150, 169 John Paul II, 219 Johnson, Lyndon, 145, 162; “guns and butter” model and, 48–49 Johnson administration, 222 Jones, Jack, 169 Jordan, 69 Joseph, Sir Keith, 176; free-market economics and, 172, 260 Kahn, Alfred, 112 Kaufman, Henry, 66, 232 Kennedy, Edward, 112 Kennedy, John F., 26, 144–145; inflation and, 261; unemployment and, 261 Kennedy administration, 222 Kenya, 44 Keynes, John Maynard, 31 Kiesinger, Kurt Georg, 33 Kissinger, Henry, 70 Klasen, Karl, 55 Kleinwort Benson, 84 knowledge economy, 123 Kohl, Helmut, 10, 177, 213 Korea, 242, 265 Korean Peninsula, 44 Korean War, 4, 20, 122 Krauss, Ellis, 177 Krippner, Greta, 236 Kuczynski, Pedro Pablo, 255 Kuwait, 70 Kuznets, Simon, 133–136; gross national product and, 134; stages of economic growth and, 134–135 Kuznets curve, 134–135 labor productivity, 257–258.

., 82 Jamaica, 244 Japan, 63, 66–67, 81, 115–129, 163, 164, 233; administrative management in, 178; anti-inflation campaign in, 118–119; automobile industry in, 122–123; bank loans to Third World and, 241, 242; banks/banking system in, 94 (see also Bank of Japan; banks/banking systems); budget deficits in, 150; debt crisis in, 247, 251; decline of old economy of cheap labor and energy in, 118, 121–122; deregulation in, 113; economic crisis of 1990s in, 270; economic growth in, contributors to, 116–117; economic inefficiency in, 117; economic planning in, 25, 117, 123; economic slowdown in, 3–4; economic stagnation in, 261; economy at close of World War II in, 17, 18, 19; education in, 145; environmentalism in, 62; income distribution in, 140; income per person in, 6, 116; income tax in, 147, 149, 164; inflation and buying power in, 56; inflation in, 164; knowledge economy in, 123; labor productivity in, 257; labor share in, 141–142; manufacturing and trade in, 11, 116, 118, 119, 123, 124–129, 131, 137, 261; Ministry of International Trade and Industry, 25, 116, 117, 118, 120, 121, 123, 125, 129; modernization in, 117; new economy of engineering and design in, 122; oil crisis of 1973 in, 2–3, 72, 74, 77–78, 115–119, 122–124, 240; oil crisis of 1970s in, 177–178; operation scale-down in, 118; political parties in, 178; postwar economic boom in, 20; postwar productivity in, 23, 24; privatization in, 215–216; productivity bust in, 259, 268; productivity growth in, 263; productivity slowdown in, 265; service sector in, 117, 123–124; textile/apparel sector in, 119–120; trade with United States and, 119–120; unemployment scheme in, 121; ungovernability in, 156–160; US trade sanctions against, 128–129; wage, training, and job seeking subsidies in, 121; welfare state in, 18, 145 jawboning, 76–77 Jenkins, Peter, 150, 169 John Paul II, 219 Johnson, Lyndon, 145, 162; “guns and butter” model and, 48–49 Johnson administration, 222 Jones, Jack, 169 Jordan, 69 Joseph, Sir Keith, 176; free-market economics and, 172, 260 Kahn, Alfred, 112 Kaufman, Henry, 66, 232 Kennedy, Edward, 112 Kennedy, John F., 26, 144–145; inflation and, 261; unemployment and, 261 Kennedy administration, 222 Kenya, 44 Keynes, John Maynard, 31 Kiesinger, Kurt Georg, 33 Kissinger, Henry, 70 Klasen, Karl, 55 Kleinwort Benson, 84 knowledge economy, 123 Kohl, Helmut, 10, 177, 213 Korea, 242, 265 Korean Peninsula, 44 Korean War, 4, 20, 122 Krauss, Ellis, 177 Krippner, Greta, 236 Kuczynski, Pedro Pablo, 255 Kuwait, 70 Kuznets, Simon, 133–136; gross national product and, 134; stages of economic growth and, 134–135 Kuznets curve, 134–135 labor productivity, 257–258. See also productivity labor share, 141–142 labor/trade unions, 10, 270; in France, 202, 208, 213; in Germany, 169; in Great Britain, 169–171; income distribution and, 137–138; manufacturing and, 137; in the Netherlands, 169; in Scandinavia, 169; in Spain, 211, 213; state-owned companies, privatization, Thatcher and, 190, 191–194, 214; state-owned companies and Thatcher and, 186–191; ungovernability and, 160; in West Germany, 137 Laffer, Arthur, 227–228 Laffer Curve, 227–228 Landy, Harry, 90–91, 92 Lange, Anders, 153, 154 late capitalism, 160, 267–268.


pages: 552 words: 168,518

MacroWikinomics: Rebooting Business and the World by Don Tapscott, Anthony D. Williams

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accounting loophole / creative accounting, airport security, Andrew Keen, augmented reality, Ayatollah Khomeini, barriers to entry, bioinformatics, Bretton Woods, business climate, business process, car-free, carbon footprint, citizen journalism, Clayton Christensen, clean water, Climategate, Climatic Research Unit, cloud computing, collaborative editing, collapse of Lehman Brothers, collateralized debt obligation, colonial rule, commoditize, corporate governance, corporate social responsibility, creative destruction, crowdsourcing, death of newspapers, demographic transition, distributed generation, don't be evil, en.wikipedia.org, energy security, energy transition, Exxon Valdez, failed state, fault tolerance, financial innovation, Galaxy Zoo, game design, global village, Google Earth, Hans Rosling, hive mind, Home mortgage interest deduction, interchangeable parts, Internet of things, invention of movable type, Isaac Newton, James Watt: steam engine, Jaron Lanier, jimmy wales, Joseph Schumpeter, Julian Assange, Kevin Kelly, knowledge economy, knowledge worker, Marc Andreessen, Marshall McLuhan, mass immigration, medical bankruptcy, megacity, mortgage tax deduction, Netflix Prize, new economy, Nicholas Carr, oil shock, old-boy network, online collectivism, open borders, open economy, pattern recognition, peer-to-peer lending, personalized medicine, Ray Kurzweil, RFID, ride hailing / ride sharing, Ronald Reagan, Rubik’s Cube, scientific mainstream, shareholder value, Silicon Valley, Skype, smart grid, smart meter, social graph, social web, software patent, Steve Jobs, text mining, the scientific method, The Wisdom of Crowds, transaction costs, transfer pricing, University of East Anglia, urban sprawl, value at risk, WikiLeaks, X Prize, young professional, Zipcar

New hot spots for innovation are increasingly flourishing outside of the traditional sphere of VC operations rooted in established innovation centers like Boston, New York, and Silicon Valley, causing VCs to expand their circles. Yet many VCs won’t even look at a business plan, let alone hear a pitch, from someone who doesn’t come highly referred. The theory is that if a VC relies on a trusted network of contacts s/he can effectively lessen the number of crappy ideas that s/he has to sift through to find a golden nugget. But in today’s global knowledge economy, the next Facebook, Google, or Tesla Motors is as likely to be born in Tel Aviv as it is to be born in Silicon Valley, as likely in Bangalore as in Boston. And while the “old boys’ network” is good if you are an old boy, it’s not so good if you are a young woman from Brazil with a billion-dollar business innovation. Unfortunately, an unfavorable economic climate has prevented many VCs from exploring new opportunities.

The cost of building new continuing education programs from scratch could be prohibitively high, but new models of collaborative education can help bring greater efficiency and creativity to the efforts to help graduating students and aging employees update their skills.23 Indeed, why not allow companies and governments to participate in this global network for higher learning too? Fees collected from commercial users could be used to subsidize ongoing development of the platform. TIME FOR REINVENTION OR ATROPHY? The combination of the new Web, the new generation of learners, the demands of the global knowledge economy, and shock of the economic crisis is creating a perfect storm for the universities, and the storm warnings of change are everywhere. In 1997, none other than Peter Drucker predicted that big universities would be “relics” within thirty years.24 Today, Drucker’s seemingly hyperbolic and apocryphal predictions seem less shrill and even prescient. Some universities and some faculty are more vulnerable than others.

In a typical funding scenario, government agencies put out an RFP (request for proposals) and scientists compete rather than collaborate to win it. They typically go off to do their research privately, and when it’s done they report the results back to their funders, who eventually publish it for others. It’s closed. It’s anticollaborative. And it’s antithetical to the demands of the global knowledge economy. Rather than turn inward, or focus narrowly on national goals, funding bodies should open up and create a truly open market for science funding—one that rewards only the most qualified candidates and doesn’t pay heed to passports, seniority, or star status. Sure, this arguably undermines one of the key reasons why many funding bodies exist: to promote national science objectives and national research institutions.


pages: 297 words: 103,910

Free culture: how big media uses technology and the law to lock down culture and control creativity by Lawrence Lessig

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Brewster Kahle, Cass Sunstein, creative destruction, future of journalism, George Akerlof, Innovator's Dilemma, Internet Archive, invention of the printing press, Kenneth Arrow, Kevin Kelly, knowledge economy, Louis Daguerre, new economy, prediction markets, prisoner's dilemma, profit motive, rent-seeking, Richard Florida, Richard Stallman, Ronald Coase, Ronald Reagan, Saturday Night Live, Silicon Valley, software patent, transaction costs

"The threat of piracy—the use of someone else's creative work without permission or compensation—has grown with the Internet." [70] See IFPI (International Federation of the Phonographic Industry), The Recording Industry Commercial Piracy Report 2003, July 2003, available at link #14. See also Ben Hunt, "Companies Warned on Music Piracy Risk," Financial Times, 14 February 2003, 11. [71] See Peter Drahos with John Braithwaite, Information Feudalism: Who Owns the Knowledge Economy? (New York: The New Press, 2003), 10¬13, 209. The Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement obligates member nations to create administrative and enforcement mechanisms for intellectual property rights, a costly proposition for developing countries. Additionally, patent rights may lead to higher prices for staple industries such as agriculture. Critics of TRIPS question the disparity between burdens imposed upon developing countries and benefits conferred to industrialized nations.

[195] Commission on Intellectual Property Rights, "Final Report: Integrating Intellectual Property Rights and Development Policy" (London, 2002), available at link #55. According to a World Health Organization press release issued 9 July 2002, only 230,000 of the 6 million who need drugs in the developing world receive them—and half of them are in Brazil. [196] See Peter Drahos with John Braithwaite, Information Feudalism: Who Owns the Knowledge Economy? (New York: The New Press, 2003), 37. [197] International Intellectual Property Institute (IIPI), Patent Protection and Access to HIV/AIDS Pharmaceuticals in Sub-Saharan Africa, a Report Prepared for the World Intellectual Property Organization (Washington, D.C., 2000), 14, available at link #56. For a firsthand account of the struggle over South Africa, see Hearing Before the Subcommittee on Criminal Justice, Drug Policy, and Human Resources, House Committee on Government Reform, H.


pages: 471 words: 109,267

The Verdict: Did Labour Change Britain? by Polly Toynbee, David Walker

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banking crisis, Big bang: deregulation of the City of London, Bob Geldof, call centre, central bank independence, congestion charging, Corn Laws, Credit Default Swap, decarbonisation, deglobalization, deindustrialization, Etonian, failed state, first-past-the-post, Frank Gehry, gender pay gap, Gini coefficient, high net worth, hiring and firing, illegal immigration, income inequality, Intergovernmental Panel on Climate Change (IPCC), knowledge economy, labour market flexibility, market bubble, mass immigration, millennium bug, moral panic, North Sea oil, Northern Rock, offshore financial centre, pension reform, Plutocrats, plutocrats, Ponzi scheme, profit maximization, purchasing power parity, Right to Buy, shareholder value, Skype, smart meter, stem cell, The Spirit Level, too big to fail, University of East Anglia, working-age population, Y2K

But it was also typical of the times that the in-phrase became ‘cultural and creative industries’: the arts to become money-spinners, culture and commerce combining in mystical union. Indeed, by 2009 the culture industries made up 8 per cent of GDP – a considerable contribution and significantly around the same amount as the City and financial services, including all high street banking and insurance. Another catchphrase was knowledge economy – trying to capture the commercial importance of ideas and experiences that were also significant in themselves. Labour had the glimmerings of a vision of Britain, open, innovative, arty, keen on the pursuit of knowledge and endowed by public money – and very cheap at the price. Labour bequeathed something much richer than they inherited, but had not painted a national transfiguration. The clubber’s verdict Policy, politics and pogoing – until the recession and beyond, clubbers kept on dancing without a thought about Labour, Westminster, wars or welfare.

., 1 Gallagher, Liam, 1 Gallagher, Noel, 1 gambling, 1 gangmasters, 1, 2 gas, 1 Gates, Bill, 1 Gateshead, 1 Gaza, 1 GCHQ, 1 GCSEs, 1, 2, 3, 4 Gehry, Frank, 1 Geldof, Bob, 1 gender reassignment, 1 General Teaching Council, 1 genetically modified crops, 1 Germany, 1, 2, 3, 4, 5, 6, 7 economy and business, 1, 2, 3, 4 and education, 1, 2 and health, 1, 2 Ghana, 1 Ghandi’s curry house, 1 Ghent, 1 Gladstone, William Ewart, 1, 2 Glaister, Professor Stephen, 1 Glasgow, 1, 2, 3, 4 Gleneagles summit, 1, 2, 3, 4, 5 globalization, 1, 2, 3, 4, 5, 6, 7 and crime, 1 and foreign policy, 1, 2, 3 and inequality, 1 and migration, 1, 2 Gloucester, 1 Goldacre, Ben, 1 Good Friday agreement, 1 Goodwin, Sir Fred, 1 Goody, Jade, 1 Gormley, Antony, 1 Gould, Philip, 1 grandparents, and childcare, 1 Gray, Simon, 1 Great Yarmouth, 1 Greater London Authority, 1, 2 Greater London Council, 1 green spaces, 1 Greenberg, Stan, 1 Greengrass, Paul, 1 Greenspan, Alan, 1, 2 Greenwich, 1 Gregg, Paul, 1 Guardian, 1, 2, 3 Guizot, François, 1 Gulf of Mexico oil spill, 1 Gummer, John, 1 Gurkhas, 1 Guthrie of Craigiebank, Lord, 1 Guy’s and St Thomas’s Hospital, 1 habeas corpus, suspension of, 1 Hacienda Club, 1 Hackney, 1 Hale, Baroness Brenda, 1 Hallé Orchestra, 1 Ham, Professor Chris, 1 Hamilton, Lewis, 1 Hammersmith Hospital, 1 Hammond, Richard, 1 Hardie, Keir, 1 Hardy, Thea, 1 Haringey, 1, 2 Harman, Harriet, 1 Harris of Peckham, Lord, 1 Harrison, PC Dawn, 1, 2 Harrow School, 1 Hartlepool, 1, 2 Hastings, 1, 2 Hatfield rail crash, 1 Hatt family, 1, 2, 3, 4 health, 1 and private sector, 1, 2 and social class, 1 spending on, 1, 2 Health Action Zones, 1 Health and Safety Executive, 1 Heathcote, Paul, 1 Heathrow airport, 1, 2, 3, 4 Hellawell, Keith, 1 Hennessy, Professor Peter, 1 Henry, Donna Charmaine, 1, 2, 3 heroin, 1 Hewitt, Patricia, 1, 2 Higgs, Sir Derek, 1 Hills, Professor John, 1, 2, 3 Hirst, Damien, 1 HMRC, 1, 2, 3 Hogg, John, 1, 2, 3 Hoggart, Richard, 1 Holly, Graham, 1 homelessness, 1, 2 Homerton Hospital, 1 homosexuality, 1, 2, 3 ‘honour’ killings, 1 Hoon, Geoff, 1 hospital-acquired infections, 1 hospitals and clinics, 1, 2, 3, 4 A&E units, 1, 2 closures, 1, 2, 3 foundation trusts, 1, 2, 3, 4, 5 and PFI, 1 House of Commons reforms, 1, 2 House of Lords reforms, 1, 2, 3, 4 housing market, 1, 2, 3 housing policies, 1, 2, 3, 4, 5 Howe, Elspeth, 1 Hoxton, 1 Huddersfield, 1 Hudson, Joseph, 1 Hull, 1, 2, 3 Human Rights Act, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 Humber Bridge, 1 hunting ban, 1 Hussein, Saddam, 1, 2, 3, 4 Hutton, John, 1 Hutton, Will, 1, 2 identity cards, 1, 2 If (Kipling), 1 Imperial War Museum North, 1 income inequalities, 1, 2, 3 gender pay gap, 1, 2 and high earners, 1 and social class, 1 Independent Police Complaints Commission (IPCC), 1 Independent Safeguarding Authority, 1 independent-sector treatment centres (ISTCs), 1 Index of Multiple Deprivation, 1 India, 1, 2, 3, 4, 5, 6 individual learning accounts, 1 inflation, 1 and housing market, 1, 2 International Criminal Court, 1 International Monetary Fund (IMF), 1, 2, 3 internet, 1, 2, 3 and crime, 1 and cyber-bullying, 1 file sharing, 1 gambling, 1 and sex crimes, 1 Iran, 1, 2, 3 Iraq, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16 arms supplies, 1 Chilcot inquiry, 1, 2, 3, 4 and Territorial Army, 1 and WMD, 1 Ireland, 1, 2, 3 Irish famine, 1 Irvine of Lairg, Lord, 1, 2 Ishaq, Khyra, 1 Islamabad, 1 Isle of Man, 1 Isle of Wight, 1, 2 Israel, 1 Italy, 1, 2, 3 and football, 1 Ivory Coast, 1 Japan, 1, 2, 3, 4 Jenkins, Roy, 1, 2 Jerry Springer: The Opera, 1 Jobcentre Plus, 1, 2 John Lewis Partnership, 1, 2 Johnson, Alan, 1, 2, 3, 4 Johnson, Boris, 1, 2 Judge, Lord (Igor), 1 Judge, Professor Ken, 1 Julius, DeAnne, 1 jury trials, 1, 2 Kabul, 1 Kapoor, Anish, 1, 2 Karachi, 1 Karadžic, Radovan, 1 Kashmir, 1 Kaufman, Gerald, 1 Keegan, William, 1 Keep Britain Tidy, 1 Kelvingrove Art Gallery and Museum, 1 Kensit, Patsy, 1 Keynes, John Maynard, 1 Keys, Kenton, 1 Kidderminster Hospital, 1 King, Sir David, 1, 2 King, Mervyn, 1 King Edward VI School, 1 King’s College Hospital, 1 Kingsnorth power station, 1 Kirklees, 1 Knight, Jim, 1 knighthoods, 1 knowledge economy, 1 Kosovo, 1, 2, 3, 4 Kynaston, David, 1 Kyoto summit and protocols, 1, 2, 3 Labour Party membership, 1 Lacey, David, 1 Ladbroke Grove rail crash, 1 Lamb, General Sir Graeme, 1 Lambert, Richard, 1 landmines, 1 Lansley, Andrew, 1 lapdancing, 1 Las Vegas, 1 Lawrence, Stephen, 1 Lawson, Mark, 1 Layard, Professor Richard, 1 Le Grand, Professor Julian, 1 Lea, Ruth, 1 Lea Valley High School, 1, 2, 3, 4, 5, 6 Leahy, Sir Terry, 1, 2 learndirect, 1 Learning and Skills Council, 1 learning difficulties, 1, 2 learning mentors, 1 Leeds, 1, 2, 3, 4 legal reforms, 1 Leigh, Mike, 1 Lenon, Barnaby, 1 Lewes, 1 Lewisham, 1 Liberty, 1 licensing laws, 1, 2 life expectancy, 1, 2, 3, 4, 5 Life on Mars, 1 Lincoln, 1 Lindsell, Tracy, 1, 2 Lindsey oil refinery, 1 Lisbon Treaty, 1 Liverpool, 1, 2, 3, 4, 5, 6 Liverpool FC, 1 living standards, 1, 2 living wage campaign, 1, 2 Livingstone, Ken, 1, 2, 3, 4, 5 Livni, Tzipi, 1 Loaded magazine, 1 local government, 1, 2, 3 and elected mayors, 1 Lockerbie bomber, 1 London, 1, 2, 3, 4, 5, 6 bombings, 1, 2 congestion charge, 1, 2 detention of foreign leaders, 1 G20 protests, 1 Iraq war protests, 1, 2 mayoral election, 1, 2 and transport policy, 1, 2, 3 London Array wind farm, 1 Longannet, 1 Longfield, Anne, 1 Lord-Marchionne, Sacha, 1 Lorenzetti, Ambrogio, 1 lorry protests, 1, 2 Lowry Museum, 1 Lumley, Joanna, 1 Luton, 1, 2, 3, 4 Lyons, Sir Michael, 1 Macfadden, Julia, 1 Machin, Professor Stephen, 1, 2 Maclean, David, 1 Macmillan, Harold, 1 Macmillan, James, 1 McNulty, Tony, 1 Macpherson, Sir Nick, 1 Macpherson, Sir William, 1 McQueen, Alexander, 1 Madrid, 1, 2, 3 Major, John, 1, 2, 3, 4, 5, 6 Malaya, 1 Malloch Brown, Mark, 1 Manchester, 1, 2, 3, 4, 5, 6 club scene, 1, 2 and crime, 1, 2 Gorton, 1, 2, 3, 4, 5, 6 and local government, 1 and transport policy, 1, 2, 3 Manchester Academy, 1 Manchester United FC, 1, 2 Manchester University, 1 Mandelson, Peter, 1, 2 Manpower Services Commission, 1 manufacturing, 1, 2, 3 Margate, 1 ‘market for talent’ myth, 1 marriage rate, 1 Martin, Michael, 1 maternity and paternity leave, 1, 2 Mayfield, Charlie, 1 Medical Research Council, 1 mental health, 1, 2, 3, 4 mephedrone, 1 Metcalf, Professor David, 1 Metropolitan Police, 1, 2, 3 Mexico, 1, 2 MG Rover, 1 Michael, Alun, 1 Middlesbrough College, 1, 2 migration, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 Milburn, Alan, 1, 2, 3, 4, 5 Miliband, David, 1, 2, 3, 4, 5, 6 Miliband, Ed, 1, 2, 3 Millennium Cohort Study, 1, 2 Millennium Dome, 1, 2, 3 Miloševic, Slobodan, 1 Milton Keynes, 1 minimum wage, 1, 2, 3, 4, 5, 6, 7 Mitchell, Senator George, 1 modern art, 1 Mohamed, Binyam, 1 Monbiot, George, 1 Moray, 1 Morecambe, 1, 2 Morecambe Bay cockle pickers, 1 Morgan, Piers, 1 Morgan, Rhodri, 1 mortgage interest relief, 1 Mosley, Max, 1 motor racing, 1 Mowlam, Mo, 1 Mozambique, 1 MPs’ expenses, 1, 2, 3, 4, 5 MRSA, 1 Mugabe, Robert, 1 Muijen, Matt, 1 Mulgan, Geoff, 1 Mullin, Chris, 1 Murdoch, Rupert, 1, 2, 3 Murphy, Richard, 1 museums and galleries, 1, 2, 3 music licensing, 1 Muslims, 1, 2, 3, 4, 5 mutualism, 1 Myners, Paul, 1 nanotechnology, 1, 2, 3 National Air Traffic Control System, 1 National Care Service, 1 national curriculum, 1 national debt, 1 National Forest, 1 National Health Service (NHS) cancer plan, 1 drugs teams, 1 and employment, 1, 2 internal market, 1 IT system, 1 league tables, 1 managers, 1, 2 NHS direct, 1 primary care, 1 productivity, 1, 2 and public satisfaction, 1 staff numbers and pay, 1 and targets, 1, 2, 3 waiting times, 1, 2, 3, 4, 5, 6, 7, 8 National Heart Forum, 1 National Institute for Health and Clinical Excellence (NICE), 1, 2 National Insurance, 1, 2, 3, 4, 5 National Lottery, 1, 2, 3 National Offender Management Service, 1 National Savings, 1 National Theatre, 1 Natural England, 1, 2 Nazio, Tiziana, 1 Neighbourhood Watch, 1 Netherlands, 1, 2 neurosurgery, 1 New Deal, 1, 2, 3, 4, 5, 6, 7 New Deal for Communities, 1, 2 New Forest, 1 Newcastle upon Tyne, 1, 2 Newham, 1, 2 newspapers, 1, 2, 3, 4, 5 Nigeria, 1 Nightingale, Florence, 1 non-doms, 1 North Korea, 1 North Middlesex Hospital, 1 North Sea oil and gas, 1 Northern Ireland, 1, 2, 3, 4, 5, 6, 7 Northern Rock, 1, 2, 3, 4, 5 Norway, 1 Nottingham, 1, 2 NSPCC, 1 nuclear power, 1 Number Ten Delivery Unit, 1 nurses, 1, 2, 3, 4 Nutt, Professor David, 1 NVQs, 1 O2 arena, 1 Oakthorpe primary school, 1, 2 Oates, Tim, 1 Obama, Barack, 1, 2 obesity, 1, 2 Octagon consortium, 1 Office for National Statistics, 1, 2 Office of Security and Counter Terrorism, 1 Ofsted, 1, 2, 3, 4, 5 Ofwat, 1 Oldham, 1, 2, 3, 4 O’Leary, Michael, 1 Oliver, Jamie, 1, 2 Olympic Games, 1, 2, 3 Open University, 1 O’Reilly, Damien, 1, 2 orthopaedics, 1 Orwell, George, 1, 2 outsourcing, 1, 2, 3, 4 overseas aid, 1, 2 Oxford University, 1 paedophiles, 1, 2, 3 Page, Ben, 1, 2 Pakistan, 1, 2, 3, 4, 5, 6, 7 Palestine, 1, 2 parenting, 1 absent parents, 1 lone parents, 1, 2 teenage parents, 1 Paris, 1, 2 Park Lane, 1 Parkinson, Professor Michael, 1 particle physics, 1 party funding, 1, 2, 3 passport fraud, 1 Passport Office, 1 Patch, Harry, 1 Payne, Sarah, 1, 2 Peach, Blair, 1 Pearce, Nick, 1 Peckham, 1, 2 Aylesbury estate, 1 Peel, Sir Robert, 1 pensioner poverty, 1, 2 pensions, 1, 2 occupational pensions, 1, 2 pension funds, 1, 2 private pensions, 1 public-sector pensions, 1 state pension, 1, 2 Persian Gulf, 1 personal, social and health education, 1 Peterborough, 1 Peugeot, 1 Philips, Helen, 1 Phillips, Lord (Nicholas), 1, 2 Phillips, Trevor, 1 Pilkington, Fiona, 1 Pimlico, 1 Pinochet, Augusto, 1 Plymouth, 1, 2 Poland, 1, 2 police, 1 and demonstrations, 1 numbers, 1, 2, 3 in schools, 1, 2, 3 pornography, 1 Portsmouth FC, 1, 2 Portugal, 1 post offices, 1 Postlethwaite, Pete, 1 poverty, 1, 2, 3 see also child poverty; pensioner poverty Premier League, 1 Prescott, John, 1, 2, 3, 4, 5 press officers, 1 Preston, 1 Prevent strategy, 1 Primary Care Trusts (PCTs), 1, 2 prisons, 1, 2 Private Finance Initiative (PFI), 1, 2 probation, 1, 2 property ownership, 1 prostitution, 1, 2, 3 Public Accounts Committee, 1 public sector reform, 1, 2 public service agreements, 1 public spending, 1, 2, 3 and the arts, 1 and science, 1 Pugh, Martin, 1 Pullman, Philip, 1 QinetiQ, 1 Quality and Outcomes Framework, 1 quangos, 1, 2 Queen, The, 1 Quentin, Lieutenant Pete, 1, 2 race relations legislation, 1 racism, 1, 2 RAF, 1, 2, 3 RAF Brize Norton, 1 railways, 1 Rand, Ayn, 1 Rawmarsh School, 1 Raynsford, Nick, 1 Reckitt Benckiser, 1 recycling, 1 Redcar, 1 regional assemblies, 1, 2 regional development agencies (RDAs), 1, 2, 3 regional policy, 1 Reid, John, 1 Reid, Richard, 1 religion, 1, 2 retirement age, 1, 2 right to roam, 1 Rimington, Stella, 1 Rio Earth summit, 1 road transport, 1 Rochdale, 1, 2 Roche, Barbara, 1 Rogers, Richard, 1 Romania, 1, 2 Rome, 1 Rooney, Wayne, 1 Roosevelt, Franklin D., 1 Rosetta Stone, 1 Rosyth, 1 Rotherham, 1, 2, 3 Royal Opera House, 1 Royal Shakespeare Company, 1 Royal Society for the Protection of Birds, 1 Rugby, 1 rugby union, 1 Rumsfeld, Donald, 1 rural affairs, 1, 2 Rushdie, Salman, 1 Russia, 1, 2 Rwanda, 1 Ryanair, 1, 2 Sainsbury, Lord David, 1 St Austell, 1 St Bartholomew’s Hospital, 1, 2 St Pancras International station, 1 Salford, 1, 2, 3, 4 Sanchez, Tia, 1 Sandwell, 1 Sarkozy, Nicolas, 1, 2 Savill, Superintendent Paul, 1 Saville, Lord, 1 savings ratio, 1 Scandinavia, 1, 2, 3 Scholar, Sir Michael, 1 school meals, 1, 2 school uniforms, 1 school-leaving age, 1 schools academies, 1, 2, 3, 4 building, 1 class sizes, 1 comprehensive schools, 1, 2 faith schools, 1, 2, 3, 4 grammar schools, 1, 2, 3 and inequality, 1 nursery schools, 1 and PFI, 1, 2, 3 police in, 1, 2, 3 primary schools, 1, 2, 3, 4, 5 private schools, 1, 2 secondary schools, 1, 2, 3 in special measures, 1 special schools, 1 specialist schools, 1 and sport, 1 science, 1, 2, 3, 4, 5 Scotland, 1, 2, 3, 4, 5, 6, 7, 8, 9 and children, 1 devolution, 1 electricity generation, 1 and health, 1, 2, 3, 4, 5 Scottish parliament, 1, 2 Section 1, 2 security services, 1 MI5, 1, 2, 3 Sedley, Stephen, 1 segregation, 1 self-employment, 1 Sellafield, 1 Serious Organized Crime Agency, 1 sex crimes, 1 Sex Discrimination Act, 1 Shankly, Bill, 1 Sharkey, Feargal, 1 Shaw, Liz, 1 Sheen, Michael, 1 Sheffield, 1, 2, 3, 4, 5, 6 Sheringham, 1 Shetty, Shilpa, 1 Shipman, Harold, 1 shopping, 1 Short, Clare, 1 Siemens, 1 Siena, 1 Sierra Leone, 1, 2 Skeet, Mavis, 1 skills councils, 1 slavery, 1 Slough, 1 Smith, Adam, 1 Smith, Chris, 1 Smith, Jacqui, 1, 2 Smith, John, 1, 2 Smithers, Professor Alan, 1, 2 smoking ban, 1, 2 Snowden, Philip, 1 social care, 1, 2, 3 Social Chapter opt-out, 1 social exclusion, 1, 2 Social Fund, 1 social mobility, 1, 2 social sciences, 1 social workers, 1 Soham murders, 1, 2, 3, 4 Solihull, 1, 2 Somalia, 1, 2 Souter, Brian, 1 South Africa, 1 South Downs, 1 Spain, 1, 2, 3 special advisers, 1 speed cameras, 1 Speenhamland, 1 Spelman, Caroline, 1 Spence, Laura, 1 sport, 1, 2 see also football; Olympic Games Sri Lanka, 1, 2 Stafford Hospital, 1 Staffordshire University, 1 Standard Assessment Tests (Sats), 1, 2, 3 Standards Board for England, 1 statins, 1, 2, 3 stem cell research, 1 STEM subjects, 1 Stephenson, Sir Paul, 1 Stern, Sir Nicholas, 1, 2 Stevenson, Lord (Dennis), 1 Stevenson, Wilf, 1 Steyn, Lord, 1 Stiglitz, Joseph, 1 Stockport, 1 Stonehenge, 1 Stoppard, Tom, 1 Straw, Jack, 1, 2, 3, 4, 5 student fees, 1 Stuff Happens, 1 Sudan, 1, 2 Sugar, Alan, 1 suicide bombing, 1 suicides, 1 Sun, 1, 2 Sunday Times, 1, 2 Sunderland, 1, 2 supermarkets, 1, 2 Supreme Court, 1, 2 Sure Start, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 surveillance, 1, 2 Sutherland, Lord (Stewart), 1 Swansea, 1 Sweden, 1, 2, 3, 4, 5 Swindon, 1 Taliban, 1, 2 Tallinn, 1 Tanzania, 1 Tate Modern, 1 Taunton, 1 tax avoidance, 1, 2, 3 tax credits, 1, 2, 3, 4, 5, 6, 7, 8 council tax credit, 1 pension credit, 1, 2, 3 R&D credits, 1 taxation, 1, 2 10p tax rate, 1 capital gains tax, 1, 2 corporation tax, 1, 2, 3, 4 council tax, 1, 2 fuel duty, 1, 2, 3 green taxes, 1, 2 and income inequalities, 1 income tax, 1, 2, 3, 4 inheritance tax, 1, 2 poll tax, 1 stamp duty, 1, 2, 3 vehicle excise duty, 1 windfall tax, 1, 2, 3 see also National Insurance; VAT Taylor, Damilola, 1 Taylor, Robert, 1 teachers, 1, 2, 3 head teachers, 1, 2 salaries, 1, 2 teaching assistants, 1, 2 teenage pregnancy, 1, 2, 3 Teesside University, 1 television and crime, 1 and gambling, 1 talent shows, 1 television licence, 1, 2, 3 Territorial Army, 1 terrorism, 1, 2, 3, 4, 5, 6, 7 Terry, John, 1 Tesco, 1, 2, 3, 4 Tewkesbury, 1 Thames Gateway, 1 Thameswey, 1 Thatcher, Margaret, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 Thatcherism, 1, 2, 3 theatre, 1 Thornhill, Dorothy, 1 Thorp, John, 1 Tibet, 1 Tilbury, 1 Times, The, 1 Times Educational Supplement, 1, 2 Timmins, Nick, 1 Titanic, 1 Tomlinson, Mike, 1 Topman, Simon, 1, 2 torture, 1, 2 trade unions, 1, 2, 3 Trades Union Congress (TUC), 1, 2, 3 tramways, 1 transport policies, 1, 2 Trident missiles, 1, 2, 3 Triesman, Lord, 1 Turkey, 1, 2 Turnbull, Lord (Andrew), 1 Turner, Lord (Adair), 1, 2, 3 Tweedy, Colin, 1 Tyneside Metro, 1 Uganda, 1 UK Film Council, 1 UK Sport, 1 UK Statistics Authority, 1 unemployment, 1, 2, 3, 4, 5, 6, 7 United Nations, 1, 2, 3 United States of America, 1, 2 Anglo-American relationship, 1, 2, 3, 4, 5, 6, 7 and child poverty, 1 and clean technologies, 1 economy and business, 1, 2, 3 and education, 1, 2, 3 and healthcare, 1, 2 and income inequalities, 1 and internet gambling, 1 and minimum wage, 1 universities, 1, 2, 3, 4, 5 and migration, 1 and terrorism, 1 tuition fees, 1 University College London Hospitals, 1 University for Industry, 1 University of East Anglia, 1 University of Lincoln, 1 Urban Splash, 1, 2 Vanity Fair, 1 VAT, 1, 2, 3 Vauxhall, 1 Venables, Jon, 1 Vestas wind turbines, 1 Victoria and Albert Museum, 1 Waitrose, 1 Waldfogel, Jane, 1 Wales, 1, 2, 3, 4, 5, 6, 7, 8, 9 and children, 1 devolution, 1 Walker, Sir David, 1 walking, 1, 2 Walsall, 1 Wanless, Sir Derek, 1 Wanstead, 1 Warm Front scheme, 1 Warner, Lord Norman, 1 Warsaw, 1 Warwick accord, 1 water utilities, 1 Watford, 1 welfare benefits child benefit, 1, 2 Employment Support Allowance, 1 and fraud, 1, 2, 3, 4 housing benefit, 1 incapacity benefit, 1, 2 Income Support, 1 Jobseeker’s Allowance, 1, 2, 3 and work, 1, 2 Welsh assembly, 1, 2 Wembley Stadium, 1 Westfield shopping mall, 1 Wetherspoons, 1 White, Marco Pierre, 1 Whittington Hospital, 1 Wiles, Paul, 1 Wilkinson, Richard, and Kate Pickett, 1 Williams, Professor Karel, 1 Williams, Raymond, 1 Williams, Rowan, 1 Wilson, Harold, 1, 2, 3, 4, 5, 6, 7 Wilson, Sir Richard, 1 wind turbines, 1, 2 Winslet, Kate, 1 winter fuel payments, 1 Wire, The, 1 Woking, 1, 2 Wolverhampton, 1 Woolf, Lord, 1 Wootton Bassett, 1, 2 working-class culture, 1 working hours, 1, 2 World Bank, 1 Wrexham, 1 Wright Robinson School, 1, 2, 3 xenophobia, 1 Y2K millennium bug, 1 Yarlswood detention centre, 1 Yeovil, 1 Yiewsley, 1 York, 1, 2, 3, 4 Young Person’s Guarantee, 1 Youth Justice Board, 1 Zimbabwe, 1, 2 About the Author Polly Toynbee is the Guardian’s social and political commentator.


pages: 398 words: 107,788

Coding Freedom: The Ethics and Aesthetics of Hacking by E. Gabriella Coleman

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Benjamin Mako Hill, commoditize, crowdsourcing, Debian, Donald Knuth, dumpster diving, en.wikipedia.org, financial independence, ghettoisation, Hacker Ethic, informal economy, Jacob Appelbaum, Jaron Lanier, Jason Scott: textfiles.com, Jean Tirole, knowledge economy, laissez-faire capitalism, Larry Wall, Louis Pasteur, means of production, Paul Graham, peer-to-peer, pirate software, popular electronics, RFC: Request For Comment, Richard Stallman, rolodex, Ronald Reagan, Silicon Valley, Silicon Valley startup, slashdot, software patent, software studies, Steve Ballmer, Steven Levy, Ted Nelson, the scientific method, The Structural Transformation of the Public Sphere, web application, web of trust

The expanding use of desktop computers and networking at home, especially for business purposes, guaranteed steady profits for the software industry, and transformed small firms like Microsoft, Oracle, Novell, Cisco, and Adobe into some of the most influential as well as profitable corporations worldwide. In the early 1990s, even with healthy profits, a lucrative market, and well-established intellectual property regulations, the trade associations representing the software industry and other sectors of the knowledge economy were unsatisfied with the legal state of affairs. Trade groups intensified their efforts to secure more changes in intellectual property law largely through international treaties to better serve the interests of the corporations they represented. To achieve this, they integrated four new approaches into their arsenal: they worked with federal law enforcement agencies to strike against “pirates”; they pursued civil court remedies against copyright infringers; they launched moral education campaigns about the evils of piracy (Gillespie 2009); and finally, they pushed aggressively for the inclusion of intellectual property provisions in the multilateral trade treaties of the 1990s, notably the Trade-Related Aspects of Intellectual Property Rights (TRIPS).

Donner, Wendy. 1991. The Liberal Self: John Stuart Mill’s Moral and Political Philosophy. Ithaca, NY: Cornell University Press. Douglas, Mary. 1975. Implicit Meanings: Essays in Anthropology. London: Routledge. Downey, Gary. 1998. The Machine in Me: An Anthropologist Sits among Computer Engineers. London: Routledge. Drahos, Peter, with John Braithwaite. 2002. Information Feudalism: Who Owns the Knowledge Economy? London: Earthscan. Elkin-Koren, Niva. 2006. Exploring Creative Commons: A Skeptical View of a Worthy Pursuit. In The Future of the Public Domain: Identifying the Commons in Information Law, ed. Lucie Guibault and P. Bernt Hugenholtz, 325–46. Leiden, Netherlands: Kluwer Law International. Elliott, Carl. 2003. Better Than Well: American Medicine Meets the American Dream. New York: W. W.


pages: 364 words: 104,697

Were You Born on the Wrong Continent? by Thomas Geoghegan

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Albert Einstein, American Society of Civil Engineers: Report Card, banking crisis, Berlin Wall, Bob Geldof, collective bargaining, corporate governance, cross-subsidies, dark matter, David Brooks, declining real wages, deindustrialization, ending welfare as we know it, facts on the ground, Gini coefficient, haute cuisine, income inequality, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge economy, knowledge worker, labour market flexibility, laissez-faire capitalism, low skilled workers, Martin Wolf, McJob, minimum wage unemployment, mittelstand, offshore financial centre, Paul Samuelson, payday loans, pensions crisis, Plutocrats, plutocrats, purchasing power parity, Ralph Waldo Emerson, Robert Gordon, Ronald Reagan: Tear down this wall, Saturday Night Live, Silicon Valley, The Wealth of Nations by Adam Smith, Thorstein Veblen, union organizing, Wolfgang Streeck, women in the workforce

What the laws manage to do in Germany is to keep people together and to hold onto their skills in groups. Co-determination, works councils—in other words, worker control—keep people in groups, rubbing elbows with each other, and all this rubbing of elbows helps build up human capital. Indeed, for some economists, while not applying it to Germany, this is now a fashionable idea. Think of all the buzz about the “knowledge” economy, which, in the world of academic economists, is an inquiry as to how knowledge drives economic growth. For finding out about this new economics, I refer the reader to David Warsh’s 2006 book, Knowledge and the Wealth of Nations, which introduces us to economists trying to untangle the connections between the kind of knowledge that comes from groups and economic growth. German worker control contributes to a group interaction that over time not only builds up but protects a certain amount of human capital, especially in engineering and quality control.

Army strikes union resorts/ex-spas unionization rates in the manufacturing sector wage-setting and works councils youth membership The Germans (Craig) Gerschenkron, Alexander Ghilarducci, Teresa Gibbon, Edward Gibbons, James Gini coefficient Giscard d’Estaing, Valery Glass-Steagall Act globalization and German capitalism and labor market flexibility “Globalization and Income Inequality” (Harjes) “Glühwein Festival” (Hamburg) Goethe-Institute Goldman Sachs Gordon, Robert Gramm, Phil Grass, Günter Green Party and European social democracies German coalition government and Agenda 2010 German coalition government and wages/unemployment German coalition government and welfare German coalition government and works councils Germany green technology Greenspan, Alan Guardian (UK) gun ownership Guns, Germs, and Steel: The Fates of Human Societies (Diamond) Gutteres, António Habermas, Jürgen Halliburton Hamburg, Germany Harjes, Thomas health care spending Heine, Heinrich Heinz (retired German labor leader) Hemingway, Ernest Herodotus Hesbaugh, Ted Hitler, Adolf Hitler’s Willing Executioners (Goldhagen) Hobsbawm, Eric Holocaust hours worked and GDP leisure time and standard-of-living How to Lie with Statistics (Huff) Huff, Darrell human capital Humboldt University (Berlin) IBZ Guest House (Berlin) IG Metall (German union) and CDU’s 2009 victory over SDP foreign-born members Frankfurt May Day parade (2001) works councils youth membership “Incentive for Working Hard” (Conference Board, May 2001) income equality/inequality An Inconvenient Truth (film) International Labor Organization (ILO) International Monetary Fund Iraq war Jesuits and papal social democracy jobs/employment artists big business employees cross-subsidies European social democracies and German unemployment Germany high-skill jobs and high-end precision goods manufacturing workforce and percent of adults holding an associate degree public employees (public-sector civil service jobs) self-employment skilled-labor shortage small business employees types of jobs available unemployment rates for college graduates U.S. Johnson, Diane Judt, Tony Kafka, Franz Kant, Immanuel Keynes, John Maynard Kiel, Germany Kinsley, Michael Knowledge and the Wealth of Nations (Warsh) “knowledge” economies Kohl, Helmut Krise. See financial meltdown of 2008 (the Krise) and German model labor markets (German). See German model of social democracy (labor and industry) labor movement (German). See German model of social democracy (unions and labor movement) Lafontaine, Oskar laissez-faire capitalism Landesbank (State Bank of Hesse) land-use planning Lane, Nathan law students and law education Germany U.S.


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Business Metadata: Capturing Enterprise Knowledge by William H. Inmon, Bonnie K. O'Neil, Lowell Fryman

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affirmative action, bioinformatics, business intelligence, business process, call centre, carbon-based life, continuous integration, corporate governance, create, read, update, delete, database schema, en.wikipedia.org, informal economy, knowledge economy, knowledge worker, semantic web, The Wisdom of Crowds, web application

However, since the late twentieth century—additional technology has been applied to this task, such as knowledge bases, expert systems, and knowledge repositories. Knowledge management programs attempt to manage the process of creation or identification, accumulation, and application of knowledge or intellectual capital across an organization. Knowledge management, therefore, attempts to bring under one set of practices various strands of thought and practice relating to: ✦ intellectual capital and the knowledge worker in the knowledge economy; ✦ the idea of the learning organization; ✦ various enabling organizational practices such as Communities of Practice and corporate Yellow Pages directories for accessing key personnel and expertise; ✦ various enabling technologies such as knowledge bases and expert systems, help desks, corporate intranets and extranets, Content Management, wikis, and Document Management. While knowledge management programs are closely related to organizational learning initiatives, knowledge management may be distinguished from organizational learning by its greater focus on the management of specific knowledge assets and its development and cultivation of the channels through which knowledge flows. 15.3 The Intersection of Business Metadata and Knowledge Management 261 The emergence of knowledge management has generated new organizational roles and responsibilities, an early example of which was the chief knowledge officer.

Business metadata, therefore, can support knowledge management by ✦ Facilitating knowledge capture through technologies like wikis or collaboration/groupware (Chapter 6) ✦ Facilitating knowledge dissemination by using technologies that allow the information to be accessed when and where it is most likely to be needed (Chapter 8) ✦ Providing for organization of the metadata by categorization schemes, controlled vocabularies, taxonomies, and ontology so that information can be easily found. 15.7 Knowledge Management and Social Issues 15.7 269 Knowledge Management and Social Issues 15.7.1 Graying of the Workforce In 2006, approximately 75 million people born between 1946 and 1964, turned 60 years old (see Segel, 2006). As noted at the beginning of this chapter, the main type of worker in the knowledge economy is the knowledge worker. Obviously, then, if a large percentage of the workforce retires at once, the result will be an incredible brain drain. This is precisely what is about to occur as the “baby-boomer” generation hits retirement age. K.C. Jones, quoting IBM, describes the ramifications of this event as follows: “The aging population will be one of the major social and business issues of the 21st Century.”


pages: 523 words: 111,615

The Economics of Enough: How to Run the Economy as if the Future Matters by Diane Coyle

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accounting loophole / creative accounting, affirmative action, bank run, banking crisis, Berlin Wall, bonus culture, Branko Milanovic, BRICs, call centre, Cass Sunstein, central bank independence, collapse of Lehman Brothers, conceptual framework, corporate governance, correlation does not imply causation, Credit Default Swap, deindustrialization, demographic transition, Diane Coyle, disintermediation, Edward Glaeser, endogenous growth, Eugene Fama: efficient market hypothesis, experimental economics, Fall of the Berlin Wall, Financial Instability Hypothesis, Francis Fukuyama: the end of history, George Akerlof, Gini coefficient, global supply chain, Gordon Gekko, greed is good, happiness index / gross national happiness, Hyman Minsky, If something cannot go on forever, it will stop - Herbert Stein's Law, illegal immigration, income inequality, income per capita, industrial cluster, information asymmetry, intangible asset, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jane Jacobs, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, knowledge economy, labour market flexibility, light touch regulation, low skilled workers, market bubble, market design, market fundamentalism, megacity, Network effects, new economy, night-watchman state, Northern Rock, oil shock, Pareto efficiency, principal–agent problem, profit motive, purchasing power parity, railway mania, rising living standards, Ronald Reagan, selective serotonin reuptake inhibitor (SSRI), Silicon Valley, South Sea Bubble, Steven Pinker, The Design of Experiments, The Fortune at the Bottom of the Pyramid, The Market for Lemons, The Myth of the Rational Market, The Spirit Level, transaction costs, transfer pricing, tulip mania, ultimatum game, University of East Anglia, web application, web of trust, winner-take-all economy, World Values Survey, zero-sum game

We know we’re going to need more of them. The growing number of pensioners will need carers, nurses, and doctors. Advances in medical technology mean our expectations of health care are constantly on the increase, and we expect the health service to provide us with the latest techniques and drugs. Similarly, expectations of the education system are rising in what is so often described as the “knowledge economy.” More young people are staying in higher education, and we expect standards to continue improving at every level. It doesn’t feel like an option not to consume more and better health and education services as time goes by. Figure 12. Who will care? Yet one consequence of the way services like these are eating up a rising share of personal and government budgets is the employment of a growing army of low-paid and low-status workers in these sectors, sometimes illegal immigrants.

See distribution Inconvenient Truth, An (Gore), 60 Index of Sustainable Economic Welfare (ISEW), 36 India, 212; emerging middle class of, 125; fairness and, 122–26, 133; inequality and, 125–26; nature and, 63, 65, 81; posterity and, 108; purchasing power parity (PPP) and, 306n19; Satyam and, 146; trust and, 146, 149, 163, 172; wage penalties and, 133; World Bank influence and, 163 Industrial Revolution, 27, 149, 290, 297 inequality, 4–5, 11, 17, 84, 306n19, 308n34; Bush and, 127–28; consequences for growth, 135–36; decline in trust and, 139–44; dramatic increase in, 126–27, 131; extraction ratio for, 124; fairness and, 114–16, 122–43; fractal character of, 134; Gini coefficient and, 126; globalization and, 122–24, 127, 131, 155; happiness and, 25, 36, 42, 44, 53; high salaries and, 130, 143–44, 193, 223, 277–78, 286, 296; historical perspective on, 126–27; institutions and, 116, 127–31, 141; measurement of, 126; policy recommendations for, 267, 276, 295–97; poverty and, 43, 55–56, 100, 125, 128, 138, 142, 168–69, 261, 267; reduction of, 276–77; Republican administrations and, 127–28; social corrosiveness of, 139–44; structural causes of, 131–35; superstar effect and, 134; taxes and, 115–16, 123, 127–28, 131, 135–36; trends in, 125–30; unequal countries and, 124–30; United Kingdom and, 125–30; United States and, 122, 125–31, 135, 276; values and, 223–24, 234–36; well-being and, 137–43; within/between countries, 123–24 inflation, 37, 43, 61, 89, 102–5, 110–11, 189, 281, 305n17 information and communication technology (ICT), 6–7, 15, 17; data explosion and, 205, 291; decreased cost of, 254; fairness and, 133; happiness and, 24–25; institutional impacts of, 252–53; structural effects of, 194–98; trust and, 156–60, 165–67, 174 innovation, 6–7, 12; consumer electronics and, 36–37; fairness and, 121, 134; growth and, 271–73, 281, 290–92; happiness and, 37; institutions and, 244, 258, 263, 290–91; measurement and, 183, 196, 201–8, 273–74; musicians and, 195; nature and, 69–70, 81; policy recommendations for, 290–91; posterity and, 102; statistics and, 201–7; trust and, 157; values and, 210, 216, 220, 236 In Praise of Slowness, 27 institutions, 18; anomie and, 48, 51; balance and, 12–17; blindness of to financial crises, 87–88; broad framework for, 249–52; capitalism and, 240; consumption and, 254, 263; decentralization and, 246; democracy and, 242–43, 251–52, 262; downsizing and, 175, 246, 255; economies of scale and, 253–58; efficiency and, 245–46, 254–55, 261; extinction crisis and, 288; face-to-face contact and, 7, 147, 165–68; failures of, 240–44, 257, 262–63, 267, 289–90; fall of communism and, 226, 239–40, 252; freedom and, 244, 262; globalization and, 244; governance and, 242, 247, 255–58, 261–62; government and, 240–63; growth and, 258, 261, 263; health care and, 247, 252–53; high salaries and, 130, 143–44, 193, 223, 277–78, 286, 296; impact of new technologies and, 252–54; importance of, 261–63; inequality and, 116, 127–31, 141; innovation and, 244, 258, 263, 290–91; legitimacy and, 8, 16, 50, 66, 68–69, 162–63, 213, 226, 269, 274, 292, 296–97; managerialism and, 259; morals and, 254; nature and, 66–69, 82–84; New Public Management and, 245–47; outsourcing and, 159, 161, 175, 219, 287; policy recommendations for, 269, 284–91; politics and, 239–48, 251, 256–63; pollution and, 15, 35, 228; productivity and, 244–47, 257, 263; public choice theory and, 242–43; public deliberation and, 258–60; reform and, 245–48, 256, 285, 288–91, 296–97; responsibility to posterity and, 296; shareholders and, 145, 248, 257–58, 277; statistics and, 245; technology and, 244–46, 251–54, 257–63 (see also technology); values and, 240–42, 246–47, 258–60 intangible assets: measurement and, 199–201, 204–6; satellite accounts and, 38, 81, 204–6, 271; social capital and, 149–52, 157, 161, 199–201 InterAcademy Council, 66–67 interbank market, 1–2 Intergovernmental Panel on Climate Change (IPCC), 59, 66–69, 82, 297 International Monetary Fund (IMF), 90, 101–3, 111, 162–64, 176, 211, 287, 297 International Price Comparison, 124 International Telecommunications Union, 219 Internet, 155, 195, 245, 260, 273, 287–89, 291, 296 invisible hand, 209 iPods, 195 Ipsos Mori poll, 66, 247 Ireland, 172 Iron Curtain, 183, 239, 252 Italy, 95, 97–98, 146, 152 Jackson, Michael, 198 Japan, 42; debt of, 102; equal income distribution in, 125; fairness and, 125–26, 140–41; inequality and, 126; lost decade of, 102; posterity and, 91–92, 95, 97–98, 102; savings rates in, 280; trust and, 169, 175; voter turnout and, 175 Jazz Age, 127 Jefferson, Thomas, 184, 253–54 Johns, Helen, 41 Johnson, Simon, 256–57 Johnson, Steven, 187 Justice (Sandel), 237 Kahneman, Daniel, 215 Kamarck, Elaine, 247–48 Kay, John, 139, 245–46, 257 Kennedy School of Government, 247 Keynes, John Maynard, 101, 183–84, 190 Kleinwort, Dresdner, 87 knowledge economy, 191 Kobayashi, Keiichiro, 102 Korea, 126 Krugman, Paul, 100–103, 127–29, 232, 282 Kyoto Protocol, 62–64 labor: absorbing work and, 10, 48–49; call centers and, 131, 133, 161; creativity and, 166–68, 205–7; downsizing and, 175, 246, 255; global cities and, 165–70; globalization and, 131, 149 (see also globalization); human capital and, 81, 203–4, 282; measurement and, 189–99; migration and, 108–10, 172; outsourcing and, 159, 161, 175, 219, 287; pensions and, 4, 25, 85–86, 90, 92–100, 103–7, 111–13, 174–76, 191, 203, 243, 269–71, 275, 280, 286, 289–90, 293; Protestant work ethic and, 13–14, 236; retirement age and, 94, 97–99, 106–7, 112; skilled, 132–33, 159, 166–67, 276; specialization and, 160–61; technology and, 131–33; unemployment and, 3, 10, 43, 51, 56, 89, 107, 169, 207, 212–13, 243; unions and, 15, 51, 224, 249; unskilled, 132–33, 158, 172, 193; well-being and, 137–39; Whitehall Studies and, 139 lack of control, 47, 138–39 Lawson, Neal, 26 Layard, Richard, 31, 39–40, 43 Lehman Brothers, 1, 85, 87–88, 145, 211, 275–76 Leipzig marches, 239 Leviathan (Hobbes), 114 light bulbs, 59–61 Linux, 205 Lipsky, John, 102, 111 List, John, 117 literacy, 36 Live Nation, 197 living standards, 78–79, 106, 113, 136, 151, 162, 190, 194, 267 lobbyists, 15, 71, 247, 257, 276, 285, 289, 296 Lolapaloozza, 197 Louis Vuitton, 150 Luxury Fever (Frank), 40 Mackenzie, Donald, 221 Madonna, 194 Malthusianism, 95 Mama Group, 197 managerial competence, 2, 16, 150, 209, 259 Manzi, Jim, 231–32 Mao Zedong, 10 markets: asymmetric information and, 17, 186, 214, 219–20, 229, 248, 254, 262–63; black, 225; boom–bust cycles and, 4, 22, 28, 93, 102, 106–9, 136–37, 145, 147, 213, 222–23, 233, 277, 280, 283; capitalism and, 182, 230–38 (see also capitalism); culture and, 230–38; declining population and, 86, 89–90, 95–99, 103, 113; democracy and, 230–38; deregulation and, 7, 212; evidence–based policy and, 233–34; exchange advantage and, 214; externalities and, 15, 70, 80, 211, 228–29, 249, 254; failures of, 226–30, 240–44, 257, 262–63, 267, 289–90; Fama hypothesis and, 221–22; flaws of, 215–16; fractal character of, 134; free market model and, 14, 121, 129, 182–83, 210–11, 218–24, 232, 240, 243, 251; fundamentalism for, 213; gift economy and, 205–7; interbank, 1–2; international trade and, 110, 148, 159, 163; invisible hand and, 209; mathematical models of, 214; merits of, 211–17; missing, 229; moral, 210, 213, 220–25, 230–33; music, 194–98; network effects and, 253, 258; options, 222; as organizing economy, 218; performativity and, 224–25; Protestant work ethic and, 13–14, 236; public choice theory and, 220, 242–45; public domain and, 196; rational calculation and, 214–15; satellite accounts and, 81; shorting of, 86; social, 217–20; stability issues and, 2–4, 25, 70, 101, 124, 135, 140–41, 174, 176, 218, 296; trilemma of, 230–38; values and, 209–10 (see also values); winner take all, 134 Marx, Karl, 14, 28, 131, 221 McDonalds, 27 McKitrick, Ross, 68 Mean Fiddler Group, 197 Measuring Australia’s Progress, 274 measurement: asymmetric information and, 17, 186, 214, 219–20, 229, 248, 254, 262–63; Australian model and, 271, 274; balance and, 12–17; bankers and, 193, 200; capitalism and, 182; challenges of, 188–93; consumption and, 181–82, 198; distribution and, 191–99; evidence–based policy and, 233–34; GDP, 10 (see also gross domestic product [GDP]); Gini coefficient and, 126; governance and, 183, 186; government and, 182–88, 191, 193, 196, 202–3, 206; growth and, 181–85, 188–90, 194, 201–5, 208; happiness and, 35–39; health issues and, 181, 188–93, 200, 207; hedonic techniques and, 274; importance of, 184–85, 187–89; of inequality, 126; innovation and, 183, 196, 201–8, 273–74; intangible assets and, 199–201, 204–6; labor and, 189–99; less publication of, 271–72; living standards and, 13, 65, 78–79, 106, 113, 136, 139, 151, 162, 190, 194, 267; Measuring Progress exercise and, 294; policy recommendations for, 270–74; politics and, 182–84, 191, 193, 203, 208; productivity and, 189–90, 194, 199–201, 206–7; resources for, 294; social capital and, 154; statistics and, 187–89, 198–208; technology and, 181–85, 188–91, 194–201, 204–6; time constraints and, 204–7; trust and, 152–57; uncertainty of accuracy and, 273; unmeasurable entities and, 187; values and, 209, 212–13, 224 Medicare, 93–94 Meek, James, 26 metrification, 184 Metropolitan Museum of Art symposium, 100–101 Mexico, 226 Microsoft, 253, 258 migration, 108–10, 172 Milanovic, Branko, 123–24 Mill, John Stuart, 31–32 Minsky, Hyman, 226 monopolies, 196, 245, 252, 254 Montreal Protocol, 59 Moore’s Law, 156 morals: bankers and, 90, 277–78; criticism of poor and, 142; fairness and, 116–20, 127, 131, 142, 144; greed and, 221 (see also greed); growth and, 275–76, 279, 293, 295, 297; happiness and, 22, 26, 30, 34, 43, 48–49; institutions and, 254; nature and, 55, 70–72, 76, 78; performativity and, 224–25; posterity and, 90; trust and, 149, 174; values and, 185, 210, 213, 220–25, 230–33 MP3 players, 195 music, 11, 194–98, 204, 208, 229, 254 nature: Brundtlandt Report and, 77; carbon prices and, 70–71; climate change and, 57–84 (see also climate change); consumption and, 58–61, 71–76, 79, 82; Copenhagen summit and, 62, 64–65, 68, 162, 292; democracy and, 61, 66, 68; efficiency and, 61–62, 69, 82; environmentalists and, 29, 55–59, 69–70, 99; freedom and, 79; future and, 75–83; global warming and, 57, 64, 66, 68; government and, 58–62, 65–71, 82–84; greenhouse gases and, 23, 29, 35, 59, 61–63, 68, 70–71, 83; green lifestyle and, 55, 61, 76, 289, 293; gross domestic product (GDP) and, 56–60, 75–76, 80–82; growth and, 56–59, 62–66, 69–72, 76, 79–82; happiness and, 56–59, 75–76, 80–84; health issues and, 81; hybrid cars and, 61; innovation and, 69–70, 81; institutions and, 66–69, 82–84; InterAcademy Council and, 66–67; Intergovernmental Panel on Climate Change (IPCC) and, 59, 66–69, 82, 297; Kyoto Protocol and, 62–64; light bulbs and, 59–61; Montreal Protocol and, 59; morals and, 55, 70–72, 76, 78; natural capital and, 79–81, 151, 271, 273; philosophy and, 69–70; plastic and, 61; politics and, 57–71, 75, 77, 82–84; population issues and, 99; productivity and, 78, 82; satellite accounts and, 81; self-interest and, 65; squandered natural wealth and, 181–82; statistics and, 66, 81–82; stewardship and, 78, 80; technology and, 69–72, 76–77, 80, 84; TEEB project and, 78–79 network effects, 253, 258 New Deal, 129 New Economics Foundation, 36 New Public Management theory, 245–47 Newton, Isaac, 214–15 Niger, 122 Nobel Prize, 18, 60, 102, 215, 220, 236, 250, 261 noise, 47 No Logo (Wolf), 34 Nordhaus, William, 37, 70, 73, 156 North, Douglass, 261 Northern Rock, 1, 146 Obama, Barack, 62–63, 87, 173, 260, 285, 288 Oberholzer-Gee, Felix, 197 obesity, 137–38, 279 Office for National Statistics, 274 Olson, Mancur, 242 opinion formers, 61 option pricing theory, 222 Orchestra of the Age of Enlightenment, 194 Organization for Economic Cooperation and Development (OECD), 4, 11, 201, 305n11; happiness and, 38, 52; inequality in, 125–26; nature and, 60, 68; policy recommendations for, 273–74, 281, 283, 287, 291, 293; posterity and, 87, 93–94, 97–99, 112; trust and, 160, 171; values and, 212, 243–44, 246 organized crime, 277 Ormerod, Paul, 41 Orwell, George, 56 Ostrom, Elinor, 17, 220, 250–51, 261–63 Pakistan, 81, 226 Paradox of Choice, The (Schwartz), 10–11, 40 Parmalat, 146 partisanship, 2, 16, 101, 128, 269, 285 Peake, Mervyn, 9 pensions, 4, 25, 243; burden of, 92–95; Chinese savings and, 94; measurement and, 191, 203; policy recommendations for, 269–71, 275, 280, 286, 289–90, 293; posterity and, 85–86, 90–100, 103–7, 111–13; retirement age and, 92, 97–99, 106–7, 112; trust and, 174–76 performativity, 224–25 Persson, Torsten, 136 Pew surveys, 140 philanthropy, 33 philosophy, 16; fairness and, 114–15, 123; freedom and, 237; happiness and, 21, 27, 31–32, 49–50; nature and, 69–70; utilitarian, 31–32, 78, 237; values and, 237–39 Pickett, Kate, 137–40 Piereson, James, 183 Piketty, Thomas, 127, 129 Pimco, 287 Pinch (Willetts), 98–99 Pinker, Steven, 118, 305n4 Poland, 239 police service, 5, 35, 163, 193, 200, 247 policy: Commission on the Measurement of Economic Performance and Social Progress and, 37–38; deregulation and, 7, 212; errors in standard, 8; evidence–based, 233–34; first ten steps for, 294–98; future and, 75–83, 291–98; Intergovernmental Panel on Climate Change (IPCC) and, 59, 66–69, 82, 297; legitimacy and, 8, 16, 50, 66, 68–69, 162–63, 213, 226, 269, 274, 292, 296–97; measurement and, 187–89; OECD countries and, 4, 11, 38, 52, 60, 68, 87, 93–94, 97–99, 112, 125–26, 160, 171, 201, 212, 243–44, 246, 273–74, 281, 283, 287, 291, 293; population growth and, 95–100; practical recommendations for, 269–91; reform and, 8, 82–83, 85 (see also reform); stability issues and, 2–4, 25, 70, 101, 124, 135, 140–41, 174, 176, 218, 296; stimulus packages and, 91, 100–103, 111; sustainability and, 57 (see also sustainability); tradition and, 9; transparency and, 83, 164, 288, 296; trilemma of, 13–14, 230–36, 275; World Forum on Statistics, Knowledge, and Policy and, 38 political correctness, 173, 231 political economy, 27–28 pollution, 15, 35, 228 Population Bomb, The (Ehrlich), 70 population issues: aging, 4, 95–100, 106, 109, 206, 267, 280, 287, 296; baby boomers and, 4, 106, 109; declining population and, 86, 89–90, 95–99, 103, 113; demographic implosion and, 95–100; environmentalists and, 99; global cities and, 165–70; Malthusianism and, 95; migration and, 108–10; one-child policy and, 95–96; posterity and, 89–90, 94–95, 105–6, 109, 112–13; retirement age and, 94, 97–99, 106–7, 112 Porter, Roy, 184 Portugal, 126, 287 posterity, 298; aging population and, 89–90, 94–95, 105–6, 109, 112–13; bankers and, 85–91, 94, 99–102; consumption and, 86, 104–6, 112–13; current generation’s debt to, 90–92, 112–13; declining population and, 86, 89–90, 95–99, 103, 113; default and, 110–12; democracy and, 106; demographic implosion and, 95–100; freedom of investors and, 108; globalization and, 108; government and, 84–95, 98–113; gross domestic product (GDP) and, 91–94, 98–99, 103, 108, 111; growth and, 90, 95, 97, 99, 102, 105–8, 111; health issues and, 89, 93–94, 97–99, 103, 106, 111–13; higher retirement age and, 94–98, 106–7, 112; innovation and, 102; institutional responsibility and, 296; less leisure and, 106–7; Medicare and, 93–94; migration and, 108–9; morals and, 90; pensions and, 85–86, 90, 92–100, 103–7, 111–13; politics and, 86–94, 98, 101–8, 111–13; poverty and, 100; productivity and, 88, 97–99, 102, 105–8, 112; public debt and, 85–86; reform and, 85–86, 98, 111–12; savings and, 86–87, 94, 98, 100–101, 105–8, 112; Social Security and, 93–94; social welfare and, 85, 100, 112; sustainability and, 79 (see also sustainability); taxpayer burden and, 85–91, 94, 99, 103–5; technology and, 107; welfare burden and, 92–95 poverty, 261, 267; desire to spend and, 55–56; fairness and, 125, 128, 138, 142; happiness and, 43; posterity and, 100; trust and, 168–69 printing press, 7 productivity, 16; balance and, 268, 271, 273–76, 281, 287; bureaucratic obstacles to, 285–86; Commission on the Measurement of Economic Performance and Social Progress and, 37–38; fairness and, 131, 135; globalization and, 131 (see also globalization); governance and, 173–77; happiness and, 27, 38, 42, 51; improvements in, 107–8; institutions and, 244–47, 257, 263; measurement and, 189–90, 194, 199–201, 206–7; nature and, 78, 82; posterity and, 88, 97–99, 102, 105–8, 112; public services and, 257; Soviet method and, 246; technology and, 107–8, 157–59, 268; trilemma of, 13–14, 230–36, 275; trust and, 156–59, 162, 166–67, 170, 174 property rights, 80, 174, 195–96, 261 Protestant work ethic, 13–14, 236 psychology: altruism and, 118–22; anomie and, 48, 51; anxiety and, 1, 25, 47–48, 136–38, 149, 174; behavioral economics and, 116–17, 121, 282; choice and, 10–11; coherence and, 49; commuting and, 47; conflict in relationships and, 47; Easterlin Paradox and, 39–44; face-to-face contact and, 7, 147, 165–68; freedom and, 237 (see also freedom); game theory and, 116–18, 121–22; gift economy and, 205–7; greed and, 26, 34, 54, 88, 129, 150, 221–23, 248, 277–79; happiness and, 9–12, 44–50 (see also happiness); lack of control and, 47; noise and, 47; paradox of prosperity and, 174; positive, 9–10, 49–50, 303n51; public choice theory and, 220, 242–45; rational choice theory and, 214–15; shame and, 47; Slow Movement and, 27–28, 205; thrift education and, 283–84, 294–95; well-being and, 137–43 Ptolemy, 274 public choice theory, 220, 242–45 Public Domain, The (Boyle), 196 public goods, 185–86, 190, 199, 211, 229, 249, 261 purchasing power parity (PPP), 306n19 Putnam, Robert, 140–41, 152–54 Quiet Coup, The (Johnson), 256–57 Radio Corporation of America (RCA), 195 Rajan, Raghuram, 136 Rank, Robert, 40 rational choice theory, 214–15 Rawls, John, 31 Reagan, Ronald, 93, 121, 127, 211, 240, 243, 247–48 recession, 9, 11–12, 275; happiness and, 22, 24, 41, 54; nature and, 55–56, 66; plethora of books following, 55; posterity and, 85, 88, 91–93, 100–101, 108, 110; recovery from, 3, 103; trust and, 182; values and, 209–10, 213, 222 reciprocal altruism, 118–22 reform, 8; benchmark for, 218; bankers and, 277–79; bonus taxes and, 278; collective assent to, 269; courage needed for, 203; first ten steps for, 294–98; health care, 285; improving statistics and, 271; institutions and, 245–48, 256, 285, 288–91, 296–97; nature and, 82–85; New Public Management and, 245–46; politics and, 287–88; posterity and, 98, 111–12; public sector, 288–90; trust and, 162–64, 176–77; values and, 218, 233, 275–78, 295 Reinhardt, Carmen, 111 religion, 10; happiness and, 32–33, 43, 50; nature and, 76, 78; Protestant work ethic and, 13–14, 236; trust and, 147 Renaissance, 7 retirement age, 94, 97–99, 106–7, 112 revalorization, 275 Road to Wigan Pier, The (Orwell), 56 Rodrik, Dani, 136 Rogoff, Kenneth, 111 Romantic Economist, The (Bronk), 28 Romanticism, 27 Rothschilds, 147 Rousseau, Jean–Jacques, 114 Royal Bank of Scotland, 146 runs, 1 Ruskin, John, 27–28 Russia, 97–98, 123; Cold War and, 93, 112, 147, 209, 213, 239; Iron Curtain and, 183, 239, 252; production targets and, 246; as Soviet Union, 228, 246 Saez, Emmanuel, 127, 129 salaries: high, 130, 143–44, 193, 223, 277–78, 286, 296; measurement and, 191–99; paradox of, 193; superstar effect and, 134; technology and, 2, 89 Sandel, Michael, 224–25, 237 Sarkozy, Nicolas, 37, 202, 274 satellite accounts, 38, 81, 204–6, 271 Satyam, 146 savings, 1, 280–82, 293; China and, 87, 94, 100, 108; necessary increasing of, 105–6; negative, 105; policy recommendations for, 280–84; posterity and, 86–87, 94, 98, 100–101, 105, 108, 112; thrift education and, 283–84, 294–95 savings clubs, 283 Schumpeter, Joseph, 14 Schwartz, Barry, 10–11, 40 Seabright, Paul, 148–49, 170, 213–14, 228 self-interest: fairness and, 114–22; greed and, 26, 34, 54, 88, 129, 150, 221–23, 248, 277–79; moral sentiments and, 119–20, 142, 221; nature and, 65; reciprocal altruism and, 118–22; values and, 214, 221 Selfish Gene, The (Dawkins), 118 Sen, Amartya, 18, 37, 43, 82, 202, 237, 274, 310n25 shame, 47 shareholders, 88, 145, 248, 257–58, 277 Silicon Valley, 166 Simon, Herbert, 249–50, 254, 261, 270 Simon, Julian, 70 Singapore, 126 Sloan School, 256 Slow Food, 27 Slow Movement, 27–28, 205 smart cards, 252–53 Smith, Adam, 119–20, 209, 221, 255 Smith, Vernon, 215 social capital, 8, 12, 17; definition of, 152–53; fairness and, 116, 121, 139–43; intangible assets and, 149–52, 157, 161, 199–201; measurement of, 154, 185; policy recommendations for, 267, 271, 273, 276; Putnam on, 152–54; trust and, 5, 151–57, 168–74, 177; values and, 223–25, 231, 257 social justice, 31, 43, 53, 65, 123, 164, 224, 237, 286 Social Limits to Growth, The (Hirsch), 190, 231 social markets, 217–20 social networks, 260, 270, 288–89 Social Security, 93–94 social welfare.


pages: 518 words: 107,836

How Not to Network a Nation: The Uneasy History of the Soviet Internet (Information Policy) by Benjamin Peters

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Albert Einstein, Andrei Shleifer, Benoit Mandelbrot, bitcoin, Brownian motion, Claude Shannon: information theory, cloud computing, cognitive dissonance, computer age, conceptual framework, continuation of politics by other means, crony capitalism, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, David Graeber, Dissolution of the Soviet Union, Donald Davies, double helix, Drosophila, Francis Fukuyama: the end of history, From Mathematics to the Technologies of Life and Death, hive mind, index card, informal economy, information asymmetry, invisible hand, Jacquard loom, Jacquard loom, John von Neumann, Kevin Kelly, knowledge economy, knowledge worker, linear programming, mandelbrot fractal, Marshall McLuhan, means of production, Menlo Park, Mikhail Gorbachev, mutually assured destruction, Network effects, Norbert Wiener, packet switching, Pareto efficiency, pattern recognition, Paul Erdős, Peter Thiel, Philip Mirowski, RAND corporation, rent-seeking, road to serfdom, Ronald Coase, scientific mainstream, Steve Jobs, Stewart Brand, stochastic process, technoutopianism, The Structural Transformation of the Public Sphere, transaction costs, Turing machine

In 1965, the American computer businessman Gordon Moore expressed a distinct exponential law that has applied to the microscopic level of the compounding growth of silicon chip production—that the number of transistors on an integrated circuit doubles every two years (2N).51 Both men foresaw in 1962 the emerging information sector or what Austrian American economist Fritz Machlup called “the knowledge economy.” For Kharkevich, the amount of information that a society processes can be expressed as a power law function of the industries it contains, and for Moore, the amount of information that a society processes can be expressed as an exponential function of the transistors on the circuits its industries can produce.52 These sibling laws (Moore’s 2N and Kharkevich’s N2) diverge interestingly in complex systems (when N is larger than 4).

., 59 Kharkevich, Aleksandr, 12, 81, 97–101, 103–105, 120, 174, 180, 185, 216 Kharkevich’s law, 99–100 Khrushchev, Nikita, 33, 45, 57–58, 63–66, 70, 75–76, 83, 85, 87–88, 90, 102–103, 107, 135, 138, 148, 153, 216 Kibernetika, 38 Kiev, 4 Kirilenko, A. P., 161, 171 Kirillin, V. A., 161 Kitov, Anatoly, 12, 35–37, 40, 43–44, 46, 69, 71, 81–91, 103–104, 108, 118, 120, 122, 137–139, 144, 148, 169, 174, 178, 181–185, 191, 198, 216 Knowledge base, 9 Knowledge economy, 99 Kolman, Ernest, 40–44, 216 Kolmogorov, Andrei, 34, 41, 44, 46, 216 Komchamstvo, 114 Komp’yuter, 38 Komsomol Spotlight, 107 Kornai, János, 72–73 Kosygin, Aleksei, 65, 67, 114, 140, 153, 161–166, 216 Kovalev, N. I., 12, 81, 101–103, 105, 178, 180 Kramnik, Vladimir, 176 Krilov, N., 42 Krinitskiy, Nikolai, 177 Kronrod, Alexander, 178 Kukharchuk, A. G., 119 Kuntsevo system, 154 Kurchatov, Igor, 34 Laboratory of Economical Mathematical Methods, 137 Labor Party, British, 199 Lacan, Jacques, 26 Laing, R.

The End of Accounting and the Path Forward for Investors and Managers (Wiley Finance) by Feng Gu

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active measures, Affordable Care Act / Obamacare, barriers to entry, business process, Claude Shannon: information theory, Clayton Christensen, commoditize, conceptual framework, corporate governance, creative destruction, Daniel Kahneman / Amos Tversky, discounted cash flows, diversified portfolio, double entry bookkeeping, Exxon Valdez, financial innovation, fixed income, hydraulic fracturing, index fund, information asymmetry, intangible asset, inventory management, Joseph Schumpeter, Kenneth Arrow, knowledge economy, moral hazard, new economy, obamacare, quantitative easing, quantitative trading / quantitative finance, QWERTY keyboard, race to the bottom, risk/return, Robert Shiller, Robert Shiller, shareholder value, Steve Jobs, The Great Moderation, value at risk

The patents of Apple and Pfizer, the brands of Coca-Cola and Amazon, the highly efficient business processes (organizational capital) of Walmart and Southwest Airlines drove these companies’ success, rather than their machines, physical premises, or inventory. The increasing dominance of intangibles among corporate assets is widely recognized, with its consequences having become known as the “knowledge economy,” except, that is, by accountants, who strangely persist in ignoring the intangibles insurgence. How ironic that physical and financial investments, unable to create substantial value by themselves, are fully recognized as assets on corporate balance sheets—think about the “contribution” of inventory or short-term investments to the growth prospects of Pfizer—whereas investments in internally generated intangibles, such as patents, brands, or knowhow—powerful value creators—are immediately expensed; that is, treated in the income statement as regular expenses (salaries, rent) without future benefits.

See Financial information backward-looking information 52 company-related information sources 44 competition/litigation concerns 205–206 contribution 44 disagreement 63 quantification 63–65 importance 42 increase, requirement 87–88 intermediaries 62 manager cooperation 204–205 problems 84–86 proposed information, elicitation process 199–200 regulatory burden, lightening 206–208 253 SEC role 203 sources 68–69 alternative 70 ranking 30 theory (communication theory) 42 timelines, issue 43 uniformity 169 usefulness, measurement 30 uselessness 32 vagueness 63 Infringement 123 In-line products box 169–170 Innovation 166, 168 disruption 123 financial innovations 71 investment 164–165 revenues 176 In-process-R&D (IPRD) 96 balance sheet value 97 Insurance company operations 154f operations, risk 158 Intangible assets accounting problems 83–84 relevance, loss 88–90 rules, change (demand) 90 treatment 77–78 acquisition 85–86 amortization 216 asset treatment 214–217 capitalization 216 conspiracy of silence, application 86 disclosure, improvement 217–219 economic role, increase 37 emergence 37–38 increase 81–83 information increase, requirement 87–88 problems 84–86 investment, Google increase 85 nontradability 87–88 revolution 82f treatment, problem 78 uniqueness 87–88 valuation 215 254 Intangible capital increase 83 U.S. private sector investment 82f Intangible investments, expensing 216 Intellectual assets, economic role (increase) 37 Intellectual capital reports 113 Internal controls, gross inadequacies 123–124 International Financial Reporting Standard (IFRS) 217 Internet chat rooms 7 Internet service providers, patents 234 Inventory account 233 contribution 78 improvement 72 taking 233–235 Investments 156 efficiency 122 mapping 121–123 returns 18–19 risk, diversification 158 Investors agreement 63 contribution, example 45–46 decisions erosion 37–38 reported financial information, role 37 triggering 30 disagreement 63 fault 50 importance 119 information contribution 46f demand, SEC role 203 needs 114 relevance 185 investor-relevant information system 159 irrationality 50–51 necessity 142–144 operating instructions, Strategic Resources & Consequences Report issue 197, 230 SUBJECT INDEX reaction, measurement 43–44 usefulness 122 valuation process 219–220 IPRD. See In-process-R&D Irrational investors 50–51 Jobs, Steve 52 Johnson, Don 31 Johnson & Johnson’s operations cash 165 Pfizer, comparison 165 Joint relevance-loss of earnings, problem 34–35 Joint ventures 86 rarity 7 ROI, assessment 188 Just-in-time strategy 7 Key performance indicators (KPIs) 113, 127 lists, disparateness 129 Knowledge economy 78 KYTHERA Biopharmaceuticals 164, 166 Lease capitalization, avoidance 222 Liabilities fair valuation 37–38 fair values 61 Liber Abaci (Fibonacci) 231 Life and health (LH) 147 Limited liability corporation, establishment 95–96 Litigation implementation concerns 205–206 risk 90 Lockheed Martin, innovation strategies 85 Lundholm, Russell 220–221 Management Discussion and Analysis (MD&A) section 5 Management, risk mitigation strategies 159 Managerial estimates, proliferation 38 Subject Index Managers competitive concerns 129 decisions, distortions 85–86 estimates/forecasts proliferation 219 verification, enabling 220–221 forecasts 47 performance-related information source 44 guidance 116 importance 119 wishful thinking 205 Marked-to-market items 97 Marked-to-myth 37, 97 Market share, loss 173 Markets, movement absence 19 earnings, impact 57 Market value (MV) 32–33, 38 capitalization 89 regression 89f Mark to market nontraded assets/liabilities 37–38 Media/entertainment, Strategic Resources & Consequences Report 133–135, 143f Medical costs, inflation (impact) 155–156 Medical devices, development 171 Merck joint development 168 Q3–2013 sales, decrease 174–175 Mergers and acquisitions (M&A) 96 Message, information 41–43 Metacloud Technology 216–217 Momentum (operations) 7 Monetary information 127 Morgan, J.

The Data Revolution: Big Data, Open Data, Data Infrastructures and Their Consequences by Rob Kitchin

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Bayesian statistics, business intelligence, business process, cellular automata, Celtic Tiger, cloud computing, collateralized debt obligation, conceptual framework, congestion charging, corporate governance, correlation does not imply causation, crowdsourcing, discrete time, George Gilder, Google Earth, Infrastructure as a Service, Internet Archive, Internet of things, invisible hand, knowledge economy, late capitalism, lifelogging, linked data, Masdar, means of production, Nate Silver, natural language processing, openstreetmap, pattern recognition, platform as a service, recommendation engine, RFID, semantic web, sentiment analysis, slashdot, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, smart grid, smart meter, software as a service, statistical model, supply-chain management, the scientific method, The Signal and the Noise by Nate Silver, transaction costs

These alternative interests can often become aligned in paradoxical ways, though they may have quite different agendas, for example the support of big business for the open data movement with respect to public data (see Chapter 3). In other words, data are manifested and situated within complex and contested political economies and, at the same time, they are used to shape such debates and regimes. Moreover, data constitute an economic resource, one that is a key component of the next phase of the knowledge economy, reshaping the mode of production to one that it is data-driven (see Chapter 7). Since the late 1980s, scholars such as Castells (1988, 1996) have argued that the latest cycle of capitalism is underpinned by the production of knowledge that creates new products and forms of labour, facilitates economic restructuring, and enhances productivity, competitiveness, efficiencies, sustainability and capital accumulation.

., the European Union [EU] and the United Nations Development Programme [UNDP]) have followed suit, making thousands of previously restricted datasets open in nature for non-commercial and commercial use (see DataRemixed 2013). Such a shift in position has been facilitated by influential international and national lobby groups such as the Open Knowledge Foundation and the Sunlight Foundation, accompanied by the lobbying of knowledge-economy industry groups and companies, as well senior civil servants convinced by the arguments used, and dozens of local groups seeking to leverage municipal data. While the arguments of the open data movement are presented in a commonsensical manner, using tropes such as transparency, accountability, participation, innovation and economic growth, the rapid opening up of government and scientific data has not been universally welcomed.


pages: 417 words: 109,367

The End of Doom: Environmental Renewal in the Twenty-First Century by Ronald Bailey

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3D printing, additive manufacturing, agricultural Revolution, Albert Einstein, Asilomar, autonomous vehicles, Cass Sunstein, Climatic Research Unit, Commodity Super-Cycle, conceptual framework, corporate governance, creative destruction, credit crunch, David Attenborough, decarbonisation, dematerialisation, demographic transition, diversified portfolio, double helix, energy security, failed state, financial independence, Gary Taubes, hydraulic fracturing, income inequality, Induced demand, Intergovernmental Panel on Climate Change (IPCC), invisible hand, knowledge economy, meta analysis, meta-analysis, Naomi Klein, oil shale / tar sands, oil shock, pattern recognition, peak oil, phenotype, planetary scale, price stability, profit motive, purchasing power parity, race to the bottom, RAND corporation, rent-seeking, Stewart Brand, Tesla Model S, trade liberalization, University of East Anglia, uranium enrichment, women in the workforce, yield curve

“The true key to the timing of the Industrial Revolution has to be sought in the scientific revolution of the seventeenth century and the Enlightenment movement of the eighteenth century. The key to the Industrial Revolution was technology, technology is knowledge,” explains Northwestern University economic historian Joel Mokyr in his 2002 book The Gifts of Athena: Historical Origins of the Knowledge Economy. Technology is the productive engine that has enabled some happy portion of humanity to escape from our natural state of abject poverty. Correspondingly, Timothy Ferris, author of The Science of Liberty: Democracy, Reason, and the Laws of Nature, points out: “Liberalism and science are methods, not ideologies.” Both embody the freedom to explore and experiment, enabling people to more systematically use trial and error to seek truths about the physical and social worlds.

forbade the chemical manufacturer: Ronald Bailey, “Brain Drain.” Forbes, November 27, 1989, 261. “generic focus on new products”: Gary Marchant et al., Council for Agricultural Science and Technology (CAST). Impact of the Precautionary Principle on Feeding Current and Future Generations. Issue Paper 52. CAST, Ames, Iowa, 2013. “The true key to the timing”: Joel Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton, NJ: Princeton University Press, 2002. “Liberalism and science”: Timothy Ferris in Michael Shermer, “Democracy’s Laboratory: Are Science and Politics Interrelated?” Scientific American, September 2010. www.scientificamerican.com/article.cfm?id=democracys-laboratory. “Human reason can neither predict”: Friedrich Hayek, The Constitution of Liberty: The Definitive Edition, ed. Ronald Hamowy.


words: 49,604

The Weightless World: Strategies for Managing the Digital Economy by Diane Coyle

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barriers to entry, Berlin Wall, Big bang: deregulation of the City of London, blue-collar work, Bretton Woods, clean water, computer age, Corn Laws, creative destruction, cross-subsidies, David Ricardo: comparative advantage, dematerialisation, Diane Coyle, Edward Glaeser, everywhere but in the productivity statistics, financial deregulation, full employment, George Santayana, global village, hiring and firing, Howard Rheingold, income inequality, informal economy, invisible hand, Jane Jacobs, Joseph Schumpeter, knowledge economy, labour market flexibility, laissez-faire capitalism, lump of labour, Marshall McLuhan, mass immigration, McJob, microcredit, moral panic, Network effects, new economy, Nick Leeson, night-watchman state, North Sea oil, offshore financial centre, pension reform, pensions crisis, Ronald Reagan, Silicon Valley, spinning jenny, The Death and Life of Great American Cities, the market place, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tobin tax, two tier labour market, very high income, War on Poverty, winner-take-all economy, working-age population

The average weight of a real dollar of US exports halved between 1990 and 1996 alone, according to estimates from the Organisation for Economic Co-operation and Development (OECD), which reckoned half of member countries’ national output to be ‘knowledge based’ by the mid-1990s. Although here he emphasised miniaturisation and the use of new materials in making the same value of physical output lighter, the Fed chairman could have added the expansion of services as opposed to manufacturing, or in other words the switch away from physical output in all the developed economies. This switch includes not only the ‘knowledge’ economy, the growth of services ranging from management consultancy to the music industry that make extensive use of computer technologies, but also low-technology services like fast food restaurants. Although some of the technological leaps driving weightlessness are not all that recent, their embodiment in our economies is new — it takes upwards of 40 years for businesses to adopt new technologies.

It includes charities, voluntary organisations from unions to think tanks and lobby groups, nongovernmental organisations including the quangos that overlap with the public sector, not-for-profit businesses, churches, schools, housing associations, museums, and mutual and co-operative organisations.2 The list could go on. It could be extended to cover all the ‘unemployed’ people who describe themselves as ‘carers’, for example, of whom there are about 6 million in the UK. These are just as much part of the weightless world as jobs in the knowledge economy. The link is that they are all very people-intensive services whose purpose is to provide the service rather than maximise the profit that can be made from doing so. The absence of an emphasis on profit and productivity is precisely what will permit the sector to create jobs. It parallels the way some advanced economies have permitted the existence of an inefficient, sheltered sector as an employment policy, like retailing in Japan, safeguarded from competition by strict regulation, or the public sector in many northern European countries.


pages: 441 words: 136,954

That Used to Be Us by Thomas L. Friedman, Michael Mandelbaum

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3D printing, Affordable Care Act / Obamacare, Albert Einstein, Amazon Web Services, American Society of Civil Engineers: Report Card, Andy Kessler, Ayatollah Khomeini, bank run, barriers to entry, Berlin Wall, blue-collar work, Bretton Woods, business process, call centre, carbon footprint, Carmen Reinhart, Cass Sunstein, centre right, Climatic Research Unit, cloud computing, collective bargaining, corporate social responsibility, creative destruction, Credit Default Swap, crowdsourcing, delayed gratification, energy security, Fall of the Berlin Wall, fear of failure, full employment, Google Earth, illegal immigration, immigration reform, income inequality, Intergovernmental Panel on Climate Change (IPCC), job automation, Kenneth Rogoff, knowledge economy, Lean Startup, low skilled workers, Mark Zuckerberg, market design, mass immigration, more computing power than Apollo, Network effects, obamacare, oil shock, pension reform, Report Card for America’s Infrastructure, rising living standards, Ronald Reagan, Rosa Parks, Saturday Night Live, shareholder value, Silicon Valley, Silicon Valley startup, Skype, Steve Jobs, the scientific method, Thomas L Friedman, too big to fail, University of East Anglia, WikiLeaks

As they say in football, “You are what your record says you are.” Our record says that we are a country whose educational performance is at best undistinguished. Secretary of Education Arne Duncan made no excuses for the results. The day the 2009 PISA results were published (December 7, 2010), he issued a statement, saying, “Being average in reading and science—and below average in math—is not nearly good enough in a knowledge economy where scientific and technological literacy is so central to sustaining innovation and international competitiveness.” The PISA test results got some fleeting newspaper coverage and then disappeared. No radio or television station interrupted its programming to tell us how poorly we had done; neither party picked up the issue and used it in the 2010 midterms. Partial-birth abortion received more attention.

This kind of “extra” is what “better” education has to achieve and to inspire. For the last 235 years, America expanded and upgraded its educational system again and again in line with advances in technology. When we were an agrarian society, that meant introducing universal primary education; as we became an industrial society, that meant promoting universal high school education; as we became a knowledge economy, that meant at least aspiring to universal postsecondary education. Now the hyper-connected world is demanding another leap. Mark Rosenberg, the president of Florida International University, which has 42,000 students, summed up what it is: “It is imperative that we become much better in educating students not just to take good jobs but to create good jobs.” The countries that educate and enable their workers to do that the best will surely thrive the most.


pages: 339 words: 57,031

From Counterculture to Cyberculture: Stewart Brand, the Whole Earth Network, and the Rise of Digital Utopianism by Fred Turner

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1960s counterculture, A Declaration of the Independence of Cyberspace, Apple's 1984 Super Bowl advert, back-to-the-land, bioinformatics, Buckminster Fuller, Claude Shannon: information theory, complexity theory, computer age, conceptual framework, Danny Hillis, dematerialisation, distributed generation, Douglas Engelbart, Douglas Engelbart, Dynabook, Electric Kool-Aid Acid Test, From Mathematics to the Technologies of Life and Death, future of work, game design, George Gilder, global village, Golden Gate Park, Hacker Ethic, Haight Ashbury, hive mind, Howard Rheingold, informal economy, invisible hand, Jaron Lanier, John Markoff, John von Neumann, Kevin Kelly, knowledge economy, knowledge worker, market bubble, Marshall McLuhan, mass immigration, means of production, Menlo Park, Mother of all demos, new economy, Norbert Wiener, peer-to-peer, post-industrial society, postindustrial economy, Productivity paradox, QWERTY keyboard, Ralph Waldo Emerson, RAND corporation, Richard Stallman, Robert Shiller, Robert Shiller, Ronald Reagan, Shoshana Zuboff, Silicon Valley, Silicon Valley ideology, South of Market, San Francisco, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, technoutopianism, Ted Nelson, Telecommunications Act of 1996, theory of mind, urban renewal, Vannevar Bush, Whole Earth Catalog, Whole Earth Review, Yom Kippur War

In the industrial-era lofts south of Market Street in San Francisco and in the narrow corridors of Manhattan’s Silicon Alley, twenty-something marketers pulled their six-hundred-dollar Herman Miller chairs around hand-hewn oak and redwood tables and plotted something called “web strategy.” More than a few began to imagine themselves as bits of talent and information swirling in the currents of a knowledge economy, their own careers tied to their ability to divine its rapidly changing laws.59 Corporations reconfigured offices to facilitate flexible work, programmers camped in their companies’ open-all-night offices, and day after day, financiers, technologists, and ordinary Americans checked the financial pages for signs that the future was still dawning. However, even as optimism peaked in its pages and among its readership, Wired magazine began to stumble.

“The Californian Ideology (Extended Mix).” September 18, 1998. Available at http://www.hrc.wmin.ac.uk/hrc/theory/ californianideo/main/t.4.2.html (accessed September 27, 2005). Bardini, Thierry. Bootstrapping: Douglas Engelbart, Coevolution, and the Origins of Personal Computing. Stanford, CA: Stanford University Press, 2000. Barley, Stephen R., and Gideon Kunda. Gurus, Hired Guns, and Warm Bodies: Itinerant Experts in a Knowledge Economy. Princeton, NJ: Princeton University Press, 2004. Barlow, John Perry. “@home.on.the.ranch.” 1998. Available at http://members.aye.net/ hippie/barlow/barlow01.htm (accessed November 15, 2004). ———. “Being in Nothingness: Virtual Reality and the Pioneers of Cyberspace.” Mondo 2000, no. 2 (Summer 1990): 34 – 43. ———. “Crime and Puzzlement.” Posted to the WELL June 8, 1990. Reprint in Whole Earth Review, no. 68 (Fall 1990): 44 –57, available at http://www.eff.org/Misc/Publications/ John_Perry_Barlow/HTML/crime_and_puzzlement_1.html (accessed September 27, 2005). ———.


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Cities Under Siege: The New Military Urbanism by Stephen Graham

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airport security, anti-communist, autonomous vehicles, Berlin Wall, call centre, carbon footprint, clean water, congestion charging, creative destruction, credit crunch, DARPA: Urban Challenge, defense in depth, deindustrialization, digital map, edge city, energy security, European colonialism, failed state, Food sovereignty, Gini coefficient, global supply chain, Google Earth, illegal immigration, income inequality, knowledge economy, late capitalism, loose coupling, market fundamentalism, mass incarceration, McMansion, megacity, moral panic, mutually assured destruction, Naomi Klein, New Urbanism, offshore financial centre, one-state solution, pattern recognition, peak oil, planetary scale, private military company, Project for a New American Century, RAND corporation, RFID, Richard Florida, Scramble for Africa, Silicon Valley, smart transportation, surplus humans, The Bell Curve by Richard Herrnstein and Charles Murray, urban decay, urban planning, urban renewal, urban sprawl, Washington Consensus, white flight, white picket fence

This leaves the burgeoning and pivotal cities of the South categorized as a mere Other, outside of Western culture, a status which makes it all but impossible for theorists to grasp how both sets of cities mutually constitute each other within imperial, neo-colonial or postcolonial geographies.27 The field of urban studies has been particularly slow to address the central role of cities within the new imperialism – the resurgence of aggressive, colonial militarism focusing on the violent appropriation of land and resources in the South.28 Indeed, the prosperous cities of the North are today often idealized by liberal commentators and theorists as centres of migration and laboratories of cosmopolitan integration, characteristics construed as vital to their high-tech economic futures as the key nodes of the ‘global knowledge economy’. Such integration is deemed by influential urban policy gurus, such as Richard Florida, to be a key engine of economic creativity within technologically advanced capitalism.29 These perspectives, however, systematically ignore the way the North’s global cities often act as economic or ecological parasites, preying on the South, violently appropriating energy, water, land and mineral resources, relying on exploitative labour conditions in offshore manufacturing, driving damaging processes of climate change, and generating an often highly damaging flow of tourism and waste.

Announcing the plan in 1954, Vice President Richard Nixon argued that its prime raison d’être was to ‘meet the demands of catastrophe or defense, should an atomic war come’.57 Meanwhile bright, modernist new towns and new capitals were engineered across the world, both by Soviet and Western planners and by foreign aid programmes, as a means of shoring up geopolitical support on the globally stretched frontiers of the Cold War.58 Back in the United States, meanwhile, massive new high-tech districts such as California’s Silicon Valley were forged as motors of a new ‘knowledge economy’ centred on emerging ‘global’ cities, as is well known. Much less recognized is the fact that such ‘technopoles’ were also the key foundries for the militarized control technologies which sustained the Cold War and were later mobilized as the basis for the transformation of US forces through the ‘Revolution in Military Affairs’.59 At the same time, the imperatives faced by the new military science of cybernetics quickly expanded from the remote control of missiles to the task of organizing new means of rebuilding US cities during the years of mass ‘slum’ clearance in the 1950s and 1960s, as well as building early cable TV networks.60 We should also not forget the more indirect geopolitical and international security implications of Cold War geographies and architectures of urbanization.


pages: 484 words: 131,168

The Big Sort: Why the Clustering of Like-Minded America Is Tearing Us Apart by Bill Bishop, Robert G. Cushing

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1960s counterculture, affirmative action, American Legislative Exchange Council, assortative mating, big-box store, blue-collar work, Cass Sunstein, citizen journalism, cognitive dissonance, David Brooks, demographic transition, desegregation, Edward Glaeser, immigration reform, income inequality, industrial cluster, Jane Jacobs, knowledge economy, mass immigration, meta analysis, meta-analysis, Milgram experiment, music of the spheres, New Urbanism, post-industrial society, Post-materialism, post-materialism, Ralph Nader, Richard Florida, Ronald Reagan, Silicon Valley, stem cell, Steve Jobs, superstar cities, The Death and Life of Great American Cities, union organizing, War on Poverty, white flight, World Values Survey

Berry, "The Divergence of Human Capital Levels Across Cities" (Harvard Institute of Economic Research Discussion Paper 2091, August 2005), p. 10, http://www.economics.harvard.edu/hier/2005papers/HIER2091.pdf. 4. Richard Florida, "The World Is Spiky"Atlantic, October 2005, pp. 48–49. 5. Glaeser and Berry, "The Divergence of Human Capital," pp. 10–11. 6. Joe Cortright, "The Young and Restless in a Knowledge Economy" (report prepared for CEOs for Cities, December 2005), p. 30. 7. Edward Glaeser and Jesse M. Shapiro, "City Growth and the 2000 Census: Which Places Grew, and Why" (Center of Urban and Metropolitan Policy, Brookings Institution, May 2001), p. 9, http://www.brookings.edu/reports/2001/05demographics_edward-glaeser-and-jesse-m—shapiro.aspx. 8. Glaeser and Berry, "The Divergence of Human Capital," pp. 2–11.

London: Free Press of Glencoe, 1964. Cortright, Joe. "The Economic Importance of Being Different: Regional Variations in Taste, Increasing Returns and the Dynamics of Development." Economic Development Quarterly 16, no. 1 (February 2002): 3–16. ———. "New Growth Theory, Technology and Learning: A Practitioner's Guide." Paper prepared for the Economic Development Administration, 2001. ———. "The Young and Restless in a Knowledge Economy." Report prepared for CEOs for Cities, December 2005. Crow, Paul A., Jr. "Eugene Carson Blake: Apostle of Christian Unity." Ecumenical Review 21 (1986): 228–36. Dahl, Robert A. Democracy in the United States Promise and Performance 2nd ed. Chicago: Rand McNally, 1972. Dalton, Russell J. "The Social Transformation of Trust in Government." International Review of Sociology 15, no. 1 (March 2005): 133–54.


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The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger by Marc Levinson

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air freight, anti-communist, barriers to entry, Bay Area Rapid Transit, British Empire, call centre, collective bargaining, conceptual framework, David Ricardo: comparative advantage, deindustrialization, deskilling, Edward Glaeser, Erik Brynjolfsson, full employment, global supply chain, intermodal, Isaac Newton, job automation, knowledge economy, Malcom McLean invented shipping containers, manufacturing employment, Network effects, New Economic Geography, new economy, oil shock, Panamax, Port of Oakland, post-Panamax, Productivity paradox, refrigerator car, South China Sea, trade route, Works Progress Administration, Yom Kippur War, zero-sum game

., p. 208; Miriam Dossal Panjwani, “Space as Determinant: Neighbourhoods, Clubs and Other Strategies of Survival,” in Davies et al., Dock Workers, 2:759; Robin Carruthers, Jitendra N. Bajpai, and David Hummels, “Trade and Logistics: An East Asian Perspective,” in East Asia Integrates: A Trade Policy Agenda for Shared Growth (Washington, DC, 2003), pp. 117–137. 10. David Hummels, “Time as a Trade Barrier,” mimeo, Purdue University, July 2001. 11. Joel Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton, 2002), p. 232. 12. Clark, Dollar, and Micco, “Port Efficiency,” p. 422; Nuno Limão and Anthony J. Venables, “Infrastructure, Geographical Disadvantage and Transport Costs,” World Bank Economic Review 15, no. 3 (2001): 451–479; Robin Carruthers and Jitendra N. Bajpai, “Trends in Trade and Logistics: An East Asian Perspective,” Working Paper No. 2, Transport Sector Unit, World Bank, 2002. 13.

Washington, DC: Naval Historical Center, 1986. McDougall, Ian. Voices of Leith Dockers. Edinburgh: Mercat Press, 2001. McNickle, Chris. To Be Mayor of New York: Ethnic Politics in the City. New York: Columbia University Press, 1993. Minor, Woodruff. Pacific Gateway: An Illustrated History of the Port of Oakland. Oakland: Port of Oakland, 2000. Mokyr, Joel. Tbe Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton: Princeton University Press, 2002. Mollenkopf, John, and Manuel Castells, eds. Dual City: Restructuring New York. New York: Russell Sage Foundation, 1992. Moses, Robert. Public Works: A Dangerous Trade. New York: McGraw-Hill, 1970. Nelson, Bruce. Divided We Stand: American Workers and the Struggle for Black Equality. Princeton: Princeton University Press, 2001. _. Workers on the Waterfront: Seamen, Longshoremen, and Unionism in the 1930s.


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Quiet: The Power of Introverts in a World That Can't Stop Talking by Susan Cain

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8-hour work day, Albert Einstein, Asperger Syndrome, Bill Gates: Altair 8800, call centre, crowdsourcing, David Brooks, delayed gratification, deliberate practice, game design, hive mind, index card, indoor plumbing, Isaac Newton, knowledge economy, knowledge worker, Mahatma Gandhi, mass immigration, Menlo Park, meta analysis, meta-analysis, Mikhail Gorbachev, new economy, popular electronics, Ralph Waldo Emerson, ride hailing / ride sharing, Rosa Parks, selective serotonin reuptake inhibitor (SSRI), shareholder value, Silicon Valley, Steve Jobs, Steve Wozniak, telemarketer, The Wisdom of Crowds, traveling salesman, Walter Mischel, web application, white flight

It’s the story of a contemporary phenomenon that I call the New Groupthink—a phenomenon that has the potential to stifle productivity at work and to deprive schoolchildren of the skills they’ll need to achieve excellence in an increasingly competitive world. The New Groupthink elevates teamwork above all else. It insists that creativity and intellectual achievement come from a gregarious place. It has many powerful advocates. “Innovation—the heart of the knowledge economy—is fundamentally social,” writes the prominent journalist Malcolm Gladwell. “None of us is as smart as all of us,” declares the organizational consultant Warren Bennis, in his book Organizing Genius, whose opening chapter heralds the rise of the “Great Group” and “The End of the Great Man.” “Many jobs that we regard as the province of a single mind actually require a crowd,” muses Clay Shirky in his influential book Here Comes Everybody.

It’s also possible, as the psychologist Uwe Wolfradt suggests, that the relationship between introversion and creativity is “discernable at a higher level of creativity only.” (Uwe Wolfradt, “Individual Differences in Creativity: Personality, Story Writing, and Hobbies,” European Journal of Personality 15, no. 4, [July/August 2001]: 297–310.) 5. Hans Eysenck: Hans J. Eysenck, Genius: The Natural History of Creativity (New York: Cambridge University Press, 1995). 6. “Innovation—the heart of the knowledge economy”: Malcolm Gladwell, “Why Your Bosses Want to Turn Your New Office into Greenwich Village,” The New Yorker, December 11, 2000. 7. “None of us is as smart as all of us”: Warren Bennis, Organizing Genius: The Secrets of Creative Collaboration (New York: Basic Books, 1997). 8. “Michelangelo had assistants”: Clay Shirky, Here Comes Everybody: The Power of Organizing Without Organizations (New York: Penguin, 2008). 9. organize workforces into teams: Steve Koslowski and Daniel Ilgen, “Enhancing the Effectiveness of Work Groups and Teams,” Psychological Science in the Public Interest 7, no. 3 (2006): 77–124. 10.


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The Euro: How a Common Currency Threatens the Future of Europe by Joseph E. Stiglitz, Alex Hyde-White

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bank run, banking crisis, barriers to entry, battle of ideas, Berlin Wall, Bretton Woods, capital controls, Carmen Reinhart, cashless society, central bank independence, centre right, cognitive dissonance, collapse of Lehman Brothers, collective bargaining, corporate governance, correlation does not imply causation, credit crunch, Credit Default Swap, currency peg, dark matter, David Ricardo: comparative advantage, disintermediation, diversified portfolio, eurozone crisis, Fall of the Berlin Wall, fiat currency, financial innovation, full employment, George Akerlof, Gini coefficient, global supply chain, Growth in a Time of Debt, housing crisis, income inequality, incomplete markets, inflation targeting, information asymmetry, investor state dispute settlement, invisible hand, Kenneth Arrow, Kenneth Rogoff, knowledge economy, labour market flexibility, labour mobility, light touch regulation, manufacturing employment, market bubble, market friction, market fundamentalism, Martin Wolf, Mexican peso crisis / tequila crisis, money market fund, moral hazard, mortgage debt, neoliberal agenda, new economy, open economy, paradox of thrift, pension reform, pensions crisis, price stability, profit maximization, purchasing power parity, quantitative easing, race to the bottom, risk-adjusted returns, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, secular stagnation, Silicon Valley, sovereign wealth fund, the payments system, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, transfer pricing, trickle-down economics, Washington Consensus, working-age population

The move from agriculture to industry in the late 19th and early 20th centuries was often traumatic.15 Those in the older sectors saw their incomes and wealth evaporate, and had little access to capital markets; they couldn’t make the investments required to shift from the old economy to the new. But much the same is true as the economy moves from manufacturing to the service sector, and especially as it moves toward an innovation and knowledge economy. Creating a learning economy is not easy, and the government needs to play a central role.16 At the center of America’s knowledge economy are its first-rate higher educational institutions, many of which were established more than a hundred years ago, some hundreds of years ago. And even they achieved much of their greatness as a result of migration from Europe around World War II, and with massive government support in the war and afterward for research. So, too, the culture and “ecology” of Silicon Valley—with its venture capital firms and close nexus between universities and enterprises—was created over a span of decades.


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Bourgeois Dignity: Why Economics Can't Explain the Modern World by Deirdre N. McCloskey

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Admiral Zheng, agricultural Revolution, Albert Einstein, BRICs, British Empire, butterfly effect, Carmen Reinhart, clockwork universe, computer age, Corn Laws, creative destruction, dark matter, David Ricardo: comparative advantage, Donald Trump, Edward Lorenz: Chaos theory, endogenous growth, European colonialism, experimental economics, financial innovation, Fractional reserve banking, full employment, George Akerlof, germ theory of disease, Gini coefficient, greed is good, Howard Zinn, income per capita, interchangeable parts, invention of agriculture, invention of air conditioning, invention of writing, invisible hand, Isaac Newton, James Watt: steam engine, John Maynard Keynes: technological unemployment, John Snow's cholera map, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, knowledge economy, long peace, means of production, Naomi Klein, New Economic Geography, New Urbanism, Paul Samuelson, purchasing power parity, rent-seeking, road to serfdom, Robert Gordon, Ronald Coase, Ronald Reagan, sceptred isle, Scientific racism, Scramble for Africa, Shenzhen was a fishing village, Simon Kuznets, Slavoj Žižek, spinning jenny, Steven Pinker, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, total factor productivity, transaction costs, tulip mania, union organizing, Upton Sinclair, urban renewal, V2 rocket, very high income, working poor, World Values Survey, Yogi Berra

Oxford and New York: Oxford University Press Mokyr, Joel. 1990. The Lever of Riches: Technological Creativity and Economic Progress. New York: Oxford University Press. Mokyr, Joel. 1999a. “Editor’s Introduction: The New Economic History and the Industrial Revolution.” Pp. 1-131 in Joel Mokyr, ed., The British Industrial Revolution: An Economic Perspective. Boulder: Westview Press. Mokyr, Joel. 2002. The Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton: Princeton University Press. Mokyr, Joel. 2003. “Industrial Revolution.” In Mokyr, ed., Oxford Encyclopedia of Economic History. Mokyr, Joel. 2007a. “The European Enlightenment, the Industrial Revolution, and Modern Economic Growth.” Max Weber Lecture, European University Institute, Bellagio, March 27, 2007. At http://faculty.wcas.northwestern.edu/~jmokyr/Florence-Weber.PDF Mokyr, Joel. 2007b.

The Bourgeois Virtues: Ethics for an Age of Commerce. Chicago: University of Chicago Press. Mellinger, Andrew D., Jeffrey D. Sachs, and John L. Gallup. 2002. "Climate, Coastal Proximity, and Development." Pp. 169-194 in G. L. Clark, Maryann P. Feldman, and M. S. Gertler, eds., the Oxford Handbook of Economic Geography. Oxford: Oxford University Press. Mokyr, Joel. 2002. The Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton: Princeton University Press. Nordhaus, William D. 1997. "Do Real Output and Real Wage Measures Capture Reality? The History of Lighting Suggests Not." Pp. 29-70 in Timothy Bresnahan and Robert J. Gordon, eds., The Economics of New Goods. Chicago: University of Chicago Press. North, Douglass C. 1990. Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press. 417 North, Douglass C., and Barry R.


pages: 162 words: 51,473

The Accidental Theorist: And Other Dispatches From the Dismal Science by Paul Krugman

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Bonfire of the Vanities, Bretton Woods, clean water, collective bargaining, computerized trading, corporate raider, declining real wages, floating exchange rates, full employment, George Akerlof, George Gilder, Home mortgage interest deduction, income inequality, indoor plumbing, informal economy, invisible hand, Kenneth Arrow, knowledge economy, life extension, lump of labour, new economy, Nick Leeson, paradox of thrift, Paul Samuelson, Plutocrats, plutocrats, price stability, rent control, Ronald Reagan, Silicon Valley, trade route, very high income, working poor, zero-sum game

The royalties the Four Sopranos earn from their recordings are surprisingly small; mainly the recordings serve as advertisements for their arena concerts. The fans, of course, go to these concerts not to appreciate the music (they can do that far better at home) but for the experience of seeing their idols in person. Technology forecaster Esther Dyson got it precisely right in 1996: “Free copies of content are going to be what you use to establish your fame. Then you go out and milk it.” In short, instead of becoming a Knowledge Economy we have become a Celebrity Economy. Luckily, the same technology that has made it impossible to capitalize directly on knowledge has also created many more opportunities for celebrity. The 500-channel world is a place of many subcultures, each with its own culture heroes; there are people who will pay for the thrill of live encounters not only with divas but with journalists, poets, mathematicians, and even economists.


pages: 193 words: 47,808

The Flat White Economy by Douglas McWilliams

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access to a mobile phone, banking crisis, Big bang: deregulation of the City of London, bonus culture, Chuck Templeton: OpenTable, cleantech, cloud computing, computer age, correlation coefficient, Edward Glaeser, en.wikipedia.org, Erik Brynjolfsson, eurozone crisis, George Gilder, hiring and firing, income inequality, informal economy, knowledge economy, loadsamoney, low skilled workers, mass immigration, Metcalfe’s law, Network effects, new economy, offshore financial centre, Pareto efficiency, Peter Thiel, Productivity paradox, Robert Metcalfe, Silicon Valley, smart cities, special economic zone, Steve Jobs, working-age population, zero-sum game

‘The Impact of Recent Immigration on the London Economy’, London School of Economics, July 2007. 19. 2011 Census (workplace population analysis), Office for National Statistics, May 2014: www.ons.gov.uk/ons/dcp171766_364058.pdf 20. www.bbc.co.uk/news/uk-england-25879675 21. ‘Internal Migration by Local Authorities in England and Wales, Year Ending June 2012’, Office for National Statistics, June 2013: www.ons.gov.uk/ons/dcp171778_315652.pdf 22. ‘Simply the Best? Skilled migrants and the UK’s knowledge economy’, L Hopkins & C Levy, The Big Innovation Centre, June 2012. 23. Under the UK’s national qualifications framework, Level 4 is equivalent to a Higher National Certificate – see www.gov.uk/what-different-qualification-levels-mean. 24. 2011 Census (workplace population analysis), Office for National Statistics, May 2014: www.ons.gov.uk/ons/dcp171766_364058.pdf 25. travel.wikinut.com/The-Cultural-Diversity-of-London/y6e37vl3/ 26.


pages: 196 words: 57,974

Company: A Short History of a Revolutionary Idea by John Micklethwait, Adrian Wooldridge

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affirmative action, barriers to entry, Bonfire of the Vanities, borderless world, business process, Corn Laws, corporate governance, corporate raider, corporate social responsibility, creative destruction, credit crunch, crony capitalism, double entry bookkeeping, Etonian, hiring and firing, industrial cluster, invisible hand, James Watt: steam engine, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, knowledge economy, knowledge worker, laissez-faire capitalism, manufacturing employment, market bubble, mittelstand, new economy, North Sea oil, race to the bottom, railway mania, Ronald Coase, Silicon Valley, six sigma, South Sea Bubble, Steve Jobs, Steve Wozniak, strikebreaker, The Nature of the Firm, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, transaction costs, tulip mania, wage slave, William Shockley: the traitorous eight

., 209. 14. Ibid., 218. 15. Ibid., 221. 16. Ibid., 222. 17. Chandler, The Visible Hand, 369. 18. Chandler, Scale and Scope, 200. 19. Jones, British Multinationals, 5. 20. Sampson, Company Man, 143. 21. Paul Doremus et al., The Myth of the Global Corporation (Princeton: Princeton University Press, 1998), 8. 22. Quoted in Yves Doz et al., From Global to Metanational: How Companies Win in the Knowledge Economy (Boston: Harvard Business School Press, 2001), 63. 23. Peter Drucker, The New Realities (London: Heinemann, 1989), 119. 24. Doz et al., From Global to Metanational, 13. 25. These statistics all come from “How Big Are Multinational Companies?,” a paper released in January 2002 by Paul de Grauwe, of the University of Leuven, and Filip Camerman, of the Belgian Senate. 26. Quoted in Langford, A Polite and Commercial People, 534. 27.


pages: 194 words: 49,310

Clock of the Long Now by Stewart Brand

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Albert Einstein, Brewster Kahle, Buckminster Fuller, Colonization of Mars, complexity theory, Danny Hillis, Eratosthenes, Extropian, fault tolerance, George Santayana, Internet Archive, Jaron Lanier, Kevin Kelly, knowledge economy, life extension, Metcalfe’s law, nuclear winter, pensions crisis, phenotype, Ray Kurzweil, Robert Metcalfe, Stephen Hawking, Stewart Brand, technological singularity, Ted Kaczynski, Thomas Malthus, Vernor Vinge, Whole Earth Catalog

In 01944 it was those aging veterans, then in politically conservative American Legion posts, who pushed through the GI Bill for returning World War II veterans, providing them with college tuition and low-cost home mortgages; it was not a Roosevelt New Deal program at all. The GI Bill’s cost of $14.5 billion was paid back eightfold in taxes in the next twenty years, it jump-started the boom years of the 01950s, it built the world’s largest middle class, and it set the nation decades ahead as the world moved into a knowledge economy. America’s greatest infrastructural investment ever was made as a gesture of gratitude and justice rather than of profound forethought. A move in one infinite game—generational responsibility—paid off in another infinite game—growing prosperity. Perhaps James Carse is right to end his book with the words, “There is but one infinite game.” Maturity is largely a combination of hard-earned savvy, the habit of thinking ahead, and the patience to see long-term projects through.


pages: 187 words: 55,801

The New Division of Labor: How Computers Are Creating the Next Job Market by Frank Levy, Richard J. Murnane

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Atul Gawande, call centre, computer age, Computer Numeric Control, correlation does not imply causation, David Ricardo: comparative advantage, deskilling, Frank Levy and Richard Murnane: The New Division of Labor, Gunnar Myrdal, hypertext link, index card, information asymmetry, job automation, knowledge economy, knowledge worker, low skilled workers, low-wage service sector, pattern recognition, profit motive, Robert Shiller, Robert Shiller, Ronald Reagan, speech recognition, talking drums, telemarketer, The Wealth of Nations by Adam Smith, working poor

A manager might never have a direct report exactly like Ned, but the ideas she would learn from discussing with others Alonzo’s problem with Ned would help build patterns of knowledge—schemas—that she could adapt to similar problems. 2. Todd Willis is a pseudonym for one of the participants in Basic Blue. 3. See Mary Ann Zehr, “Computer Giants Look to Students,” Education Week 17, no. 31 (April 15, 1998). 4. For the details of this story, see Richard Murnane, Nancy Sharkey, and Frank Levy, “A Role for the Internet in American Education? Lessons from Cisco Networking Academies,” in The Knowledge Economy and Postsecondary Education, ed. Patricia Albjerg Graham and Nevzer G. Stacey (Washington, D.C.: National Academy Press, 2002), 127–57. 5. As discussed later, the community server also keeps track of students’ grades on chapter tests and the semester examination, eliminating the bookkeeping activities that consume a great deal of time for most teachers. 6. For rich discussions of the asymmetric information and self-selection ideas, see Daron Acemoglu and Jorn-Steffan Pischke, “Beyond Becker: Training in Imperfect Labour Markets,” Economic Journal 109, no. 453 (February 1999): F112–42; and David Autor, “Why Do Temporary Help Firms Provide Free General Skills Training?”


pages: 198 words: 52,089

Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do About It by Richard V. Reeves

affirmative action, Affordable Care Act / Obamacare, assortative mating, Bernie Sanders, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, circulation of elites, cognitive dissonance, desegregation, Donald Trump, Downton Abbey, full employment, ghettoisation, glass ceiling, helicopter parent, Home mortgage interest deduction, housing crisis, income inequality, knowledge economy, land value tax, mortgage tax deduction, obamacare, Occupy movement, Plutocrats, plutocrats, positional goods, race to the bottom, randomized controlled trial, unpaid internship, upwardly mobile, War on Poverty, We are the 99%, working-age population, zero-sum game

The trouble is that class gaps in education, family structure, and stability mean many of these advantages are skewed toward the top. While there has been a general retreat from marriage and an increase in single parenthood, these trends have left the upper middle class largely untouched. Far from abandoning marriage, college-educated Americans are busily rehabilitating the institution for the modern age, turning it into a child-rearing machine for a knowledge economy.22 Isabel Sawhill and others have shown that there are now marked differences in the marital status of Americans by income and education background, as well as wide gaps in rates of single parenthood.23 The single parenthood rate among those aged twenty-five to thirty-five in the top 20 percent is now 9 percent, up from 3 percent in 1980. But this is very much lower than for other classes.


pages: 220 words: 73,451

Democratizing innovation by Eric von Hippel

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additive manufacturing, correlation coefficient, Debian, hacker house, informal economy, information asymmetry, inventory management, iterative process, James Watt: steam engine, knowledge economy, meta analysis, meta-analysis, Network effects, placebo effect, principal–agent problem, Richard Stallman, software patent, transaction costs, Vickrey auction

Starting with Machlup (1962), economists also have identified the knowledge-based economy as consisting of specialized sectors focused on activities related to communication, education, the media, and computing and information-related services. Foray argues that these simplifications, although providing a rationale for a way to measure knowledge-generation activities, were never appropriate and now are totally misleading. Knowledge generation, Foray says, is now a major activity across all industrial sectors and is by no means restricted to R&D laboratories: we are in the age of the knowledge economy. He makes a central distinction between R&D that is conducted in laboratories remote from doing, and learning by doing at the site of production. He argues that both are important, and have complementary advantages and drawbacks. Laboratory research can ignore some of the complexities involved in production in search of basic understanding. Learning by doing has the contrasting advantage of being in the full fidelity of the real production process.


pages: 300 words: 78,475

Third World America: How Our Politicians Are Abandoning the Middle Class and Betraying the American Dream by Arianna Huffington

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American Society of Civil Engineers: Report Card, Bernie Madoff, Bernie Sanders, call centre, carried interest, citizen journalism, clean water, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, David Brooks, extreme commuting, Exxon Valdez, full employment, greed is good, housing crisis, immigration reform, invisible hand, knowledge economy, laissez-faire capitalism, late fees, market bubble, market fundamentalism, Martin Wolf, medical bankruptcy, microcredit, new economy, New Journalism, offshore financial centre, Ponzi scheme, Report Card for America’s Infrastructure, Richard Florida, Ronald Reagan, Rosa Parks, single-payer health, smart grid, The Wealth of Nations by Adam Smith, too big to fail, transcontinental railway, trickle-down economics, winner-take-all economy, working poor, Works Progress Administration

“Education,” said President Obama during his May 2010 commencement address at Hampton University, “is what has always allowed us to meet the challenges of a changing world.”97 But he made it clear that the bar for meeting those challenges has been raised, and that a high school diploma—formerly, in the president’s words, “a ticket into a solid middle-class life”—is no longer enough to compete in what he called the “knowledge economy.” “Jobs today often require at least a bachelor’s degree,” he said, “and that degree is even more important in tough times like these.98 In fact, the unemployment rate for folks who’ve never gone to college is over twice as high as for folks with a college degree or more.” But rather than rising “to meet the challenges of a changing world,” we’re taking a tumble.99 Our high schools have become dropout factories.


pages: 248 words: 72,174

The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future by Chris Guillebeau

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big-box store, clean water, fixed income, follow your passion, if you build it, they will come, index card, informal economy, Kevin Kelly, Kickstarter, knowledge economy, late fees, price anchoring, Ralph Waldo Emerson, side project, Silicon Valley, Skype, Steve Jobs, Tony Hsieh, web application

Find out what people want, and find a way to give it to them. Give them the fish! There is no consulting school. You can set up shop and charge for specialized help immediately. (Just remember to offer something specific and provide an easy way to get paid.) Some business models are easier than others to start on a budget. Unless you have a compelling reason to do something different, think about how you can participate in the knowledge economy. Action beats planning. Use the One-Page Business Plan and other quick-start guides to get under way without waiting. Crafting an offer, hustling, and producing a launch event will generate much greater results than simply releasing your product or service to the world with no fanfare. The first $1.26 is the hardest, so find a way to get your first sale as quickly as possible. Then work on improving the things that are working, while ignoring the things that aren’t.


pages: 297 words: 77,362

The Nature of Technology by W. Brian Arthur

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Andrew Wiles, business process, cognitive dissonance, computer age, creative destruction, double helix, endogenous growth, Geoffrey West, Santa Fe Institute, haute cuisine, James Watt: steam engine, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, knowledge economy, locking in a profit, Mars Rover, means of production, Myron Scholes, railway mania, Silicon Valley, Simon Singh, sorting algorithm, speech recognition, technological singularity, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions

The Social Shaping of Technology. 2nd Ed. Open University Press, Buckingham, UK. 1999. Martin, Henri-Jean. The History and Power of Writing. University of Chicago Press, Chicago. 1988. McGee, David. “The Early Sociology of Invention.” Technology & Culture 36:4. 1995. McGinn, Robert. Science, Technology, and Society. Prentice-Hall, New York. 1990. Mokyr, Joel. The Gifts of Athena: Historical Origins of the Knowledge Economy. University Press, Princeton. 2004. Ogburn, William F. Social Change. 1922. Reprint. Dell, New York. 1966. Otis, Charles. Aircraft Gas Turbine Powerplants. Jeppesen Sanderson Aviation, Englewood, Colorado. 1997. Perez, Carlota. Technological Revolutions and Financial Capital. Edward Elgar, Aldershot, UK. 2002. Rhodes, Richard. The Making of the Atomic Bomb. Simon & Schuster, New York. 1986.


pages: 272 words: 64,626

Eat People: And Other Unapologetic Rules for Game-Changing Entrepreneurs by Andy Kessler

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23andMe, Andy Kessler, bank run, barriers to entry, Berlin Wall, Bob Noyce, British Empire, business process, California gold rush, carbon footprint, Cass Sunstein, cloud computing, collateralized debt obligation, collective bargaining, commoditize, computer age, creative destruction, disintermediation, Douglas Engelbart, Eugene Fama: efficient market hypothesis, fiat currency, Firefox, Fractional reserve banking, George Gilder, Gordon Gekko, greed is good, income inequality, invisible hand, James Watt: steam engine, Jeff Bezos, job automation, Joseph Schumpeter, knowledge economy, knowledge worker, libertarian paternalism, low skilled workers, Mark Zuckerberg, McMansion, Netflix Prize, packet switching, personalized medicine, pets.com, prediction markets, pre–internet, profit motive, race to the bottom, Richard Thaler, risk tolerance, risk-adjusted returns, Silicon Valley, six sigma, Skype, social graph, Steve Jobs, The Wealth of Nations by Adam Smith, transcontinental railway, transfer pricing, wealth creators, Yogi Berra

If that means over a generation replacing low-skill jobs with higher-skilled careers developing more productive tools, then you are creating wealth for the entire economy. We went from Stone Age to Iron Age to Industrial Age to Space Age and we’re now firmly in the Idea Age. Wealth and success are no longer guaranteed by working long hours climbing the corporate ladder of success at Amalgamated Widgets, hand over hand with knives in the backs of your coworkers. Ideas rule. That whole Knowledge Economy thing may sound like a dripping cliché, but you’d better figure it out because it’s how wealth is created today, not by assembling cars or digging for oil or financing real estate or teaching history. In fact, those who do study history are doomed to repeat it. But what does that even mean, “Ideas Rule”? We’ve done it before. Transitioning from an agricultural to an industrial economy meant automating farming—tractors, combines, better seeds, praying for rain—and it worked.


pages: 238 words: 68,914

Where Does It Hurt?: An Entrepreneur's Guide to Fixing Health Care by Jonathan Bush, Stephen Baker

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Affordable Care Act / Obamacare, Atul Gawande, barriers to entry, Clayton Christensen, commoditize, informal economy, inventory management, job automation, knowledge economy, lifelogging, obamacare, personalized medicine, ride hailing / ride sharing, Ronald Reagan, Silicon Valley, Steve Jobs, web application, women in the workforce, working poor

They have studied their daughter’s condition and are in touch with others who have the same disease, perhaps through new Web sites or social media. They exchange data with them, perhaps anonymously, if that’s what their daughter prefers. They know this doctor has plenty of experience with the disease. They know how much he charges. They know a lot because they and the entire health care industry are now operating in the knowledge economy. In short, they are participating in the health care revolution. It’s actually pretty simple. They shop, they make choices, and they get the medical care they want and deserve. If we push for it, that’s the way health care should be, and will be, for all of us. ACKNOWLEDGMENTS A book! This is a surprising project to emerge from the ADD likes of me, and yet here it is! The book’s development has been one of the high points of my career thus far and it would never have happened without Steve Baker and my fellow athenistas.


pages: 247 words: 81,135

The Great Fragmentation: And Why the Future of All Business Is Small by Steve Sammartino

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3D printing, additive manufacturing, Airbnb, augmented reality, barriers to entry, Bill Gates: Altair 8800, bitcoin, BRICs, Buckminster Fuller, citizen journalism, collaborative consumption, cryptocurrency, David Heinemeier Hansson, Elon Musk, fiat currency, Frederick Winslow Taylor, game design, Google X / Alphabet X, haute couture, helicopter parent, illegal immigration, index fund, Jeff Bezos, jimmy wales, Kickstarter, knowledge economy, Law of Accelerating Returns, lifelogging, market design, Metcalfe's law, Metcalfe’s law, Minecraft, minimum viable product, Network effects, new economy, peer-to-peer, post scarcity, prediction markets, pre–internet, profit motive, race to the bottom, random walk, Ray Kurzweil, recommendation engine, remote working, RFID, Rubik’s Cube, self-driving car, sharing economy, side project, Silicon Valley, Silicon Valley startup, skunkworks, Skype, social graph, social web, software is eating the world, Steve Jobs, survivorship bias, too big to fail, US Airways Flight 1549, web application, zero-sum game

INDEX 3D printing access and accessibility see also barriers; communication; digital; social media — factors of production — knowledge adoption rates advertising see also marketing; mass media; promotion; television Airbnb Alibaba Amazon antifragility Apple artisanal production creativity audience see also crowd — connecting with — vs target Away from Keyboard (AFK) banking see also crowdfunding; currencies barriers Beck (musician) big as a disadvantage bioengineering biomimicry biotechnology bitcoins blogs borrowed interest brand business strategies change see disruption and disruptive change Cluetrain Manifesto co-creation coffee culture Cold War collaboration collaborative consumption collective sentience commerce, future see also retail and retailers communication see also advertising; promotion; social media; social relationships — channels — tools community vs target competition and competitors component retail computers see also connecting and connection; internet; networks; smartphones; social media; software; technology era; 3D printing; web connecting and connection see also social media; social relationships — home/world — machines — people — things consumerism consumption silos content, delivery of coopetition corporations see also industrial era; retail and retailers; technology era costs see also finance; price co-working space creativity crowd, contribution by the crowdfunding cryptocurrencies culture — hacking — startup currencies see also banking deflation demographics device convergence digital see also computers; internet; music; smartphone; retail and retailers, online; social media; social relationships; technology; web; work — cohorts — era — footprint — revolution — skills — strategy — tools — world disruption and disruptive change DNA as an operating system drones Dunbar's number e-commerce see retail and retailers, online economic development, changing education employment, lifetime see also labour; work ephermalization Facebook see also social media finance, peer to peer see also banking; crowdfunding; currencies Ford, Henry 4Ps Foursquare fragmentation — of cities — industrial — Lego car example gadgets see also computers; smartphone; tools games and gaming behaviour gamification geo-location glass cockpit Global Financial Crisis (GFC) globalisation Google hacking hourglass strategy IFTTT (If this then that) industrialists (capital class) industry, redefining industrial era see also consumerism; marketing; retail and retailers — hacking — life in influencers information-based work infrastructure — changing — declining importance of — legacy innovation intention interest-based groups see also niches interest graphs internet see also access and accessibility; connecting and connection; social media; social relationships; web Internet.org In Real Life (IRL) isolation iTunes see also music Jumpstart Our Business Startups (JOBS) Act (USA) keyboards knowledge economy lab vs factory labour see also work — low-cost language layering legacy — industries — infrastructure — media Lego car project life — in boxes — in gaming future — hack living standards see also life location see place, work making see also artisanal production; retail and retailers; 3D printing malleable marketplace manufacturing see also artisanal production; industrial era; making; product; 3D printing; tools — desktop marketing see also advertising; consumerism; 4Ps; mass media; promotion; retail and retailers — demographics, use in — industrial era — language — mass — metrics — new — post-industrial — predictive — research — target — traditional mass media ; see also advertising; marketing; media; promotion; television — after materialism media see also communication; legacy; mass media; newspapers; niches; television — consumption — hacking — platform vs content — subscription Metcalfe's law MOOC (Massive Open Online Course) Moore's law music Napster Netflix netizens networks see also connecting and connection; media; social media; social relationships newspapers see also media niches nodes nondustrial company Oaida, Raul oDesk office, end of the omniconnection era open source parasocial interaction payment systems Pebble phones, number of mobile see also smartphones photography Pinterest piracy place — of work platforms pop culture power-generating technologies price see also costs privacy see also social media; social relationships product — unfinished production see also industrial era; product; 3D printing — mass projecteer Project October Sky promotion see also advertising; marketing; mass media; media quantified self Racovitsa, Vasilii remote controls RepRap 3D printer retail cold spot retail and retailers — changing — digital — direct — hacking — mass — online — price — small — strategies — traditional rewards robots Sans nation state economy scientific management search engines self-hacking self-publishing self-storage sensors sharing see also social media; social relationships smartphones smartwatch social graphs social media (digitally enhanced conversation) see also Facebook; social relationships; Twitter; YouTube social relationships see also social graphs; social media — digital software speed subcultures Super Awesome Micro Project see Lego car project Super Bowl mentality target tastemakers technology see also computers; digital; open source; social media; smartphones; social relationships; software; 3D printing; work — deflation — era — free — revolution — speed — stack teenagers, marketing to television Tesla Motors thingernet thinking and technology times tools see also artisanal production; communication; computers; digital; making; smartphones; social media; 3D printing — changing — old trust Twitter Uber unlearning usability gap user experience volumetric mindset wages — growth — low — minimum web see also connecting and connection; digital; internet; retail and retailers, online; social media; social relationships — three phases of — tools Wikipedia work — digital era — industrial era — location of — options words see language Yahoo YouTube Learn more with practical advice from our experts WILEY END USER LICENSE AGREEMENT Go to www.wiley.com/go/eula to access Wiley’s ebook EULA.


pages: 309 words: 78,361

Plenitude: The New Economics of True Wealth by Juliet B. Schor

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Asian financial crisis, big-box store, business climate, carbon footprint, cleantech, Community Supported Agriculture, creative destruction, credit crunch, Daniel Kahneman / Amos Tversky, decarbonisation, dematerialisation, demographic transition, deskilling, Edward Glaeser, en.wikipedia.org, Gini coefficient, global village, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, Joseph Schumpeter, Kenneth Arrow, knowledge economy, life extension, McMansion, new economy, peak oil, pink-collar, post-industrial society, prediction markets, purchasing power parity, ride hailing / ride sharing, Robert Shiller, Robert Shiller, sharing economy, Simon Kuznets, single-payer health, smart grid, The Chicago School, Thomas L Friedman, Thomas Malthus, too big to fail, transaction costs, Zipcar

The Boston College economic historian Prasannan Parthasarathi has described how in eighteenth-century South India, agricultural groups shared the risk and bounty of each season, as in a common property system, but also maintained individual, transferable property rights to future harvests. Similar arrangements can be found in cooperatives, partnerships, and other modern economic enterprises. The beauty of these systems is that on a small enough scale they produce incentives for productivity and sustainable use of resources. Natural asset regeneration projects can also benefit the knowledge economy. An active open-source process can lead to a great upskilling of green knowledge. New forms of skill acquisition are already under way. Community-based environmental justice groups such as Sustainable South Bronx, Green for All, and Green Worker Cooperatives have begun to train low-income and minority individuals in river restoration, installations of green roofs, home insulation, hazardous-waste removal, and related activities.


pages: 257 words: 68,143

Waiting for Superman: How We Can Save America's Failing Public Schools by Participant Media, Karl Weber

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collective bargaining, feminist movement, hiring and firing, index card, knowledge economy, Menlo Park, Robert Gordon, school choice, Silicon Valley, Upton Sinclair

The results are clear: KIPP graduates more than 95 percent of its students, compared to the district average of 70 percent. Almost 90 percent of the graduates go on to a four-year college.20 If we commit to a country where this is a reality for all young people, we’ll raise the next generation of Americans to be better educated, more creative, more productive, and ready to compete at the leading edge of the knowledge economy. That’s a change that will enhance the life of every American—and it’s one we’re ready to help make. PART VII WHAT YOU CAN DO 12 How You Can Make a Differenceb The Alliance for Excellent Education The Alliance for Excellent Education (www.all4ed.org) is a Washington, D.C.-based national policy and advocacy organization that works to improve national and federal policy so that all students can achieve at high academic levels and graduate from high school ready for success in college, work, and citizenship in the twenty-first century.


pages: 353 words: 81,436

Buying Time: The Delayed Crisis of Democratic Capitalism by Wolfgang Streeck

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activist fund / activist shareholder / activist investor, banking crisis, basic income, Bretton Woods, capital controls, Carmen Reinhart, central bank independence, collective bargaining, corporate governance, creative destruction, David Graeber, deindustrialization, Deng Xiaoping, Eugene Fama: efficient market hypothesis, financial deregulation, financial repression, fixed income, full employment, Gini coefficient, Growth in a Time of Debt, income inequality, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labour market flexibility, labour mobility, late capitalism, liberal capitalism, means of production, moral hazard, Myron Scholes, Occupy movement, open borders, open economy, Plutonomy: Buying Luxury, Explaining Global Imbalances, profit maximization, risk tolerance, shareholder value, too big to fail, union organizing, winner-take-all economy, Wolfgang Streeck

The latter were partly related to the choking of inflation in the early 1980s and the Federal Reserve’s high interest policy, which put an end to the devaluation of government debt and, in the wake of the resulting economic downturn and jobs crisis, triggered greater demands on the social welfare systems. At the same time, deregulation of the finance sector was supposed to fuel ‘structural change’ to a service and knowledge economy, giving rise to renewed economic growth and, no less important, higher tax revenue. FIGURE 2.1. Growth of public debt since 2007 (% of GDP) Source: OECD Economic Outlook: Statistics and Projections A further spurt of financialization then came with the Clinton administration and its spectacularly if only temporarily successful measures to shore up public finances.9 The budget surpluses briefly recorded around the turn of the millennium were due inter alia to sharp cuts in social spending.

Global Governance and Financial Crises by Meghnad Desai, Yahia Said

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Asian financial crisis, bank run, banking crisis, Bretton Woods, capital controls, central bank independence, corporate governance, creative destruction, credit crunch, crony capitalism, currency peg, deglobalization, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, financial repression, floating exchange rates, frictionless, frictionless market, German hyperinflation, information asymmetry, knowledge economy, liberal capitalism, liberal world order, Long Term Capital Management, market bubble, Mexican peso crisis / tequila crisis, moral hazard, Nick Leeson, oil shock, open economy, price mechanism, price stability, Real Time Gross Settlement, rent-seeking, short selling, special drawing rights, structural adjustment programs, Tobin tax, transaction costs, Washington Consensus

His publications include with Meghnad Desai ‘Money and the global civil society: the new anti-capitalist movement’, in Anheier, Glasius and Kaldor (eds), Global Civil Society 2001 (OUP 2001), and with Yash Ghai and Mark Lattimer, Building Democracy in Iraq (Minority Rights Group 2003). 1 Introduction Meghnad Desai and Yahia Said The new century is barely three years old and many of the certainties of the last century are being re-examined. During the last decade of the last century, there was an overwhelming confidence about the economy. A ‘New Paradigm’ was hailed; the business cycle had been abolished we were told. It seemed that the knowledge economy did not obey the old laws of economics. There would be no longer boom and bust as a new generation of central bankers and prudent Finance Ministers had fashioned the perfect combination of monetary and fiscal policies for us. There was a warning in 1997 with the Asian crisis and the triple bypass for Long-Term Capital Management. The 1997 crisis was the first crisis of the new phase of globalisation.


pages: 1,197 words: 304,245

The Invention of Science: A New History of the Scientific Revolution by David Wootton

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agricultural Revolution, Albert Einstein, British Empire, clockwork universe, Commentariolus, commoditize, conceptual framework, Dava Sobel, double entry bookkeeping, double helix, en.wikipedia.org, Ernest Rutherford, Fellow of the Royal Society, fudge factor, germ theory of disease, Google X / Alphabet X, Hans Lippershey, interchangeable parts, invention of gunpowder, invention of the steam engine, invention of the telescope, Isaac Newton, Jacques de Vaucanson, James Watt: steam engine, John Harrison: Longitude, knowledge economy, lone genius, Mercator projection, On the Revolutions of the Heavenly Spheres, Philip Mirowski, placebo effect, QWERTY keyboard, Republic of Letters, spice trade, spinning jenny, the scientific method, Thomas Kuhn: the structure of scientific revolutions

Thomas Kuhn thought that science and technology were antithetical to each other, at least until the 1870s.9 One might think that the historians of technology would have wanted to question this disjuncture between theory and practice – but at first they were the same people as the historians of science.10 The major attack on the established orthodoxy has come only very recently, and from an unexpected quarter: the new economic historians of the Industrial Revolution, who emphasize the importance of skills and technical innovation, of what they call ‘the knowledge economy’.11 On this question the new economic historians are (as will become apparent) in the right. But those who argue that science played a key role in the Industrial Revolution need to have an answer to a simple and by now classic question: What role did science play in the invention of the steam engine? Before tackling this problem, however, we need to unpack the apparently straightforward notion of practical knowledge.

Cosmologia: Historiam coeli et mundi. Paris: F Morellus, 1570. Moffitt, John F. Painterly Perspective and Piety: Religious Uses of the Vanishing Point, From the 15th to the 18th Century. Jefferson, NC: McFarland, 2008. Mokyr, Joel. The Enlightened Economy: An Economic History of Britain, 1700–1850. New Haven: Yale University Press, 2009. ———. The Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton: Princeton University Press, 2004. ———. ‘The Intellectual Origins of Modern Economic Growth’. Journal of Economic History 65 (2005): 285–351. ———. The Lever of Riches: Technological Creativity and Economic Progress. New York: Oxford University Press, 1990. Montaigne, Michel de. The Complete Essays. Trans. MA Screech. London: Allen Lane, 1991. ———. Essayes: Written in French.

Collingwood) 431 Imaginary Invalid, The (Molière) 393 immutable mobiles 303 impetus theory 574 Index of Prohibited Books 276, 379 indexes, importance of 305n India 128, 137, 177 Indiscreet Jewels, The (Denis Diderot) 51 Industrial Revolution clockwork facilitates 486 contribution of science to 479, 508 early medieval forerunner 484 effect and duration 18, 429 geared machinery 484 precision instrumentation of 423 Scientific Revolution and 13, 17, 19, 476 16th century progress claimed 431, 446 skills involved 445 steam engine and 490 inertia 19, 50, 372 Ingrassia, Giovanni Filippo 85, 95, 96 Inquisition (Roman) Bruno burnt alive 10, 149 della Porta and 276 Descartes and 362 Galileo condemned by 37, 107, 545 Stellato before 157 torture by 314–15 Institutes of the Orator (Quintilian) 403 Institutiones (Cassiodorus) 451n instruments, scientific 209, 244–5, 560 Instruments for the Restoration of Anatomy (Tycho Brahe) 180 intellectual property 337 Intelligent Design 445 internet, the 593–4 interpretation 83 Interpreter, The (John Cowell) 402 Introductio ad veram physicam (John Keill) 473 Introductio geographica (Peter Apian) 189 Introduction to the Study of Experimental Medicine, An (Claude Bernard) 426 invention 61n, 66–7, 82n Isaac, Joel 585–6 Isis 512 Islam 37, 66, 113 Italian (language) 30 Jackson, Thomas 402 James I, King 159 (and see below) James VI, King (of Scotland) 6, 10 (and see above) Jansen, Cornelius 289–90 Jansenism 295, 297 Japanese 484 Jardin des Plantes, Paris 356 Jerusalem 115n, 119, 120 Jesuits Aristotle and the new science 537n Clavius leading astronomer of 118 Galileo and 37, 197n, 225, 226 Gilbert’s ideas and 324, 328 missionaries 7 scholastic philosophers at colleges 31 van Helmont and 291 Venus orbiting the sun 24n Jews 66, 76 John of Glogau 72 John of Jandun 114 John of Saxony 337 John of Wallingford 118 Johns, Adrian 26n Johnson, Dr Samuel 26, 284, 474 Jones, William 564 Jonson, Ben 9, 355 Joubert, Laurent 304 Journal des sçavans 341 Jovilabe 480 Judaei, Themo 117, 135, 326 judgement 422 Julius Caesar 99 Julius Caesar (William Shakespeare) 5 Jupiter, moons of difficulties caused by 218 eclipses of 480 Galileo discovers 38, 86, 88, 407 Kepler’s terminology for 48 measuring longitudes by 481 naming of 96, 99 rapid confirmation of discovery 89, 92, 237 Rømer’s work 518 use as a clock, 215 juries 407, 419, 426 Kant, Immanuel 327 Kay, John 484 Keill, John 473 Kelley, Donald 551 Kepler, Johannes 211–14, 262–6 barnacle geese 268 conflating maths and natural philosophy 24n contacts Galileo and responses from 220–1, 224 contemporary knowledge of 8 Conversation with Galileo’s Starry Messenger 9, 302 Epitome astronomiae Copernicanae 130n, 152n, 252 escaping from circular movement 390n Gilbert’s model of magnetism and 329, 516–17 his teacher 192 Holy Roman Emperor and 31 hypotheses, types of 386–7 infinite size of universe 243 laws of planetary motion 11 Mars and 193, 301, 305 mathematician, as 424 Mercury in transit 223n Newton on 376, 393 on published writings 198n printing press recognised by 306 Rudolphine tables 307 satellites 48 sea and land levels 130n speed of light measurements and 521 universe as a clock 485 variety of publications by 205 King, Gregory 259, 260 Kircher, Athanasius 279 Knauss, Friedrich von 445 Knieper, Hans 196 knowledge access to 78–9 Aristotle’s concept of 68 as power 83–4 circulation of 340–1 experience and 81, 125n, 253, 320, 341, 421 fact as basis of 252, 297, 309 gained from discovery 80–1 Gassendi’s theory of 410 Hobbes on 298, 546, 548–9 ‘knowledge economy’ 479 Locke on 405, 420 Merton on 96 Montaigne on 557, 559, 561 new concepts of 397 no new knowledge to be had 62, 74, 78, 104 OED distinctions 420 Renaissance attitudes 73 sensation and 322 types of 323, 395n various attitudes to 321 vocabulary to be used 541–2 Wittgenstein on 23, 45 Knowledge and Social Imagery (David Bloor) 580, 589 Koch, Robert 540 Kosmotheoros (Christiaan Huygens) 234 Koyré, Alexandre coining ‘Scientific Revolution’ 16, 17, 20 ideas of place and space 19 quoted 595 science and progress 512 thought, importance of 50 Kuhn, Thomas see also Structure of Scientific Revolutions, The alternative views of science 538, 542, 543 coining ‘Copernican Revolution’ 18, 55, 145 see also On the Revolutions of the Heavenly Spheres (Nicolaus Copernicus) communication between different intellectual worlds 46n Conant and 394, 544 consensus science 346 Copernicanism triumphs 516 Copernicus and Tycho Brahe 13n Isaac on 585–6 Koyré’s influence 19 new approach of 561–2 on Newton 382 on reading outdated texts 110–11 opposition of science and technology 479 phases of Venus 246n Ptolemaic science 573 publishes on English and French approaches 425–6 quoted 251 science and progress 512–13, 541 Wittgenstein and 45 ‘Kuhn loss’ 554n la Boëtie, Étienne de 555, 556, 557 La Condition postmoderne (Jean-François Lyotard) 41 La Mettrie, Julien Offray de 439 Lactantius 81 language 42n, 46–51, 53, 63–5, 579 Lanzarote 98n Large Hadron Collider 312 Laski, Harold J. 17, 19 Late Discourse (Kenelm Digby) 293 latent heat 478 Latin Cambridge entrance requirement 15 cloud names 47 Columbus and Galileo 57–8 experience and experiment 312, 347 ‘fact’, the word 254–5, 283–4, 289, 295 Lily’s Grammar 547 ‘scientific’, the word, and 29 Latin Dictionary, A (eds.


pages: 843 words: 223,858

The Rise of the Network Society by Manuel Castells

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Apple II, Asian financial crisis, barriers to entry, Big bang: deregulation of the City of London, Bob Noyce, borderless world, British Empire, capital controls, complexity theory, computer age, computerized trading, creative destruction, Credit Default Swap, declining real wages, deindustrialization, delayed gratification, dematerialisation, deskilling, disintermediation, double helix, Douglas Engelbart, Douglas Engelbart, edge city, experimental subject, financial deregulation, financial independence, floating exchange rates, future of work, global village, Gunnar Myrdal, Hacker Ethic, hiring and firing, Howard Rheingold, illegal immigration, income inequality, Induced demand, industrial robot, informal economy, information retrieval, intermodal, invention of the steam engine, invention of the telephone, inventory management, James Watt: steam engine, job automation, job-hopping, John Markoff, knowledge economy, knowledge worker, labor-force participation, labour market flexibility, labour mobility, laissez-faire capitalism, Leonard Kleinrock, low skilled workers, manufacturing employment, Marc Andreessen, Marshall McLuhan, means of production, megacity, Menlo Park, moral panic, new economy, New Urbanism, offshore financial centre, oil shock, open economy, packet switching, Pearl River Delta, peer-to-peer, planetary scale, popular capitalism, popular electronics, post-industrial society, postindustrial economy, prediction markets, Productivity paradox, profit maximization, purchasing power parity, RAND corporation, Robert Gordon, Robert Metcalfe, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, social software, South China Sea, South of Market, San Francisco, special economic zone, spinning jenny, statistical model, Steve Jobs, Steve Wozniak, Ted Nelson, the built environment, the medium is the message, the new new thing, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, total factor productivity, trade liberalization, transaction costs, urban renewal, urban sprawl, zero-sum game

They are often referred to as “talent”. On the other hand, generic workers, as executants of instructions, have continued to proliferate, as many menial tasks can hardly be automated and many workers, particularly youth, women, and immigrants, are ready to accept whatever conditions are necessary to get a job. This dual structure of the labor market is related to the structural conditions of a knowledge economy growing within the context of a large economy of low-skill services, and it is at the source of the growing inequality observed in most societies. Information and communication technologies have had a powerful effect on the transformation of labor markets and of the work process. However, their effects have been substantially mediated by the strategies of firms and the policies of governments.

keiretsu Kelley, Maryellen Kelly, Kevin Kendrick, John W. Kenney, Martin Kepel, G. Keynesian capitalism Khoury, Sarkis Kiesler, Sara Kilby, Jack Kim, E. M. Kim, Jong-Cheol Kim, Kyong-Dong Kimsey, Stephen Kincaid, A. Douglas Kindleberger, Charles King, Alexander Kinship networks Kirsch, Guy Kiselyova, Emma Kitani, Yoshiko Klam, Matthew Kleinert, Gene Kleinrock, Leonard knowledge; economy; productivity knowledge generation knowledge management Kohl, Helmut Koike, Kazuo Kolata, Gina Kolb, David Koo, H. Koolhas, Rem Korea, South: chaebol; innovation clusters; labor practices; networking; patriarchalism; patrimonial logic; small and medium firms; state intervention; women Korte, W. B. Kostecki, G. Kotter, John P. Kranzberg, Melvin Kraut, Robert Kristoff, Nicholas Krugman, Paul Kuekes, Phil Kuhn, Thomas Kumazawa, M.


pages: 662 words: 180,546

Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown by Philip Mirowski

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Alvin Roth, Andrei Shleifer, asset-backed security, bank run, barriers to entry, Basel III, Berlin Wall, Bernie Madoff, Bernie Sanders, Black Swan, blue-collar work, Bretton Woods, Brownian motion, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, complexity theory, constrained optimization, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, dark matter, David Brooks, David Graeber, debt deflation, deindustrialization, Edward Glaeser, Eugene Fama: efficient market hypothesis, experimental economics, facts on the ground, Fall of the Berlin Wall, financial deregulation, financial innovation, Flash crash, full employment, George Akerlof, Goldman Sachs: Vampire Squid, Hernando de Soto, housing crisis, Hyman Minsky, illegal immigration, income inequality, incomplete markets, information asymmetry, invisible hand, Jean Tirole, joint-stock company, Kenneth Arrow, Kenneth Rogoff, knowledge economy, l'esprit de l'escalier, labor-force participation, liberal capitalism, liquidity trap, loose coupling, manufacturing employment, market clearing, market design, market fundamentalism, Martin Wolf, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, Naomi Klein, Nash equilibrium, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, oil shock, Pareto efficiency, Paul Samuelson, payday loans, Philip Mirowski, Ponzi scheme, precariat, prediction markets, price mechanism, profit motive, quantitative easing, race to the bottom, random walk, rent-seeking, Richard Thaler, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, school choice, sealed-bid auction, Silicon Valley, South Sea Bubble, Steven Levy, technoutopianism, The Chicago School, The Great Moderation, the map is not the territory, The Myth of the Rational Market, the scientific method, The Wisdom of Crowds, theory of mind, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, Tobin tax, too big to fail, transaction costs, Vilfredo Pareto, War on Poverty, Washington Consensus, We are the 99%, working poor

And this is not a matter of differential capacities or distributions of innate intelligence: “the difference between the knowledge that the wisest and that which the most ignorant individual can deliberately employ is comparatively insignificant.” Experts are roundly disparaged by Hayek, and accused of essentially serving as little more than apologists for whomever employs them.145 On the face of it, it thus seems somewhat ironic that Hayek would be touted as the premier theorist of the New Knowledge Economy. But the irony dissolves once we realize that central to neoliberalism is a core conviction that the market really does know better than any one of us what is good for ourselves and for society, and that includes the optimal allocation of ignorance within the populace: “There is not much reason to believe that, if at any one time the best knowledge which some possess were made available to all, the result would be a much better society.

See Mont Pèlerin Society (MPS) Mulligan, Casey Mundell, Robert Murdoch, Rupert Murketing MySpace Myth of the Rational Market (Fox) N NAFTA (North American Free Trade Agreement) Nassirian, Barmak National Academy National Bureau of Economic Research (NBER) National Economic Council National Health Service National Income and Product Accounts National Institutes of Health National Public Radio (NPR) National Science Foundation (NSF) National Transportation and Safety Board NBER (National Bureau of Economic Research) Neoclassical econimics as empty Neoclassical economists Neoliberal Ascendancy Neoliberal Follies Neoliberal Thought Collective (NTC) about on agency bolstering of connection between economics profession and “conservatism,” “constructivism” in core insight of on crime current topography of defense mechanisms of doctrines for on economic crisis emergency executive committee meeting on equality exercising hostility toward federal government and Federal Reserve on Fannie Mae and Freddie Mac Foucault on on freedom Friedman on function of geoengineering and “good society,” major ambition of membership of on neuroenhancers normalization of everyday sadism orthodox macroeconomics and parallels between Seekers and persistence of on personhood political mobilizations of Radin on on “risk,” Russian doll structure of sociological structure of success stories think tanks affiliated with Thirteen Commandments writings of members of Neoliberalism Alternatives to Crisis response Defined Distinguished from neoclassical econimics Left epithet Premature obituaries for Netflix New Age New Deal New Disrespect New Economic Thinking New Industrial State (Galbraith) “New Keynesianism,” New Keynesians model New Knowledge Economy New Labour New Orthodox Seer New Right New Statesman New York Federal Reserve Bank New York Review of Books New York Times New York University (NYU) New Yorker Newbery, David on “investments,” News Corporation Newshour Newsnight Newsweek Nietzsche, Friedrich “The Night they Re-read Minsky,” Nik-Khah, Edward Nine Lives of Neoliberalism Nobel Prize Nobelists Nocera, Joe Nolan, Christopher A Non-Random Walk Down Wall Street (Lo and MacKinley) Northern Rock Nostradamus Codex Notre Dame, University of NPR (National Public Radio) NSF (National Science Foundation) NTC.


pages: 687 words: 189,243

A Culture of Growth: The Origins of the Modern Economy by Joel Mokyr

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Andrei Shleifer, barriers to entry, Berlin Wall, clockwork universe, cognitive dissonance, Copley Medal, creative destruction, David Ricardo: comparative advantage, delayed gratification, deliberate practice, Deng Xiaoping, Edmond Halley, epigenetics, Fellow of the Royal Society, financial independence, framing effect, germ theory of disease, Haber-Bosch Process, hindsight bias, income inequality, invention of movable type, invention of the printing press, invisible hand, Isaac Newton, Jacquard loom, Jacquard loom, Jacques de Vaucanson, James Watt: steam engine, John Harrison: Longitude, Joseph Schumpeter, knowledge economy, labor-force participation, land tenure, law of one price, Menlo Park, moveable type in China, new economy, phenotype, price stability, principal–agent problem, rent-seeking, Republic of Letters, Ronald Reagan, South Sea Bubble, statistical model, survivorship bias, the market place, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, transaction costs, ultimatum game, World Values Survey, Wunderkammern

“The Truth of Newton’s Science and the Truth of Science’s History.” In Margaret J. Osler, ed., Rethinking the Scientific Revolution. Cambridge: Cambridge University Press. ———. 2006. Strangers Nowhere in the World: The Rise of Cosmopolitanism in Early Modern Europe. Philadelphia: University of Pennsylvania Press. ———. 2007. “Mechanical Science of the Factory Floor.” History of Science, Vol. 45, part 2, No. 148, pp. 197–221. ———. 2014. The First Knowledge Economy. Cambridge: Cambridge University Press. Jacob, Margaret C., and Larry Stewart. 2004. Practical Matter: Newton’s Science in the Service of Industry and Empire, 1687–1851. Cambridge, MA: Harvard University Press. Jami, Catherine. 1994. “Learning Mathematical Sciences during the Early and Mid-Ch’ing.” In Alexander Woodside and Benjamin A. Elman, eds., Education and Society in Late Imperial China, 1600–1900.

———. 2002. The Gifts of Athena. Princeton, NJ: Princeton University Press. ———. 2005. “The Intellectual Origins of Modern Economic Growth.” [Presidential address.] Journal of Economic History Vol. 65, No. 2, pp. 285–351. ———. 2006a. “The Great Synergy: The European Enlightenment as a Factor in Modern Economic Growth.” In Wilfred Dolfsma and Luc Soete, eds., Understanding the Dynamics of a Knowledge Economy. Cheltenham, UK: Edward Elgar, pp. 7–41. ———. 2006b. “Useful Knowledge as an Evolving System: The View from Economic history.” In Lawrence E. Blume and Steven N. Durlauf, eds., The Economy as an Evolving Complex System Vol. III: Current Perspectives and Future Directions. New York: Oxford University Press, pp. 307–37. ———. 2006c. “Mobility, Creativity, and Technological Development: David Hume, Immanuel Kant and the Economic Development of Europe.”


pages: 325 words: 99,983

Globish: How the English Language Became the World's Language by Robert McCrum

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Alistair Cooke, anti-communist, Berlin Wall, British Empire, call centre, colonial rule, credit crunch, cuban missile crisis, Deng Xiaoping, Etonian, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, invention of movable type, invention of writing, invisible hand, Isaac Newton, jimmy wales, knowledge economy, Livingstone, I presume, Martin Wolf, Naomi Klein, Norman Mailer, Parag Khanna, Ralph Waldo Emerson, Republic of Letters, Ronald Reagan, sceptred isle, Scramble for Africa, Silicon Valley, Steven Pinker, the new new thing, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade route, transatlantic slave trade, transcontinental railway, upwardly mobile

This, in turn, is another symptom of Thomas Friedman’s ‘flat’ world; or, to put it another way, a globish society equally interconnected regardless of the traditional restraints of time and space. Friedman’s ‘Eureka moment’, he writes, came in Bangalore when Nandan Nilekani, the CEO of Infosys, used the phrase ‘the playing field is being levelled’ to describe the new opportunities available to the India-based computer company. London, Boston, San Francisco, Kuala Lumpur, Bangalore: in the new knowledge economy, all these cities could be linked simultaneously, offering a new challenge as much for a modernising India as for a globalising America. ‘My God,’ exclaimed Friedman, ‘he’s telling me the world is flat.’ Armed with this insight, Friedman mobilised himself to explore the many economic aspects of globalisation, from Wal-Mart to Yahoo!, that were contributing to this flattening process. For Friedman, the fall of the Berlin Wall, the rise of the PC, Netscape, outsourcing, and ‘off – shoring’ – his ‘flattening’ forces – combined to enhance a new global awareness.


pages: 387 words: 110,820

Cheap: The High Cost of Discount Culture by Ellen Ruppel Shell

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barriers to entry, Berlin Wall, big-box store, cognitive dissonance, computer age, creative destruction, Daniel Kahneman / Amos Tversky, delayed gratification, deskilling, Donald Trump, Edward Glaeser, fear of failure, Ford paid five dollars a day, Frederick Winslow Taylor, George Akerlof, global supply chain, global village, greed is good, Howard Zinn, income inequality, interchangeable parts, inventory management, invisible hand, James Watt: steam engine, Joseph Schumpeter, Just-in-time delivery, knowledge economy, loss aversion, market design, means of production, mental accounting, Pearl River Delta, Ponzi scheme, price anchoring, price discrimination, race to the bottom, Richard Thaler, Ronald Reagan, side project, Steve Jobs, The Market for Lemons, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade liberalization, traveling salesman, ultimatum game, Victor Gruen, washing machines reduced drudgery, working poor, yield management, zero-sum game

We need not save for months or even weeks to buy a Bankas coffee table for $89.99. And when its “clear-lacquered ash veneer” muddies with coffee spills, we don’t despair that we cannot sand it smooth again. A coffee table, like a lamp, has no feelings and demands no feelings from us. It is simply time to buy a new one. Whether craftsmanship even matters in our postindustrial world depends on who you ask. The knowledge economy demands smarts, drive, ambition, and speed. Craftsmanship demands skill, training, exactitude, and patience. That these two sets of qualities are not entirely compatible might imply that we should abandon one for the other—or it could mean that we need both. Many of us pride ourselves in being connoisseurs of something, be it beer or golf clubs or coffee. There are haut cheese makers and dress designers and furniture and chocolate and watch makers, but these are high-end craftspeople serving a mostly high-end clientele.


pages: 322 words: 99,066

The End of Secrecy: The Rise and Fall of WikiLeaks by The "Guardian", David Leigh, Luke Harding

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4chan, banking crisis, centre right, Chelsea Manning, citizen journalism, Climategate, cloud computing, credit crunch, crowdsourcing, Downton Abbey, drone strike, eurozone crisis, friendly fire, global village, Hacker Ethic, impulse control, Jacob Appelbaum, Julian Assange, knowledge economy, Mohammed Bouazizi, offshore financial centre, rolodex, Silicon Valley, Skype, Steven Levy, uranium enrichment, WikiLeaks

(SBU) The United States and Tunisia have 200 years of close ties and common interests, including advancing regional peace, combating terrorism, and building prosperity. Since independence, Tunisia deserves credit for its economic and social progress. Without the natural resources of its neighbors, Tunisia focused on people and diversified its economy. In a success all too rare, the GOT is effective in delivering services (education, health care, infrastructure and security) to its people. The GOT has sought to build a “knowledge economy” to attract FDI that will create high value-added jobs. As a result, the country has enjoyed five percent real GDP growth for the past decade. On women’s rights, Tunisia is a model. And, Tunisia has a long history of religious tolerance, as demonstrated by its treatment of its Jewish community. While significant challenges remain (above all the country’s 14 percent unemployment rate) on balance Tunisia has done better than most in the region. 4.


pages: 317 words: 84,400

Automate This: How Algorithms Came to Rule Our World by Christopher Steiner

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23andMe, Ada Lovelace, airport security, Al Roth, algorithmic trading, backtesting, big-box store, Black-Scholes formula, call centre, cloud computing, collateralized debt obligation, commoditize, Credit Default Swap, credit default swaps / collateralized debt obligations, delta neutral, Donald Trump, Douglas Hofstadter, dumpster diving, Flash crash, Gödel, Escher, Bach, High speed trading, Howard Rheingold, index fund, Isaac Newton, John Markoff, John Maynard Keynes: technological unemployment, knowledge economy, late fees, Marc Andreessen, Mark Zuckerberg, market bubble, medical residency, money market fund, Myron Scholes, Narrative Science, PageRank, pattern recognition, Paul Graham, Pierre-Simon Laplace, prediction markets, quantitative hedge fund, Renaissance Technologies, ride hailing / ride sharing, risk tolerance, Sergey Aleynikov, side project, Silicon Valley, Skype, speech recognition, Spread Networks laid a new fibre optics cable between New York and Chicago, transaction costs, upwardly mobile, Watson beat the top human players on Jeopardy!, Y Combinator

Godfried Toussaint, The Euclidean Algorithm Generates Traditional Musical Rhythms (Montreal: School of Computer Science, McGill University, 2005), http://cgm.cs.mcgill.ca/~godfried/publications/banff.pdf. 7. Midhat J. Gazale, Gnomon: From Pharaohs to Fractals (Princeton, NJ: Princeton University Press, 1999), p. 33. 8. Niall Ferguson, The Ascent of Money (New York: Penguin, 2008), p. 34. 9. Henry Linger, ed., Constructing the Infrastructure for the Knowledge Economy, Proceedings of the 12th International Conference on Information Systems and Development, Melbourne, Australia, 2003 (New York: Kluwer Academic/Plenum Publishers, 2004). 10. “Apple and the Golden Ratio,” Paul Martin’s Blog, http://paulmmartinblog.wordpress.com/2011/07/18/apple-and-the-golden-ratio/. 11. Ferguson, The Ascent of Money, p. 34. 12. Dirk Struik, A Concise History of Mathematics (Mineola, NY: Dover, 1948), p. 80. 13.


pages: 289 words: 99,936

Digital Dead End: Fighting for Social Justice in the Information Age by Virginia Eubanks

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affirmative action, Berlin Wall, call centre, cognitive dissonance, creative destruction, desegregation, Fall of the Berlin Wall, future of work, game design, global village, index card, informal economy, invisible hand, Kevin Kelly, knowledge economy, labor-force participation, labour market flexibility, low-wage service sector, microcredit, new economy, post-industrial society, race to the bottom, rent control, Shoshana Zuboff, Silicon Valley, South of Market, San Francisco, telemarketer, Thomas L Friedman, trickle-down economics, union organizing, urban planning, web application, white flight, women in the workforce, working poor

Though I recognize now that my sense of isolation was naive—there is, of course, a large and widely available literature on popular education, citizenship schools, settlement houses, and other people’s education projects in the United States and Canada—the validation I experienced was so strong that I stood in the dusty redwood building and wept. Can ordinary people be smart about something as complicated as the global knowledge economy? Neoliberalism? Government devolution? I think we can. But uncovering that knowledge and systematizing it takes a reorganization of many of the principles of academic disciplines. Participatory research approaches are nonprogrammatic and highly context dependent. Participatory techniques require enormous practical and theoretical sophistication. Community-based research findings must have high immediate relevance and usability.


pages: 605 words: 110,673

Drugs Without the Hot Air by David Nutt

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British Empire, double helix, en.wikipedia.org, knowledge economy, meta analysis, meta-analysis, moral panic, offshore financial centre, randomized controlled trial, risk tolerance, Robert Gordon, selective serotonin reuptake inhibitor (SSRI), War on Poverty

The “high performance” scenario In the “high performance” scenario, decisions are evidence-based, and the main focus for the use of drugs is the enhancement of performance. On this basis, it’s expected that Britain has strong economic growth, in part because of its attractiveness to “knowledge nomads” (an elite class of highly mobile workers who migrate around the world moving between jobs in the knowledge economy). One of the things they like about Britain (in this hypothetical scenario) is our highly regulated, non-punitive approach to psychoactive substances, particularly cognition enhancers. Many recreational drugs are legal and available in high-quality forms to be consumed in special on-licence premises, although these are costly and there’s a large black market in cheap generics from abroad. Problem drug-use with all its associated harms is on the decline.


pages: 223 words: 10,010

The Cost of Inequality: Why Economic Equality Is Essential for Recovery by Stewart Lansley

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banking crisis, Basel III, Big bang: deregulation of the City of London, Bonfire of the Vanities, borderless world, Branko Milanovic, Bretton Woods, British Empire, business process, call centre, capital controls, collective bargaining, corporate governance, corporate raider, correlation does not imply causation, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, deindustrialization, Edward Glaeser, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, Goldman Sachs: Vampire Squid, high net worth, hiring and firing, Hyman Minsky, income inequality, James Dyson, Jeff Bezos, job automation, John Meriwether, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, laissez-faire capitalism, light touch regulation, Long Term Capital Management, low skilled workers, manufacturing employment, market bubble, Martin Wolf, mittelstand, mobile money, Mont Pelerin Society, Myron Scholes, new economy, Nick Leeson, North Sea oil, Northern Rock, offshore financial centre, oil shock, Plutocrats, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, Right to Buy, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, shareholder value, The Great Moderation, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, Tyler Cowen: Great Stagnation, Washington Consensus, Winter of Discontent, working-age population

But to help fill the funding gap left by the private banking system and provide more support for the real economy, they should be buttressed by the creation of a state National Investment Bank, as called for by the Engineering Employers Federation and the Institute of Civil Engineers.432 Its role would be to provide affordable loans and grants for infrastructure projects, social entrepreneurship and sound small and medium sized businesses. Potential targets would include low-carbon technology, alternative energy and the knowledge economy. This could be modelled on the German KfW banking group, founded in 1948 to help rebuild Germany’s economy. It could be financed through a mix of revenue from new taxes on banks, market funding and the profits made when the government sells state-owned shares in the bailed-out private banks. This move would also help overcome the issue of the lack of competition amongst lenders. Indeed, 85 per cent of lending for small business loans comes from the four largest banks.


pages: 313 words: 84,312

We-Think: Mass Innovation, Not Mass Production by Charles Leadbeater

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1960s counterculture, Andrew Keen, barriers to entry, bioinformatics, c2.com, call centre, citizen journalism, clean water, cloud computing, complexity theory, congestion charging, death of newspapers, Debian, digital Maoism, double helix, Douglas Engelbart, Edward Lloyd's coffeehouse, frictionless, frictionless market, future of work, game design, Google Earth, Google X / Alphabet X, Hacker Ethic, Hernando de Soto, hive mind, Howard Rheingold, interchangeable parts, Isaac Newton, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jean Tirole, jimmy wales, John Markoff, John von Neumann, Kevin Kelly, knowledge economy, knowledge worker, lone genius, M-Pesa, Mark Shuttleworth, Mark Zuckerberg, Marshall McLuhan, Menlo Park, microcredit, new economy, Nicholas Carr, online collectivism, planetary scale, post scarcity, Richard Stallman, Shoshana Zuboff, Silicon Valley, slashdot, social web, software patent, Steven Levy, Stewart Brand, supply-chain management, The Death and Life of Great American Cities, the market place, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Whole Earth Catalog, Zipcar

We-Think will really make a difference when we use it creatively to tackle major shared challenges: to spread democracy and learning, to improve health and quality of life, to tackle climate change and the threats of extremism. If we succeed in bending it to those objectives, people might look back a century from now and say it made the critical difference in the world’s ability to govern itself. We-Think tells a new story about how the global knowledge economy could develop, offering a way to create new generations of shared public goods for software, education, communications, health and food production. If globalisation is to be no more than the march of McDonald’s, Coke and Microsoft, it will be a shallow and distorted account of what Western culture has to offer that many in the developing world will reject. We-Think offers a different possible story, one of trust and collaboration built on liberal and enlightenment traditions of peer collaboration in pursuit of better ideas, arbitrated on the basis of evidence rather than ideology.


pages: 299 words: 19,560

Utopias: A Brief History From Ancient Writings to Virtual Communities by Howard P. Segal

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1960s counterculture, British Empire, Buckminster Fuller, complexity theory, David Brooks, death of newspapers, dematerialisation, deskilling, energy security, European colonialism, Francis Fukuyama: the end of history, full employment, future of journalism, garden city movement, germ theory of disease, Golden Gate Park, invention of the printing press, Isaac Newton, Jeff Bezos, John Markoff, John von Neumann, knowledge economy, liberation theology, Louis Pasteur, Mark Zuckerberg, mass immigration, means of production, Nicholas Carr, Nikolai Kondratiev, out of africa, Ralph Waldo Emerson, Ray Kurzweil, Ronald Reagan, Silicon Valley, Skype, stem cell, Stephen Hawking, Steve Jobs, Steve Wozniak, Stewart Brand, technoutopianism, Thomas Malthus, Thorstein Veblen, transcontinental railway, traveling salesman, union organizing, urban planning, War on Poverty, Whole Earth Catalog

Paradoxically, some of these high-tech visionaries may not be quite as confident about the future as they profess to be. With the Tofflers, more than with anyone else, one finds growing doubts in their later writings about future glories, but always subject to more hopeful outcomes if readers still follow their jargon-laden analyses and prescriptions. What I wrote in 1994 about their outlook still applies: The ongoing, generally positive powershift throughout the world toward knowledge economies, decentralized governments, and participatory democracies is [in their view] increasingly threatened Utopia Reconsidered 167 by the possible rise of one or more racist, tribal (read nationalist), eco-fascist, or fundamentalist states all too ready to suppress human rights, freedom of religion, and, not least, private property.74 One cannot deny the accuracy of some of this in the years since, though many others have said much the same.


pages: 364 words: 102,225

Instant City: Life and Death in Karachi by Steve Inskeep

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battle of ideas, British Empire, call centre, creative destruction, Edward Glaeser, European colonialism, illegal immigration, informal economy, Jane Jacobs, Khyber Pass, Kibera, knowledge economy, Mahatma Gandhi, mass immigration, McMansion, megacity, new economy, New Urbanism, urban planning, urban renewal

He called this behemoth “Megalopolis,” and said it prospered even though it had few natural advantages over other parts of America—gold mines and oil wells were elsewhere. It just had migration. Immigrants offered up their labor and ideas in cities that had to “rely on their wits to thrive.” The region was a center of transportation, technology, finance, government, education, entertainment, and media—the knowledge economy as it existed in 1961. Once cities like this began to grow, they often continued growing. A separate study from the era argued that “migration and employment growth perpetuate one another.” A growing urban population created the demand for more goods and services, “thereby drawing more migrants to fill new jobs.” This explained the change in Los Angeles and its suburbs, which were growing at a stunning rate, from four million people in 1950 to 6.5 million in 1960.


pages: 370 words: 102,823

Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth by Michael Jacobs, Mariana Mazzucato

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3D printing, balance sheet recession, banking crisis, basic income, Bernie Sanders, Bretton Woods, business climate, Carmen Reinhart, central bank independence, collaborative economy, complexity theory, conceptual framework, corporate governance, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, decarbonisation, deindustrialization, dematerialisation, Detroit bankruptcy, double entry bookkeeping, Elon Musk, endogenous growth, energy security, eurozone crisis, factory automation, facts on the ground, fiat currency, Financial Instability Hypothesis, financial intermediation, forward guidance, full employment, G4S, Gini coefficient, Growth in a Time of Debt, Hyman Minsky, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Internet of things, investor state dispute settlement, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labour market flexibility, low skilled workers, Martin Wolf, mass incarceration, Mont Pelerin Society, neoliberal agenda, Network effects, new economy, non-tariff barriers, paradox of thrift, Paul Samuelson, price stability, private sector deleveraging, quantitative easing, QWERTY keyboard, railway mania, rent-seeking, road to serfdom, savings glut, Second Machine Age, secular stagnation, shareholder value, sharing economy, Silicon Valley, Steve Jobs, the built environment, The Great Moderation, The Spirit Level, Thorstein Veblen, too big to fail, total factor productivity, transaction costs, trickle-down economics, universal basic income, very high income

Regulate for durability and maintenance. Making producers responsible for the entire lifespan of their products would encourage the circular economy and manufacturing durability, as well as stimulating the growth of a rental and maintenance economy. Redesign the metrics with which to measure wealth production. As numerous studies have shown in recent years, GDP has very limited meaning and is even distorting in the knowledge economy. New metrics need to be designed to account for the use of energy and materials and to measure the various ways in which value is now created and well-being enhanced. Facilitate the sharing and collaborative economies. The proliferation of free internet-based services has inspired many to innovate in networks of sharing access to possessions, exchanging time and collaborating in creative projects.


pages: 326 words: 106,053

The Wisdom of Crowds by James Surowiecki

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AltaVista, Andrei Shleifer, asset allocation, Cass Sunstein, Daniel Kahneman / Amos Tversky, experimental economics, Frederick Winslow Taylor, George Akerlof, Howard Rheingold, I think there is a world market for maybe five computers, interchangeable parts, Jeff Bezos, John Meriwether, Joseph Schumpeter, knowledge economy, lone genius, Long Term Capital Management, market bubble, market clearing, market design, moral hazard, Myron Scholes, new economy, offshore financial centre, Picturephone, prediction markets, profit maximization, Richard Feynman, Richard Feynman, Richard Feynman: Challenger O-ring, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, shareholder value, short selling, Silicon Valley, South Sea Bubble, The Nature of the Firm, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Toyota Production System, transaction costs, ultimatum game, Yogi Berra, zero-sum game

Barry Bozeman and Sooho Lee, “The Impact of Research Collaboration on Scientific Productivity,” paper prepared for presentation at the annual meeting of the American Association for the Advancement of Science (February 2003): 24–25. Robert K. Merton, “The Matthew Effect,” Science 159 (1968): 56–63. There is an excellent discussion of Henry Oldenburg and the creation of the Royal Society in Lisa Jardine, Ingenious Pursuits (New York: Doubleday, 1999). See also Joel Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton: Princeton University Press, 2002): 36, 54. Mokyr’s book is a wondrous history of the rise in the West of what he calls “open science,” which required a historically unprecedented free access to knowledge. Robert K. Merton, “The Matthew Effect II: Cumulative Advantage and the Symbolism of Intellectual Property,” Isis 79 (1988): 606–23. Richard Lewontin’s paper is cited in Merton, “The Matthew Effect II”: 608. 9.


pages: 263 words: 89,368

925 Ideas to Help You Save Money, Get Out of Debt and Retire a Millionaire So You Can Leave Your Mark on the World by Devin D. Thorpe

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asset allocation, call centre, diversification, estate planning, fixed income, Home mortgage interest deduction, index fund, knowledge economy, money market fund, mortgage tax deduction, payday loans, random walk, risk tolerance, Skype, Steve Jobs, transaction costs, women in the workforce, zero-sum game

Working as a family, communicating honestly with one another about money, and treating your employer and merchants with integrity will tip the scales in your favor in the long run. 29 Keys To Financial Happiness Having enough money does make people happier than not having enough; having more money doesn’t make people even happier. The key to financial happiness may be wanting less rather than having more. Don’t spend more than you earn. Don’t be afraid of hard work. A college education is imperative in today’s “knowledge” economy. Remember to save for the future; it will be here soon enough. Teach your children the value of money; let them want something badly enough to buy it themselves. Buy a house you can afford and that you’ll want to live in for a long time. Don’t let what other people think of your car dictate what you drive; you really don’t care what someone thinks who would judge your worth by the price of your car.

Future Files: A Brief History of the Next 50 Years by Richard Watson

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Albert Einstein, bank run, banking crisis, battle of ideas, Black Swan, call centre, carbon footprint, cashless society, citizen journalism, commoditize, computer age, computer vision, congestion charging, corporate governance, corporate social responsibility, deglobalization, digital Maoism, disintermediation, epigenetics, failed state, financial innovation, Firefox, food miles, future of work, global supply chain, global village, hive mind, industrial robot, invention of the telegraph, Jaron Lanier, Jeff Bezos, knowledge economy, linked data, low skilled workers, M-Pesa, mass immigration, Northern Rock, peak oil, pensions crisis, precision agriculture, prediction markets, Ralph Nader, Ray Kurzweil, rent control, RFID, Richard Florida, self-driving car, speech recognition, telepresence, the scientific method, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Turing test, Victor Gruen, white flight, women in the workforce, Zipcar

I would therefore expect the power shift to the East to continue, although a key question is whether China can pull off what Japan did so successfully after the Second World War. In other words, can China move from a manufacturing-based economy that essentially copies what is designed and developed in the West to one in which innovation is at the very core? Moreover, is the shift to an innovative, entrepreneurially led culture possible without full political freedom and can you build a knowledge economy without having a free flow of knowledge? We shall see. 82 FUTURE FILES Edukation ain’t wurkin Along with crime, transport and jobs, education is a classic swing factor in politics. In the future this list of voter concerns will increasingly be joined by health, immigration and the environment, but education will remain a top priority — not least because it will have to change fundamentally if countries are to remain competitive in the new globally connected economy.


pages: 323 words: 90,868

The Wealth of Humans: Work, Power, and Status in the Twenty-First Century by Ryan Avent

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3D printing, Airbnb, American energy revolution, assortative mating, autonomous vehicles, Bakken shale, barriers to entry, basic income, Bernie Sanders, BRICs, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collective bargaining, computer age, creative destruction, dark matter, David Ricardo: comparative advantage, deindustrialization, dematerialisation, Deng Xiaoping, deskilling, Dissolution of the Soviet Union, Donald Trump, Downton Abbey, Edward Glaeser, Erik Brynjolfsson, eurozone crisis, everywhere but in the productivity statistics, falling living standards, first square of the chessboard, first square of the chessboard / second half of the chessboard, Ford paid five dollars a day, Francis Fukuyama: the end of history, future of work, gig economy, global supply chain, global value chain, hydraulic fracturing, income inequality, indoor plumbing, industrial robot, intangible asset, interchangeable parts, Internet of things, inventory management, invisible hand, Jacquard loom, James Watt: steam engine, Jeff Bezos, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph-Marie Jacquard, knowledge economy, low skilled workers, lump of labour, Lyft, manufacturing employment, Marc Andreessen, mass immigration, means of production, new economy, performance metric, pets.com, price mechanism, quantitative easing, Ray Kurzweil, rent-seeking, reshoring, rising living standards, Robert Gordon, Ronald Coase, savings glut, Second Machine Age, secular stagnation, self-driving car, sharing economy, Silicon Valley, single-payer health, software is eating the world, supply-chain management, supply-chain management software, TaskRabbit, The Future of Employment, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, trade liberalization, transaction costs, Tyler Cowen: Great Stagnation, Uber and Lyft, Uber for X, very high income, working-age population

., The Mosaic of Economic Growth (Palo Alto, CA: Stanford University Press, 1995) Larson, Erik, The Devil in the White City: Murder, Magic and Madness at the Fair that Changed America (New York, NY: Crown Publishing Group, 2003) Mason, Paul, Postcapitalism: A Guide to Our Future (London: Allen Lane, 2015) Malthus, Thomas, An Essay on the Principle of Population (London: J. Johnson, 1798) Marx, Karl, and Engels, Friedrich, Manifesto of the Communist Party (1848) Milanovic, Branko, Global Inequality: A New Approach for the Age of Globalization (Cambridge, MA: Harvard University Press, 2016) Mokyr, Joel, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton, NJ: Princeton University Press, 2002) _____, The Lever of Riches: Technological Creativity and Economic Progress (Oxford: Oxford University Press, 1990) Moretti, Enrico, The New Geography of Jobs (New York, NY: Houghton Mifflin Harcourt, 2012) Murray, Charles, Coming Apart: The State of White America, 1960–2010 (New York, NY: Crown Publishing Group, 2012) Pickett, Kate, and Wilkinson, Richard, The Spirit Level: Why Greater Equality Makes Societies Stronger (London: Allen Lane, 2009) Piketty, Thomas, Capital in the Twenty-First Century (Cambridge, MA: Harvard University Press, 2014) Putnam, Robert, Bowling Alone: The Collapse and Revival of American Community (New York, NY: Simon & Schuster, 2001) Rifkin, Jeremy, The Zero Marginal Cost Society: The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism (London: Palgrave Macmillan, 2014) Rodrik, Dani, The Globalization Paradox: Democracy and the Future of the World Economy (Oxford: Oxford University Press, 2011) Saadia, Manu, Trekonomics: The Economics of Star Trek (San Francisco, CA: Pipertext, 2016) Shirky, Clay, Cognitive Surplus: Creativity and Generosity in a Connected Age (London: Allen Lane, 2010) Smith, Adam, An Inquiry into the Nature and Causes of the Wealth of Nations (London: W.

Paper Knowledge: Toward a Media History of Documents by Lisa Gitelman

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Andrew Keen, computer age, corporate governance, deskilling, Douglas Engelbart, Douglas Engelbart, East Village, en.wikipedia.org, information retrieval, Internet Archive, invention of movable type, Jaron Lanier, knowledge economy, Marshall McLuhan, Mikhail Gorbachev, national security letter, On the Economy of Machinery and Manufactures, optical character recognition, profit motive, QR code, RAND corporation, RFC: Request For Comment, Shoshana Zuboff, Silicon Valley, Steve Jobs, The Structural Transformation of the Public Sphere, Turing test, Works Progress Administration

Norton, 1850). 89. On the variable distance between authoring and publishing, see L. Jackson, “‘The Italics Are Mine,’ ” 41; Leon Jackson, The Business of Letters: Authorial Economies in Antebellum America (Stanford, CA: Stanford University Press, 2008). 90. See L. Jackson, “‘The Italics Are Mine.’” 91. Adrian Johns, “The Identity Engine: Printing and Publishing at the Beginning of the Knowledge Economy.” The role of publisher was in formation during the nineteenth century, as booksellers began to specialize in retail. 92. Thomas MacKellar, The American Printer: A Manual of Typography, Containing Complete Instructions for Beginners as Well as Practical Instructions for Managing Every Department of a Printing Office, 6th ed. (Philadelphia: MacKellar, Smiths and Jordan, 1871), 183. 93. Theodore Low DeVinne, Manual of Printing Office Practice (1883; reprint, New York: Ars Typographica, 1926). 94.


pages: 338 words: 92,465

Reskilling America: Learning to Labor in the Twenty-First Century by Katherine S. Newman, Hella Winston

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active measures, blue-collar work, collective bargaining, Computer Numeric Control, deindustrialization, desegregation, factory automation, interchangeable parts, invisible hand, job-hopping, knowledge economy, low skilled workers, performance metric, reshoring, Ronald Reagan, Silicon Valley, two tier labour market, union organizing, upwardly mobile, War on Poverty, Wolfgang Streeck, working poor

Ham, The Co-Education Mind and Hand, Monograph prepared for the New York College for the Training of Teachers, vol. 3, no. 4 (July) (New York: T. Laurie, 1890). 19.    Stephen F. Hamilton, Apprenticeship for Adulthood: Preparing Youth for the Future (New York: Free Press, 1990), 92. 20.    Claudia Goldin and Lawrence F. Katz, “Mass Secondary Schooling and the State: The Role of State Compulsion in the High School Movement,” in Understanding Long-Run Economic Growth: Geography, Institutions, and the Knowledge Economy, ed. Dora L. Costa and Naomi Lamoreaux, National Bureau of Economic Research (Chicago: University of Chicago Press, 2011). 21.    W. Norton Grubb and Marvin Lazerson, “Community Colleges Need to Build on Their Strengths,” Chronicle of Higher Education, Community Colleges, Special Supplement, October 29, 2004, http://web.monroecc.edu/Manila/webfiles/MCCMiddleStates/CommCollBuildStrength.pdf. 22.    


pages: 324 words: 93,175

The Upside of Irrationality: The Unexpected Benefits of Defying Logic at Work and at Home by Dan Ariely

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Alvin Roth, assortative mating, Burning Man, business process, cognitive dissonance, corporate governance, Daniel Kahneman / Amos Tversky, end world poverty, endowment effect, Exxon Valdez, first-price auction, Frederick Winslow Taylor, George Akerlof, happiness index / gross national happiness, Jean Tirole, job satisfaction, knowledge economy, knowledge worker, loss aversion, Peter Singer: altruism, placebo effect, Richard Thaler, Saturday Night Live, second-price auction, software as a service, The Wealth of Nations by Adam Smith, ultimatum game, Upton Sinclair, young professional

In today’s economy, as we move to jobs that require imagination, creativity, thinking, and round-the-clock engagement, Marx’s emphasis on alienation adds an important ingredient to the labor mix. I also suspect that Adam Smith’s emphasis on the efficiency in the division of labor was more relevant during his time, when the labor in question was based mostly on simple production, and is less relevant in today’s knowledge economy. From this perspective, division of labor, in my mind, is one of the dangers of work-based technology. Modern IT infrastructure allows us to break projects into very small, discrete parts and assign each person to do only one of the many parts. In so doing, companies run the risk of taking away employees’ sense of the big picture, purpose, and sense of completion. Highly divisible labor might be efficient if people were automatons, but, given the importance of internal motivation and meaning to our drive and productivity, this approach might backfire.


pages: 353 words: 91,211

The Shock of the Old: Technology and Global History Since 1900 by David Edgerton

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agricultural Revolution, anti-communist, British Empire, Computer Numeric Control, conceptual framework, creative destruction, deglobalization, dematerialisation, desegregation, deskilling, endogenous growth, global village, Haber-Bosch Process, interchangeable parts, knowledge economy, Mahatma Gandhi, manufacturing employment, means of production, megacity, microcredit, new economy, post-industrial society, Productivity paradox, Ronald Reagan, Silicon Valley, spinning jenny, Upton Sinclair, urban planning, V2 rocket

Observed by author, August 2003. 25. Young India, Gandhi, Man Vs. Machine. 26. M. K. Gandhi, Harijan, 13 April 1940; see http://web.mahatma.org.in. See also M. K. Gandhi, An Autobiography, Or the Story of My Experiments with Truth, trans by Mahadev Desai (Ahmedabad: Navajivan Publishing House, n.d.), pp. 407–14; facsimile online on http://web.mahatma.org.in. 27. Joel Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton: Princeton University Press, 2002), pp. 150–51. 28. John Ardagh, France, third edition (Harmondsworth: Penguin, 1977), p. 419. 29. Paul Ginsborg, A History of Contemporary Italy, 1943–1980 (London: Penguin, 1990), p. 29. 30. ‘Epameinondas’, proclamation cited in an archival source by Mark Mazower in his Inside Hitler’s Greece: the Experience of Occupation, 1941–1944 (London: Yale University Press, 1993), pp. 312–3. 31.


pages: 327 words: 90,542

The Age of Stagnation by Satyajit Das

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9 dash line, accounting loophole / creative accounting, additive manufacturing, Airbnb, Albert Einstein, Alfred Russel Wallace, Anton Chekhov, Asian financial crisis, banking crisis, Berlin Wall, bitcoin, Bretton Woods, BRICs, British Empire, business process, business process outsourcing, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Clayton Christensen, cloud computing, collaborative economy, colonial exploitation, computer age, creative destruction, cryptocurrency, currency manipulation / currency intervention, David Ricardo: comparative advantage, declining real wages, Deng Xiaoping, deskilling, disintermediation, Downton Abbey, Emanuel Derman, energy security, energy transition, eurozone crisis, financial innovation, financial repression, forward guidance, Francis Fukuyama: the end of history, full employment, gig economy, Gini coefficient, global reserve currency, global supply chain, Goldman Sachs: Vampire Squid, happiness index / gross national happiness, Honoré de Balzac, hydraulic fracturing, Hyman Minsky, illegal immigration, income inequality, income per capita, indoor plumbing, informal economy, Innovator's Dilemma, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, John Maynard Keynes: technological unemployment, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, labour mobility, light touch regulation, liquidity trap, Long Term Capital Management, low skilled workers, Lyft, Mahatma Gandhi, margin call, market design, Marshall McLuhan, Martin Wolf, Mikhail Gorbachev, mortgage debt, mortgage tax deduction, new economy, New Urbanism, offshore financial centre, oil shale / tar sands, oil shock, old age dependency ratio, open economy, passive income, peak oil, peer-to-peer lending, pension reform, Plutocrats, plutocrats, Ponzi scheme, Potemkin village, precariat, price stability, profit maximization, pushing on a string, quantitative easing, race to the bottom, Ralph Nader, Rana Plaza, rent control, rent-seeking, reserve currency, ride hailing / ride sharing, rising living standards, risk/return, Robert Gordon, Ronald Reagan, Satyajit Das, savings glut, secular stagnation, seigniorage, sharing economy, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, sovereign wealth fund, TaskRabbit, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the market place, the payments system, The Spirit Level, Thorstein Veblen, Tim Cook: Apple, too big to fail, total factor productivity, trade route, transaction costs, unpaid internship, Unsafe at Any Speed, Upton Sinclair, Washington Consensus, We are the 99%, WikiLeaks, Y2K, Yom Kippur War, zero-coupon bond, zero-sum game

The lack of public education facilities in many countries forces disadvantaged students to take out loans, leaving them deeply indebted. Poor health and chronic illnesses affect employability and the ability to complete educational and training courses. Lack or the high cost of childcare prevents participation in the workforce and the improving of skills. The digital divide exacerbates inequality. Lower income families frequently lack access to fast broadband connections, essential to participation in the knowledge economy. This deprives children of an essential educational tool. The gap in educational achievements between the children of higher and lower income families, measured by college enrolment and graduation rates, has increased. In part this reflects the lower quality of public education in some countries. Another factor is the extracurricular education that children from affluent families frequently receive, estimated at 6,000 hours per child in the US over the period of primary and secondary schooling.


pages: 606 words: 87,358

The Great Convergence: Information Technology and the New Globalization by Richard Baldwin

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3D printing, additive manufacturing, Admiral Zheng, agricultural Revolution, air freight, Amazon Mechanical Turk, Berlin Wall, bilateral investment treaty, Branko Milanovic, buy low sell high, call centre, Columbian Exchange, commoditize, Commodity Super-Cycle, David Ricardo: comparative advantage, deindustrialization, domestication of the camel, Edward Glaeser, endogenous growth, Erik Brynjolfsson, financial intermediation, George Gilder, global supply chain, global value chain, Henri Poincaré, imperial preference, industrial cluster, industrial robot, intangible asset, invention of agriculture, invention of the telegraph, investor state dispute settlement, Isaac Newton, Islamic Golden Age, James Dyson, knowledge economy, knowledge worker, Lao Tzu, low skilled workers, market fragmentation, mass immigration, Metcalfe’s law, New Economic Geography, out of africa, paper trading, Paul Samuelson, Pax Mongolica, profit motive, rent-seeking, reshoring, Richard Florida, rising living standards, Robert Metcalfe, Second Machine Age, Simon Kuznets, Skype, Snapchat, Stephen Hawking, telepresence, telerobotics, The Wealth of Nations by Adam Smith, trade liberalization, trade route, Washington Consensus

One of the most persistent predictors of urban growth over the last century is the skill level of a city. The reason people gather even as manufacturing scatters is that high-skill jobs in the tradable sector tend to be subject to more face-to-face demands as well as agglomeration economies (discussed in Chapter 6). In writing about the United States, Enrico Moretti explains the agglomeration forces as follows: “More than traditional industries, the knowledge economy has an inherent tendency towards geographical agglomeration.… The success of a city fosters more success as communities that can attract skilled workers and goods jobs tend to attract even more. Communities that fail to attract skilled workers lose further ground.” The Netherlands is one government that has seized on this line of thinking. The result, written up by the Netherlands Bureau for Economic Policy Analysis in its report, The Netherlands of 2040, suggests that ICT advances are leading to a spikier work landscape.


pages: 309 words: 86,909

The Spirit Level: Why Greater Equality Makes Societies Stronger by Richard Wilkinson; Kate Pickett

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basic income, Berlin Wall, clean water, Diane Coyle, epigenetics, experimental economics, experimental subject, Fall of the Berlin Wall, full employment, germ theory of disease, Gini coefficient, God and Mammon, impulse control, income inequality, Intergovernmental Panel on Climate Change (IPCC), knowledge economy, labor-force participation, land reform, Louis Pasteur, meta analysis, meta-analysis, Milgram experiment, moral panic, offshore financial centre, phenotype, Plutocrats, plutocrats, profit maximization, profit motive, Ralph Waldo Emerson, statistical model, The Chicago School, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, ultimatum game, upwardly mobile, World Values Survey, zero-sum game

RUNNING WITH THE TECHNOLOGICAL TIDE In her book, The Weightless World, Diane Coyle points out that although people in most industrialized countries experienced something like a twentyfold increase in their real incomes during the twentieth century, the weight of all that was produced at the end of the century was roughly the same as it had been at the beginning.396 She also says that the average weight of one dollar’s worth of US exports (adjusted for inflation) fell by a half between 1990 and 1996. While the trend towards ‘weightlessness’ is partly a reflection of the growth of the service sector and the ‘knowledge’ economy, it is also a reflection of changing technology and the trend towards miniaturization. That so much of modern consumption is actually lighter on the use of material resources than it was, is presumably good news for the environment. But the underlying nature of the changes contributing to weightlessness may also have important implications for equality. Introductory economics courses teach students the distinction between the ‘fixed’ costs of production on the one hand, and ‘marginal’ or variable costs on the other.


pages: 831 words: 98,409

SUPERHUBS: How the Financial Elite and Their Networks Rule Our World by Sandra Navidi

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activist fund / activist shareholder / activist investor, assortative mating, bank run, barriers to entry, Bernie Sanders, Black Swan, Bretton Woods, butterfly effect, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, cognitive bias, collapse of Lehman Brothers, collateralized debt obligation, commoditize, conceptual framework, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, diversification, East Village, Elon Musk, eurozone crisis, family office, financial repression, Gini coefficient, glass ceiling, Goldman Sachs: Vampire Squid, Google bus, Gordon Gekko, haute cuisine, high net worth, hindsight bias, income inequality, index fund, intangible asset, Jaron Lanier, John Meriwether, Kenneth Arrow, Kenneth Rogoff, knowledge economy, London Whale, Long Term Capital Management, Mark Zuckerberg, mass immigration, McMansion, mittelstand, money market fund, Myron Scholes, NetJets, Network effects, offshore financial centre, old-boy network, Parag Khanna, Paul Samuelson, peer-to-peer, performance metric, Peter Thiel, Plutocrats, plutocrats, Ponzi scheme, quantitative easing, Renaissance Technologies, rent-seeking, reserve currency, risk tolerance, Robert Gordon, Robert Shiller, Robert Shiller, rolodex, Satyajit Das, shareholder value, Silicon Valley, sovereign wealth fund, Stephen Hawking, Steve Jobs, The Future of Employment, The Predators' Ball, too big to fail, women in the workforce, young professional

We all begin our professional lives with our own personal human capital, but at a certain level executives are expected to cultivate wide and deep professional networks. Relational capital is an intangible asset that reflects the value inherent in a person’s relationships. The more high-level the relationships and the greater their strength, the more valuable the “relational capital”. It is a prized asset, because in a knowledge economy where almost everything can be replicated, a person’s relationships are unique. “Relational capital” creates “network capital,” which increases the “return on relationships.” An executive’s relational capital is considered most valuable, because it expands the institution’s own network and, thus, its profitability. Particularly in view of globalization, networks have become a distinct area of competition.


pages: 275 words: 84,980

Before Babylon, Beyond Bitcoin: From Money That We Understand to Money That Understands Us (Perspectives) by David Birch

agricultural Revolution, Airbnb, bank run, banks create money, bitcoin, blockchain, Bretton Woods, British Empire, Broken windows theory, Burning Man, capital controls, cashless society, Clayton Christensen, clockwork universe, creative destruction, credit crunch, cross-subsidies, crowdsourcing, cryptocurrency, David Graeber, dematerialisation, Diane Coyle, distributed ledger, double entry bookkeeping, ethereum blockchain, facts on the ground, fault tolerance, fiat currency, financial exclusion, financial innovation, financial intermediation, floating exchange rates, Fractional reserve banking, index card, informal economy, Internet of things, invention of the printing press, invention of the telegraph, invention of the telephone, invisible hand, Irish bank strikes, Isaac Newton, Jane Jacobs, Kenneth Rogoff, knowledge economy, Kuwabatake Sanjuro: assassination market, large denomination, M-Pesa, market clearing, market fundamentalism, Marshall McLuhan, Martin Wolf, mobile money, money: store of value / unit of account / medium of exchange, new economy, Northern Rock, Pingit, prediction markets, price stability, QR code, quantitative easing, railway mania, Ralph Waldo Emerson, Real Time Gross Settlement, reserve currency, Satoshi Nakamoto, seigniorage, Silicon Valley, smart contracts, social graph, special drawing rights, technoutopianism, the payments system, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, wage slave, Washington Consensus, wikimedia commons

The time traveller at the centre of the narrative is told by his host in the modern era, the good Doctor Lette, that cash no longer exists. Instead, the populace use ‘credit cards’.* This strikes me as rather unusual for a utopian vision since, as Nigel Dodd observes (Dodd 2014), utopias from Plato’s Republic to Star Trek don’t seem to include money at all, never mind chip and PIN. While the author does not talk about phones, the Internet, aeroplanes or the knowledge economy, he does make a couple more insightful predictions about the evolution of money. When talking about an American going to visit Berlin, the good doctor notes how convenient it is to use cards instead of foreign currency: ‘An American credit card,’ replied Dr Lette, ‘is just as good as American gold used to be’. What an excellent description of the world after the end of the gold standard.


The Metropolitan Revolution: How Cities and Metros Are Fixing Our Broken Politics and Fragile Economy by Bruce Katz, Jennifer Bradley

3D printing, additive manufacturing, Affordable Care Act / Obamacare, British Empire, business climate, carbon footprint, clean water, cleantech, collapse of Lehman Brothers, deindustrialization, demographic transition, desegregation, double entry bookkeeping, edge city, Edward Glaeser, global supply chain, immigration reform, income inequality, industrial cluster, intermodal, Jane Jacobs, jitney, Kickstarter, knowledge economy, lone genius, Mark Zuckerberg, Masdar, megacity, Menlo Park, Moneyball by Michael Lewis explains big data, Network effects, new economy, New Urbanism, Occupy movement, place-making, postindustrial economy, purchasing power parity, race to the bottom, Richard Florida, Shenzhen was a fishing village, Silicon Valley, smart cities, smart grid, sovereign wealth fund, the built environment, The Death and Life of Great American Cities, the market place, The Spirit Level, Tony Hsieh, too big to fail, trade route, transit-oriented development, urban planning, white flight

Research Triangle Foundation, “Research Triangle Park: Master Plan.” 61. DePillis, “Dinosaur Makeover.” 62. Michael B. Farrell, “Cambridge Innovation Center Branches Out: KendallBased Operation Looks beyond Massachusetts,” Boston.com, February 17, 2013 (www.boston.com/business/innovation/2013/02/18/cambridge-innovation-centerbranches-out/cZS4M9PWbSSJUSGsz8AgsO/story.html). 63. Pete Engardio, “Research Parks for the Knowledge Economy,” Bloomberg Businessweek, June 1, 2009. 64. The information on 22@Barcelona draws from the 2011 internal memorandum prepared by Julie Wagner. See also Katz and Bradley, “Michigan’s Urban and Metropolitan Strategy.” 65. Urban Land Institute, “Value Capture Finance: Making Urban Development Pay Its Way” (2009). 66. “Map of the 22@ District,” 22@Barcelona, 2006 (www.22barcelona. com/10x22barcelona/planol/?


pages: 602 words: 120,848

Winner-Take-All Politics: How Washington Made the Rich Richer-And Turned Its Back on the Middle Class by Paul Pierson, Jacob S. Hacker

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accounting loophole / creative accounting, active measures, affirmative action, asset allocation, barriers to entry, Bonfire of the Vanities, business climate, carried interest, Cass Sunstein, clean water, collective bargaining, corporate governance, Credit Default Swap, David Brooks, desegregation, employer provided health coverage, financial deregulation, financial innovation, financial intermediation, fixed income, full employment, Home mortgage interest deduction, Howard Zinn, income inequality, invisible hand, knowledge economy, laissez-faire capitalism, Martin Wolf, medical bankruptcy, moral hazard, Nate Silver, new economy, night-watchman state, offshore financial centre, oil shock, Powell Memorandum, Ralph Nader, Ronald Reagan, shareholder value, Silicon Valley, The Wealth of Nations by Adam Smith, too big to fail, trickle-down economics, union organizing, very high income, War on Poverty, winner-take-all economy, women in the workforce

This transformation has made formal education and advanced skills much more valuable, fueling a growing divide between the highly educated and the rest of American workers. In some versions of the argument, skill-biased technological change is driven by computers and the Internet. In others, the main culprit is the failure of the educational advancement of most workers to keep pace with the growing skill demands of a global knowledge economy.35 The account of the crime, however, is the same: SBTC did it. There are just two problems: SBTC isn’t even charged with the right crime. And the suspect has an alibi. Why Educational Gaps Can’t Explain American Top-Heavy Inequality If there is an Exhibit A in the case that SBTC did it, it is the rising “college wage premium”—the extra amount that college graduates earn relative to their less educated peers.


pages: 476 words: 132,042

What Technology Wants by Kevin Kelly

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Albert Einstein, Alfred Russel Wallace, Buckminster Fuller, c2.com, carbon-based life, Cass Sunstein, charter city, Clayton Christensen, cloud computing, computer vision, Danny Hillis, dematerialisation, demographic transition, double entry bookkeeping, Douglas Engelbart, en.wikipedia.org, Exxon Valdez, George Gilder, gravity well, hive mind, Howard Rheingold, interchangeable parts, invention of air conditioning, invention of writing, Isaac Newton, Jaron Lanier, John Conway, John Markoff, John von Neumann, Kevin Kelly, knowledge economy, Lao Tzu, life extension, Louis Daguerre, Marshall McLuhan, megacity, meta analysis, meta-analysis, new economy, off grid, out of africa, performance metric, personalized medicine, phenotype, Picturephone, planetary scale, RAND corporation, random walk, Ray Kurzweil, recommendation engine, refrigerator car, Richard Florida, Rubik’s Cube, Silicon Valley, silicon-based life, Skype, speech recognition, Stephen Hawking, Steve Jobs, Stewart Brand, Ted Kaczynski, the built environment, the scientific method, Thomas Malthus, Vernor Vinge, wealth creators, Whole Earth Catalog, Y2K

It is not as if life and mind were simply embedded in the nature of matter and energy; but rather, life and mind emerged out of the constraints to transcend them. Physicist Paul Davies summarizes it well: “The secret of life does not lie in its chemical basis. . . . Life succeeds precisely because it evades chemical imperatives.” Our present economic migration from a material-based industry to a knowledge economy of intangible goods (such as software, design, and media products) is just the latest in a steady move toward the immaterial. (Not that material processing has let up, just that intangible processing is now more economically valuable.) Richard Fisher, president of the Federal Reserve Bank of Dallas, says, “Data from nearly all parts of the world show us that consumers tend to spend relatively less on goods and more on services as their incomes rise. . . .


pages: 471 words: 124,585

The Ascent of Money: A Financial History of the World by Niall Ferguson

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Admiral Zheng, Andrei Shleifer, Asian financial crisis, asset allocation, asset-backed security, Atahualpa, bank run, banking crisis, banks create money, Black Swan, Black-Scholes formula, Bonfire of the Vanities, Bretton Woods, BRICs, British Empire, capital asset pricing model, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, collateralized debt obligation, colonial exploitation, commoditize, Corn Laws, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, Daniel Kahneman / Amos Tversky, deglobalization, diversification, diversified portfolio, double entry bookkeeping, Edmond Halley, Edward Glaeser, Edward Lloyd's coffeehouse, financial innovation, financial intermediation, fixed income, floating exchange rates, Fractional reserve banking, Francisco Pizarro, full employment, German hyperinflation, Hernando de Soto, high net worth, hindsight bias, Home mortgage interest deduction, Hyman Minsky, income inequality, information asymmetry, interest rate swap, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, iterative process, John Meriwether, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, knowledge economy, labour mobility, Landlord’s Game, liberal capitalism, London Interbank Offered Rate, Long Term Capital Management, market bubble, market fundamentalism, means of production, Mikhail Gorbachev, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, mortgage tax deduction, Myron Scholes, Naomi Klein, negative equity, Nick Leeson, Northern Rock, Parag Khanna, pension reform, price anchoring, price stability, principal–agent problem, probability theory / Blaise Pascal / Pierre de Fermat, profit motive, quantitative hedge fund, RAND corporation, random walk, rent control, rent-seeking, reserve currency, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, seigniorage, short selling, Silicon Valley, South Sea Bubble, sovereign wealth fund, spice trade, structural adjustment programs, technology bubble, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Bayes, Thomas Malthus, Thorstein Veblen, too big to fail, transaction costs, value at risk, Washington Consensus, Yom Kippur War

For a more sceptical view of China’s position in 1700, see inter alia Angus Maddison, The World Economy: A Millennial Perspective (Paris, 2001). 5 Calculated from the estimates for per capita gross domestic product in Maddison, World Economy, table B-21. 6 Pomeranz, Great Divergence. 7 Among the most important recent works on the subject are Eric Jones, The European Miracle: Environments, Economies and Geopolitics in the History of Europe and Asia (Cambridge, 1981); David S. Landes, The Wealth and Poverty of Nations: Why Some are So Rich and Some So Poor (New York, 1998); Joel Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton, 2002); Gregory Clark, A Farewell to Alms: A Brief Economic History of the World (Princeton, 2007). 8 William N. Goetzmann, ‘Fibonacci and the Financial Revolution’, NBER Working Paper 10352 (March 2004). 9 William N. Goetzmann, Andrey D. Ukhov and Ning Zhu, ‘China and the World Financial Markets, 1870-1930: Modern Lessons from Historical Globalization’, Economic History Review (forthcoming). 10 Nicholas Crafts, ‘Globalisation and Growth in the Twentieth Century’, International Monetary Fund Working Paper, 00/44 (March 2000).


pages: 443 words: 112,800

The Third Industrial Revolution: How Lateral Power Is Transforming Energy, the Economy, and the World by Jeremy Rifkin

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3D printing, additive manufacturing, Albert Einstein, barriers to entry, borderless world, carbon footprint, centre right, collaborative consumption, collaborative economy, Community Supported Agriculture, corporate governance, decarbonisation, distributed generation, en.wikipedia.org, energy security, energy transition, global supply chain, hydrogen economy, income inequality, industrial cluster, informal economy, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, job automation, knowledge economy, manufacturing employment, marginal employment, Martin Wolf, Masdar, megacity, Mikhail Gorbachev, new economy, off grid, oil shale / tar sands, oil shock, open borders, peak oil, Ponzi scheme, post-oil, purchasing power parity, Ray Kurzweil, Ronald Reagan, Silicon Valley, Simon Kuznets, Skype, smart grid, smart meter, Spread Networks laid a new fibre optics cable between New York and Chicago, supply-chain management, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, transaction costs, trickle-down economics, urban planning, urban renewal, Yom Kippur War, Zipcar

Industrious by nature, entrepreneurial in spirit, and pragmatic to a fault, this small province, tucked into the hinterland of the Netherlands, is a no-nonsense place where business rules the day. The province is one of the fastest-growing regions in the European Union. Unemployment is low, the standard of living is relatively high, and the region boasts a world-class university, which makes it a critical hub in the European knowledge economy. Unlike some of the other jurisdictions we worked with, Utrecht doesn’t suffer from a lack of planning. They have plans up the wazoo—ten-year plans, twenty-year plans, which are worked out in the kind of detail one rarely sees at a provincial governing level. I suspect that people who have had to keep ahead of the flood waters for centuries have the planning instinct indelibly imprinted into their collective DNA.


pages: 550 words: 154,725

The Idea Factory: Bell Labs and the Great Age of American Innovation by Jon Gertner

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Albert Einstein, back-to-the-land, Black Swan, business climate, Claude Shannon: information theory, Clayton Christensen, complexity theory, corporate governance, cuban missile crisis, Edward Thorp, horn antenna, Hush-A-Phone, information retrieval, invention of the telephone, James Watt: steam engine, Karl Jansky, knowledge economy, Leonard Kleinrock, Metcalfe’s law, Nicholas Carr, Norbert Wiener, Picturephone, Richard Feynman, Richard Feynman, Robert Metcalfe, Sand Hill Road, Silicon Valley, Skype, Steve Jobs, Telecommunications Act of 1996, traveling salesman, uranium enrichment, William Shockley: the traitorous eight

A more typical example: During John Pierce’s first week of work at the Labs he was directed to visit Philo Farnsworth’s television shop in Manhattan to see if there was anything useful to license for the telephone company. Nothing that day caught Pierce’s interest. 13 For a thorough examination of Terman’s work on the New Jersey innovation hub, see Stephen B. Adams, “Stanford University and Frederick Terman’s Blueprint for Innovation in the Knowledge Economy,” in Sally H. Clarke, Naomi R. Lamoreaux, and Steven W. Usselman, eds., The Challenge of Remaining Innovative: Insights from Twentieth-Century American Business (Stanford, CA: Stanford Business Books, 2009). 14 “An Interview of Dr. J. R. Pierce by Mr. Lincoln Barnett for the American Telephone & Telegraph Company,” February 13, 1963. AT&T archives. 15 Claude Shannon, oral history conducted in July 1982 by Robert Price, IEEE History Center, New Brunswick, NJ. 16 Dick Frenkiel also made the case, as did many others I interviewed, that present telecommunications and Internet costs would likely be higher had the Bell System remained intact.


pages: 561 words: 114,843

Startup CEO: A Field Guide to Scaling Up Your Business, + Website by Matt Blumberg

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activist fund / activist shareholder / activist investor, airport security, Albert Einstein, bank run, Broken windows theory, crowdsourcing, deskilling, fear of failure, high batting average, high net worth, hiring and firing, Inbox Zero, James Hargreaves, Jeff Bezos, job satisfaction, Kickstarter, knowledge economy, knowledge worker, Lean Startup, Mark Zuckerberg, minimum viable product, pattern recognition, performance metric, pets.com, rolodex, Rubik’s Cube, shareholder value, Silicon Valley, Skype

Finally, I’m not sure I’d be nearly as successful of a CEO or grounded a person as I have been without Mariquita, the love of my life and my best and most reliable sounding board throughout the life of the business. ABOUT THE AUTHOR Matt Blumberg founded Return Path in 1999 because he believed the world needed email to work better and because he wanted to build a model workplace for the knowledge economy. Matt is passionate about enhancing the online relationship between email subscribers and marketers so that both sides of the equation benefit. It is with great pride that he has watched this initial creation grow to a company of more than 400 employees with the market-leading brand, innovative products and the email industry’s most renowned experts. Return Path has also been rated among “The Best Places to Work” by Crain’s New York Business and Fortune magazine.


pages: 372 words: 152

The End of Work by Jeremy Rifkin

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banking crisis, Bertrand Russell: In Praise of Idleness, blue-collar work, cashless society, collective bargaining, computer age, deskilling, Dissolution of the Soviet Union, employer provided health coverage, Erik Brynjolfsson, full employment, future of work, general-purpose programming language, George Gilder, global village, hiring and firing, informal economy, interchangeable parts, invention of the telegraph, Jacques de Vaucanson, job automation, John Maynard Keynes: technological unemployment, knowledge economy, knowledge worker, land reform, low skilled workers, means of production, new economy, New Urbanism, Paul Samuelson, pink-collar, post-industrial society, Productivity paradox, Richard Florida, Ronald Reagan, Silicon Valley, speech recognition, strikebreaker, technoutopianism, Thorstein Veblen, Toyota Production System, trade route, trickle-down economics, women in the workforce, working poor, working-age population, Works Progress Administration

For the past nine months Sultan has been working for the Federal Deposit Insurance Corporation as a temporary financial analyst, making $21 an hour. While he enjoys his current job, he worries constantly about whether he will have a job to report to tomorrow morning. "It's worse than being out of work," says Sultan. "You can't even make plans for the future."43 Even scientists, who, by virtue of their expertise, are widely thought to be immune to job insecurity in the high-tech knowledge economy are being reduced to temp work. On Assignment Inc, a temporary agency specializing in leasing scientists to companies ranging from Johnson & Johnson to Miller Brewing Company, has more than 1,100 chemists, microbiologists, and lab technicians ready to lease around the country. Recently Frito Lay requested a college-trained technician to test the crunchiness of its newest tortilla chip and was sent one of On Assignment's professional technicians within fortyeight hours-saving the company the cost of hiring a full-time permanent employee for the job. 44 The federal government has begun to follow the lead of the private sector, replacing more and more full-time civil servants with temps to save on overhead and operating costs.


pages: 374 words: 114,660

The Great Escape: Health, Wealth, and the Origins of Inequality by Angus Deaton

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Admiral Zheng, agricultural Revolution, Branko Milanovic, BRICs, British Empire, call centre, clean water, colonial exploitation, Columbian Exchange, creative destruction, declining real wages, Downton Abbey, end world poverty, financial innovation, germ theory of disease, Gini coefficient, illegal immigration, income inequality, invention of agriculture, invisible hand, John Snow's cholera map, knowledge economy, Louis Pasteur, low skilled workers, new economy, purchasing power parity, randomized controlled trial, rent-seeking, rising living standards, Ronald Reagan, Simon Kuznets, Steve Jobs, Steven Pinker, structural adjustment programs, The Spirit Level, too big to fail, trade route, very high income, War on Poverty

Alfredo Morabia, 2007, “Epidemiologic interactions, complexity, and the lonesome death of Max von Pettenkofer,” American Journal of Epidemiology 166(11): 1233–38. 32. Simon Szreter, 1988, “The importance of social intervention in Britain’s mortality decline c. 1850–1914: A reinterpretation of the role of public health,” Social History of Medicine 1(1): 1–36. 33. Tomes, The gospel of germs, and Joel Mokyr, The gifts of Athena: Historical origins of the knowledge economy, Princeton University Press. 34. Samuel J. Preston and Michael Haines, 1991, Fatal years: Child mortality in late nine