knowledge economy

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pages: 268 words: 75,490

The Knowledge Economy by Roberto Mangabeira Unger

additive manufacturing, adjacent possible, balance sheet recession, business cycle, collective bargaining, commoditize, deindustrialization, disruptive innovation, first-past-the-post, full employment, global value chain, information asymmetry, knowledge economy, market fundamentalism, means of production, Paul Samuelson, Phillips curve, post-Fordism, radical decentralization, savings glut, secular stagnation, side project, tacit knowledge, total factor productivity, transaction costs, union organizing, wealth creators

THE KNOWLEDGE ECONOMY THE KNOWLEDGE ECONOMY Roberto Mangabeira Unger First published in English by Verso 2019 © Roberto Mangabeira Unger 2019 All rights reserved The moral rights of the author have been asserted 1 3 5 7 9 10 8 6 4 2 Verso UK: 6 Meard Street, London W1F 0EG US: 20 Jay Street, Suite 1010, Brooklyn, NY 11201 versobooks.com Verso is the imprint of New Left Books ISBN-13: 978-1-78873-497-4 ISBN-13: 978-1-78873-500-1 (US EBK) ISBN-13: 978-1-78873-499-8 (UK EBK) British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data A catalog record for this book is available from the Library of Congress Typeset in Minion Pro by Hewer Text UK Ltd, Edinburgh Printed in the US by Maple Press Contents 1.The Most Advanced Practice of Production 2.The Knowledge Economy: Its Characteristics Described at the Level of Management and Production Engineering 3.The Deep Structure of the Knowledge Economy: Relaxing or Reversing the Constraint of Diminishing Marginal Returns 4.The Deep Structure of the Knowledge Economy: Production, Imagination, and Cooperation 5.The Deep Structure of the Knowledge Economy: Trust, Discretion, and the Moral Culture of Production 6.The Confinement of the Knowledge Economy: The Fact and the Riddle 7.Pseudo-Vanguardism and Hyper-Insularity 8.Precarious Employment 9.The Confinement of the Knowledge Economy: The Consequences for Economic Stagnation and Inequality 10.The Confinement of the Knowledge Economy: The Beginning of an Explanation 11.Making the Knowledge Economy Inclusive: The Cognitive-Educational Requirements 12.Making the Knowledge Economy Inclusive: The Social-Moral Requirements 13.Making the Knowledge Economy Inclusive: The Legal-Institutional Requirements 14.Background Incitements: Generalized Experimentalism and High-Energy Democracy 15.Inclusive Vanguardism and the Dilemma of Economic Development 16.Inclusive Vanguardism and the Political Economy of the Rich Countries 17.Growth, Crisis, and Successive Breakthroughs of the Constraints on Supply and Demand: The Larger Economic Meaning of Inclusive Vanguardism The enigma of supply and demand Contrast to Keynes’s teaching The spectrum of breakthroughs in the constraints on demand The spectrum of breakthroughs in the constraints on supply 18.Economics and the Knowledge Economy The imperative of structural vision The large-scale history of social and economic thought: truncating and evading structural vision Reckoning with post-marginalist economics: the disconnection between theory and empiricism Reckoning with post-marginalist economics: the deficit of institutional imagination Reckoning with post-marginalist economics: the theory of production subordinated to the theory of exchange Reckoning with post-marginalist economics: the lack of an account of the diversity of the material from which competitive selection selects Uses and limits of Keynes’s heresy Uses and limits of the example provided by pre-marginalist economics Two ways to develop the needed ideas: from within the established economics and from outside it 19.The Higher Purpose of the Inclusive Knowledge Economy Index 1.

THE KNOWLEDGE ECONOMY THE KNOWLEDGE ECONOMY Roberto Mangabeira Unger First published in English by Verso 2019 © Roberto Mangabeira Unger 2019 All rights reserved The moral rights of the author have been asserted 1 3 5 7 9 10 8 6 4 2 Verso UK: 6 Meard Street, London W1F 0EG US: 20 Jay Street, Suite 1010, Brooklyn, NY 11201 versobooks.com Verso is the imprint of New Left Books ISBN-13: 978-1-78873-497-4 ISBN-13: 978-1-78873-500-1 (US EBK) ISBN-13: 978-1-78873-499-8 (UK EBK) British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data A catalog record for this book is available from the Library of Congress Typeset in Minion Pro by Hewer Text UK Ltd, Edinburgh Printed in the US by Maple Press Contents 1.The Most Advanced Practice of Production 2.The Knowledge Economy: Its Characteristics Described at the Level of Management and Production Engineering 3.The Deep Structure of the Knowledge Economy: Relaxing or Reversing the Constraint of Diminishing Marginal Returns 4.The Deep Structure of the Knowledge Economy: Production, Imagination, and Cooperation 5.The Deep Structure of the Knowledge Economy: Trust, Discretion, and the Moral Culture of Production 6.The Confinement of the Knowledge Economy: The Fact and the Riddle 7.Pseudo-Vanguardism and Hyper-Insularity 8.Precarious Employment 9.The Confinement of the Knowledge Economy: The Consequences for Economic Stagnation and Inequality 10.The Confinement of the Knowledge Economy: The Beginning of an Explanation 11.Making the Knowledge Economy Inclusive: The Cognitive-Educational Requirements 12.Making the Knowledge Economy Inclusive: The Social-Moral Requirements 13.Making the Knowledge Economy Inclusive: The Legal-Institutional Requirements 14.Background Incitements: Generalized Experimentalism and High-Energy Democracy 15.Inclusive Vanguardism and the Dilemma of Economic Development 16.Inclusive Vanguardism and the Political Economy of the Rich Countries 17.Growth, Crisis, and Successive Breakthroughs of the Constraints on Supply and Demand: The Larger Economic Meaning of Inclusive Vanguardism The enigma of supply and demand Contrast to Keynes’s teaching The spectrum of breakthroughs in the constraints on demand The spectrum of breakthroughs in the constraints on supply 18.Economics and the Knowledge Economy The imperative of structural vision The large-scale history of social and economic thought: truncating and evading structural vision Reckoning with post-marginalist economics: the disconnection between theory and empiricism Reckoning with post-marginalist economics: the deficit of institutional imagination Reckoning with post-marginalist economics: the theory of production subordinated to the theory of exchange Reckoning with post-marginalist economics: the lack of an account of the diversity of the material from which competitive selection selects Uses and limits of Keynes’s heresy Uses and limits of the example provided by pre-marginalist economics Two ways to develop the needed ideas: from within the established economics and from outside it 19.The Higher Purpose of the Inclusive Knowledge Economy Index 1.

The moral background to the knowledge economy is not just a circumstance that is either present or absent, and in either event beyond the reach of deliberate action and programmatic intent. Where this background is missing, collective action can create it. 6. The Confinement of the Knowledge Economy: The Fact and the Riddle Throughout the world the knowledge economy remains restricted to insular vanguards: advanced manufacturing, knowledge-intensive services (often associated with advanced manufacturing), and precision, scientific agriculture. Even as the knowledge economy has lost its exclusive association with industry, it has remained, in each sector, a fringe.


pages: 550 words: 124,073

Democracy and Prosperity: Reinventing Capitalism Through a Turbulent Century by Torben Iversen, David Soskice

Andrei Shleifer, assortative mating, augmented reality, barriers to entry, Big Tech, Bretton Woods, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, centre right, clean tech, cloud computing, collateralized debt obligation, collective bargaining, colonial rule, confounding variable, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, deskilling, Donald Trump, first-past-the-post, full employment, general purpose technology, gentrification, Gini coefficient, hiring and firing, implied volatility, income inequality, industrial cluster, inflation targeting, invisible hand, knowledge economy, labor-force participation, liberal capitalism, low skilled workers, low-wage service sector, means of production, middle-income trap, mirror neurons, mittelstand, Network effects, New Economic Geography, new economy, New Urbanism, non-tariff barriers, Occupy movement, offshore financial centre, open borders, open economy, passive investing, precariat, race to the bottom, radical decentralization, rent-seeking, RFID, road to serfdom, Robert Bork, Robert Gordon, Silicon Valley, smart cities, speech recognition, tacit knowledge, The Future of Employment, The Great Moderation, The Rise and Fall of American Growth, the strength of weak ties, too big to fail, trade liberalization, union organizing, urban decay, vertical integration, Washington Consensus, winner-take-all economy, working-age population, World Values Survey, young professional, zero-sum game

By this token, when some families are blocked from experiencing upward mobility they tend to react politically against the system, which we see as the root cause of populism. For reasons we will spell out below (and in detail in chapters 3–5), the transition to the knowledge economy has produced blockages, and this raises the question of whether populism is a threat to advanced democracy.10 We think not. The reasons are discussed in detail in chapter 5, but the most fundamental in our view is that those benefiting from the knowledge economy have an obvious incentive to make sure that a solid majority will continue to feel included in, and benefit from, the knowledge economy in the future. That said, we do not want to minimize the challenges of potentially creating a large left-behind minority who feel alienated from society and democratic institutions.

The shift did not originate with business or unions or think tanks or the intelligentsia—it originated with broad electoral discontent with the stagnation of the French economy and the emergence of a political entrepreneur with a message of hope, reform, and economic progress (in contrast to Le Pen). 4.5. The Socioeconomic Construction of the Knowledge Economy In this section we move from the macropolitical level to the microlevel of production and social organization and show in greater detail how the knowledge economy has been constructed from bottom-up. We will concentrate on the formation of skill-clusters, which are the backbone of the new knowledge economy, and will show how these clusters have been formed around decentralized social and economic networks, which are concentrated in the advancing cities with few linkages to small towns or rural areas. 4.5.1 CHANGING SKILL SETS Fundamental to our analysis of the development of the knowledge economy, as well as to the reactive development of populism, has been the dramatic changes in skill sets described in the previous sections.

It is no surprise that such sentiments are particularly strong in the aftermath of major economic crises, which ACDs are not immune to. 5 The Politics of the Knowledge Economy and the Rise of Populism In this chapter we consider what we (paraphrasing Hall) in chapter 3 called “second-order” effects of the transition to the knowledge economy. By this we mean the set of preferences, beliefs, and party allegiances that are crystallizing as a consequence of the political-economic realities brought about by the knowledge economy. In chapter 3 we considered “first-order” effects—immediate policy responses reflecting existing political coalitions—and we saw that these responses were relatively limited and in most countries failed to offer much compensation for those who lost out in the collapse of the Fordist economy.


pages: 209 words: 80,086

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

active measures, affirmative action, An Inconvenient Truth, barriers to entry, Branko Milanovic, BRICs, business process, business process outsourcing, call centre, classic study, collective bargaining, corporate governance, creative destruction, credit crunch, David Ricardo: comparative advantage, deindustrialization, deskilling, disruptive innovation, Dutch auction, Ford Model T, Frederick Winslow Taylor, full employment, future of work, glass ceiling, global supply chain, Great Leap Forward, immigration reform, income inequality, industrial cluster, industrial robot, intangible asset, job automation, Jon Ronson, Joseph Schumpeter, knowledge economy, knowledge worker, low skilled workers, manufacturing employment, market bubble, market design, meritocracy, 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, shared worldview, shareholder value, Silicon Valley, sovereign wealth fund, stem cell, tacit knowledge, tech worker, 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, vertical integration, 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.

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?

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.


Fortunes of Change: The Rise of the Liberal Rich and the Remaking of America by David Callahan

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, affirmative action, Albert Einstein, American Legislative Exchange Council, An Inconvenient Truth, automated trading system, benefit corporation, Bernie Sanders, Big Tech, Bonfire of the Vanities, book value, carbon credits, carbon footprint, carbon tax, Carl Icahn, carried interest, clean water, corporate social responsibility, David Brooks, demographic transition, desegregation, don't be evil, Donald Trump, Douglas Engelbart, Douglas Engelbart, Edward Thorp, financial deregulation, financial engineering, financial independence, global village, Gordon Gekko, greed is good, Herbert Marcuse, high net worth, income inequality, Irwin Jacobs: Qualcomm, Jeff Bezos, John Bogle, John Markoff, Kickstarter, knowledge economy, knowledge worker, Larry Ellison, Marc Andreessen, Mark Zuckerberg, market fundamentalism, medical malpractice, mega-rich, Mitch Kapor, Naomi Klein, NetJets, new economy, offshore financial centre, Peter Thiel, plutocrats, power law, profit maximization, quantitative trading / quantitative finance, Ralph Nader, Renaissance Technologies, Richard Florida, Robert Bork, rolodex, Ronald Reagan, school vouchers, short selling, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, stem cell, Steve Ballmer, Steve Jobs, systematic bias, systems thinking, unpaid internship, Upton Sinclair, Vanguard fund, War on Poverty, working poor, World Values Survey

These views can trump financial concerns. More important, though, people who get rich in a knowledge economy are likely to c01.indd 30 5/11/10 6:17:21 AM educated, rich, and liberal 31 have a nuanced view of their financial self-interests. They may be focused less on which party is going to boost their bank accounts next year with a tax cut and more on which will spur long-term growth in their sectors. By this measure, liberal Democrat politicians who want to spend more money—a lot more—bolstering the foundations of the knowledge economy can look pretty appealing. A Wall Street Journal article, noting the political shifts at the top, commented in 2009 that Democrats need to get used to being “the party of the rich.”

Shaw, 36–37, 38, 39 Dimon, Jamie, 54–55 Doerr, John, 80, 188, 189 DreamWorks, 2, 168, 171 eBay, 106, 144, 182, 188 EcoManor, 63 5/11/10 6:28:39 AM index economic considerations crashes, 44, 159, 257, 270 economic populism, 31–32 failure of the free market, 163, 164 foreign debt, 107, 108, 116 global economy, 115, 116, 163 Obama stimulus plan, 31, 47 See also finance industry; knowledge economy Edey, Marion, 71–72, 76, 77 education and corporate America, 219 cultural diversity in, 26, 236–239 essential to opportunity, 41, 282 Gates’s activities, 24, 94, 138, 161, 279, 288 grants and fellowships, 89, 207 and the high-tech industry, 189–190 liberalism in private schools, 4, 30, 71, 191, 235–250, 252, 284 and postmaterialism, 27–28 as predictor of voting behavior, 26–27, 191 public school system, 94–95, 288 role in the knowledge economy, 23–27, 37 social responsibility taught in schools, 230–231 Edwards, John, 12, 45, 144, 201, 232 Ellison, Larry, 24, 104, 194 Emerging Democratic Majority, The (Judis and Teixeira), 27 Emily’s List, 149, 198 energy industry, 43, 58, 67, 69, 73, 80, 189.

As political scientist Larry Bartels reminds us, “traditional class politics is alive and well.”6 Yet although rich liberals remain a small minority of their class, their ranks are growing—along with their influence. This shift reflects the changing sources of wealth creation, with the rise of the knowledge economy and what Richard Florida calls the “creative class.” People who already trend liberal—like super-educated coastal professionals—make up an ever larger slice of the rich. Most of the big money is being made these days in blue states, not in red states. There are other trends at work, too, such as rising pressures on the upper class and corporations to become more socially responsible; the growing liberalism of elite schools where the rich and the future rich are educated; the cintro.indd 4 5/11/10 6:29:10 AM introduction 5 radicalization of the Republican Party; and the changing priorities of longtime wealthy people who are turning their focus away from making money to solving social or global problems.


pages: 239 words: 45,926

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

Albert Einstein, AOL-Time Warner, Apollo 13, Berlin Wall, bioinformatics, borderless world, British Empire, Buckminster Fuller, business cycle, creative destruction, digital divide, double helix, Ford Model T, global village, Gregor Mendel, half of the world's population has never made a phone call, Helicobacter pylori, Howard Rheingold, Jeff Bezos, Joseph Schumpeter, Kevin Kelly, knowledge economy, more computing power than Apollo, Neal Stephenson, new economy, personalized medicine, purchasing power parity, Ray Kurzweil, Richard Feynman, Robert Metcalfe, Search for Extraterrestrial Intelligence, SETI@home, Silicon Valley, spice trade, stem cell, the new new thing, yottabyte

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.

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.

Through the mid-twentieth century … The great powers of the world … Still worried about … And fought over … Africa … Its people … Its territory … Its resources. Today ever fewer care what happens to the continent … Many countries have ceased to exist de facto … Whole generations are dying of AIDS … Genocide is common. And … Since Africa has become irrelevant to the knowledge economy … Most people have abandoned an entire continent to its fate.20 (From 1996–98, three out of four Somalians were underfed, 68 percent of those in Burundi, 61 percent of those in the Congo … And neither starvation nor AIDS may end up being the biggest problem; by 2025 smoking could kill more Africans than AIDS, TB, malaria, car crashes, and homicides do together.)21 The countries that get rich … Are the ones attracting the great minds … Or those educating their own.


pages: 382 words: 92,138

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

Apple II, banking crisis, barriers to entry, Bretton Woods, business cycle, California gold rush, call centre, carbon footprint, carbon tax, Carmen Reinhart, circular economy, clean tech, computer age, creative destruction, credit crunch, David Ricardo: comparative advantage, demand response, deskilling, dual-use technology, endogenous growth, energy security, energy transition, eurozone crisis, everywhere but in the productivity statistics, Fairchild Semiconductor, Financial Instability Hypothesis, full employment, G4S, general purpose technology, green transition, Growth in a Time of Debt, Hyman Minsky, incomplete markets, information retrieval, intangible asset, invisible hand, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, knowledge economy, knowledge worker, linear model of innovation, natural language processing, new economy, offshore financial centre, Philip Mirowski, popular electronics, Post-Keynesian economics, profit maximization, Ralph Nader, renewable energy credits, rent-seeking, ride hailing / ride sharing, risk tolerance, Robert Solow, shareholder value, Silicon Valley, Silicon Valley ideology, smart grid, Solyndra, Steve Jobs, Steve Wozniak, The Wealth of Nations by Adam Smith, Tim Cook: Apple, Tony Fadell, too big to fail, total factor productivity, trickle-down economics, vertical integration, 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.

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.


pages: 463 words: 115,103

Head, Hand, Heart: Why Intelligence Is Over-Rewarded, Manual Workers Matter, and Caregivers Deserve More Respect by David Goodhart

active measures, Airbnb, Albert Einstein, assortative mating, basic income, Berlin Wall, Bernie Sanders, Big Tech, big-box store, Black Lives Matter, Boris Johnson, Branko Milanovic, Brexit referendum, British Empire, call centre, Cass Sunstein, central bank independence, centre right, computer age, corporate social responsibility, COVID-19, data science, David Attenborough, David Brooks, deglobalization, deindustrialization, delayed gratification, desegregation, deskilling, different worldview, Donald Trump, Elon Musk, emotional labour, Etonian, fail fast, Fall of the Berlin Wall, Flynn Effect, Frederick Winslow Taylor, future of work, gender pay gap, George Floyd, gig economy, glass ceiling, Glass-Steagall Act, Great Leap Forward, illegal immigration, income inequality, James Hargreaves, James Watt: steam engine, Jeff Bezos, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge economy, knowledge worker, labour market flexibility, lockdown, longitudinal study, low skilled workers, Mark Zuckerberg, mass immigration, meritocracy, new economy, Nicholas Carr, oil shock, pattern recognition, Peter Thiel, pink-collar, post-industrial society, post-materialism, postindustrial economy, precariat, reshoring, Richard Florida, robotic process automation, scientific management, Scientific racism, Skype, social distancing, social intelligence, spinning jenny, Steven Pinker, superintelligent machines, TED Talk, The Bell Curve by Richard Herrnstein and Charles Murray, The Rise and Fall of American Growth, Thorstein Veblen, twin studies, Tyler Cowen, Tyler Cowen: Great Stagnation, universal basic income, upwardly mobile, wages for housework, winner-take-all economy, women in the workforce, young professional

Computer algorithms and ‘robotic process automation’ can drastically reduce the time and manpower devoted to these activities.”41 Capitalism in the Age of Robots What does all this mean? The knowledge economy needs fewer knowledge workers than expected. The recent expansion of higher education in much of the West will stop or even go into reverse as the demand for the middling and lower-rung jobs of the knowledge economy will decline. And companies, partly out of bitter experience, will place less confidence in the signaling effect of a degree, even from a good university, and revert to offering more apprenticeships, including degree apprenticeships, to capable high school graduates.

., 166 Bloodworth, James, The Myth of Meritocracy, 75 Bloomsbury Group, 53 Botton, Oli de, 300 Bovens, Mark, Democracy (with Wille), 95, 155–58, 169, 177–78 Boys Smith, Nicholas, 288–89 Breen, Richard, 81 Brexit Britain: alienation and, 276 Anywhere-Somewhere divide, 12–20, 287–88 immigration policy and, 168, 169 job status decline and, 213–14 pushback against cognitive class, 10, 32, 154–55, 160–61, 164–66, 185–86, 213–14 British Cohort Study (1970), 76 British Red Cross, 222–23 British Social Attitudes (BSA) survey, 140, 209–10, 212, 219, 226n, 230 Brooks, David, 276 Brown, Gordon, 25, 174 Brown, Phillip, The Global Auction (with Lauder and Ashton), 23, 144, 258–60 Brown, Tara Tiger, 195–96 Building Beautiful Commission, 289 Bukodi, Erzsébet, 75–76 Bunting, Madeleine, Labours of Love, 27, 217, 225, 227, 233, 246 Burt, Cyril, 100 Butler, Joseph, The Analogy of Religion, 42 Byng, John, 52 Cameron, David, 156, 170 Campbell, Rosie, 171–72 Caplan, Bryan, The Case Against Education, 123, 129 care sector, see Heart (care) work Caregivers UK, 224 Carer’s Allowance (UK), 293 Carl, Noah, 165n Carnegie Mellon University, 282 Carnes, Nicholas, 172 Carr, Nicholas, The Shallows, 22 Case, Anne, 206–7, 220 Cavendish, Camilla, 240, 242 Cavendish Laboratory (UK), 45 CBI/Pearson Education and Skills Survey, 198 CCTV, 185 Centre for Time Use Research, 242–43, 246–47 centrifugal forces, x, 278 centripetal forces, x, 278 Chabris, Christopher, 67, 78–79 Charman, Ken, 253–55 Chartered Institute of Personnel and Development (UK), 145–46 Cheese, Peter, 145–46 child-rearing, 224–25, 227, 229–30, 242, 243 China, 39, 85, 259 Churchill, Winston, 194 Cinderella sectors, xii, 162, 241 CIPD, 209 civil service, 31, 41, 43 Clarke, Kenneth, 102 Clinton, Bill, 111, 161–62 Clinton, Hillary, 152, 215 Cobb, Jonathan, The Hidden Injuries of Class (with Sennett), 190 Coe, Robert, 124 Cognitive Abilities Test (CAT), 65 cognitive aptitude, 55–89 assortative mating and, 79–83 behavioral genetics movement and, 72–75, 83, 86, 88 “cognitive elite” and, 78–79 correlation with socioeconomic status, 78–82, 83–84 eleven-plus (UK), 20, 65–66, 82, 100, 196 as gold standard of human esteem, 3–5, 11–12, 28 as innate vs. learned, 55–56, 63, 68, 71–75 measuring, 56, 61–71, see also IQ/IQ-type tests in meritocracy, 75–89 nature of, 55–57, 61, 70–71 need for cognitive diversity and, 88–89, 281–84 selection into cognitive classes, 75–84, 87–88, see also cognitive class social mobility and, 75–84 wisdom and, 283, 302–3 see also intelligence cognitive class, 31–53 assortative mating and, 79–83 cognitive elite (Herrnstein and Murray), 78–79 cognitive entrepreneurs and, 33 creative class cohort, 28, 223–25, 256–58, 270, 299 economic cognitive domination and, see knowledge economy education trends and, 36, 43–53 educational cognitive domination and, see college/university education family background and, 48, 115, 118, 125–26, 156 in future of knowledge economy, 143–44, 253–74 high school graduation (US) and, 14–15, 35, 40, 51, 95–96, 98–99, 116, 118, 124 high-skill occupations, 97, 135–36, 138, 148, 259, 268–71 historical emergence of, 39–53 industrialization and, 32, 33–35, 41–42, 45, 51–52, 253 levels of, 13–15 low-skill occupations, 25–26, 120–21, 135–36, 152, 198, 202–3 methods of entering, 35 middle-skill occupations, 107–11, 129–31, 135–36, 150–52, 198, 209 need for cognitive diversity, 88–89, 281–84 political, see political cognitive domination in postindustrial society, 32, 35–39 professions/professional exams, 39–43, 44, 53 selection into, 75–84, 268–71 shift in cognitive class hegemony, 20–29, 32–33 size in 1930s, 53 social selection based on intelligence, 34–35, 39–41, 46–53 value divide and, 32, 36, 279–84 cognitive sector, see Head (cognitive) work College Board, 66 College of Policing (UK), 148–49 college/university education, 43–53, 93–131 assumptions about, 93–94 brain/gene drain and, 125–26 community colleges (US), 96, 102, 112–13, 115–16 corruption in admissions process, 6n creeping credentialism and, 15, 94–97, 99, 122–24, 130, 271–72 demographic trends and, 131 effectiveness of, 14, 123–25, 129, 130–31, 171–74 era of educational selection, 96–97 expansion of, 99, 100–111, 113–17 family background and, 115, 118, 125–26, 156 funnel for single elite, 5, 36, 52–53, 126, 156 future of, 298 generalist vs. specialized, 38, 47, 49–50, 53, 97–99, 105, 113–17, 272, 299 “genetics of success” and, 75 GI Bill (1944, US), 43–44, 66, 96, 115 globalization and, 259 graduate pay premium, 105, 116–17, 136, 139, 145, 152, 262–64 “graduatization”/income divergence of the labor market, 133–52, 234–39 grandes écoles (France), 44, 48, 81, 102, 118, 141, 156 mass higher education and, 36, 96–98, 100–111, 113–17 meritocracy based on, 6–12 need for cognitive diversity and, 283 overeducation and, 266–67 oversupply of graduates, 94–95, 121–26, 171–72, 268–71 Oxford/Cambridge (UK) and, 41–42, 44–52, 84, 97–98, 101–2, 156, 172–73, 263, 264 political cognitive domination and, 172–74 polytechnics/“new universities” (UK), 98, 100–102, 105–8, 115, 119, 263 postgraduate degrees, 78, 116, 122, 148, 191–92, 212, 258, 266 reversal of trends in, 24, 268–71 Russell Group (UK), 80, 102, 107, 125, 130, 263 SAT (US) and, 20, 52, 64, 65–68, 80, 114–15, 117, 287 signaling effect and, 94–96, 121–26, 267, 271 social mobility and, 6, 103, 105, 125–31, 253–55, 268–71 social selection based on intelligence, 34–35, 39–41, 46–53 student debt and, 14, 104, 115, 116, 268, 297 technician gap and, 107–11, 130–31, 135–36 tuition ceiling in UK, 104, 106–7, 109, 116, 119 in the UK, 41–53, 80–81, 100–107, 116, 262–63 in the US, 48–49, 50, 80, 112–17, 264 see also knowledge economy Collins, Randall, 15 community colleges (US), 96, 102, 112–13, 115–16 Conley, Dalton, 83 construction industry, 197–98, 200–201 Cook, Philip J., The Winner-Take-All Society (with Frank), 142 Corby, Paul, 196–97 Covid-19 crisis, ix–xiii digital giants and, xiii, 16 educational mobility and, 128, 130–31 failure to prepare for, 20 gender division of labor and, xii globalization and, ix–x Hand (manual) work and, 7, 23, 26, 203, 277–78 Head (cognitive) work and, 7, 23, 62, 277–78 Heart (care) work and, 7, 23, 217, 225, 241, 245, 277–78 Internet and, 294, 298–99 lockdown period, xi, 32–33, 298–99 rebalancing of Hand, Head, and Heart work, ix–xiii, 4–5, 20, 21–22, 277–78 Cowen, Tyler, Average Is Over, 273–74 Cowley, Philip, 171–72 Cox, Brian, 299 craft skills, 114, 194, 195, 256–57, 294–96, 299–300, 301–2 Crawford, Matthew B., The Case for Working with Your Hands, 17, 47–48, 114, 189, 195, 275 creative class cohort, 28, 223–25, 256–58, 270, 299 Crosland, Tony, 100, 101 Darwin, Charles, 42 de Gaulle, Charles, 118 Deary, Ian, 165n death penalty, 160–61 deaths of despair (Deaton), 10–11, 136, 206–7, 220, 222 Deaton, Angus, 10–11, 136, 206–7, 220, 222 Dench, Geoff, 164 Dewey, John, 49, 98 Diamond, Jared, 299 digital giants: Covid-19 crisis and, xiii, 16 employment trends and, 25 impact of Internet on intelligence, 22 technology of connection and, 19 “winner-takes-all” markets and, 14, 33, 142, 272, 286 digital Taylorism, 23–25, 144, 258–61 Direct Seafoods, 201 Dodd-Frank Act (2010, US), 284 Duckworth, Angela, 67 Dweck, Carol, 60, 67 early-years education, 15, 73, 217, 218, 242 East India Company, 41 École Nationale d’Administration (ENA, France), 48, 118, 156 economic cognitive domination, see knowledge economy education: college/university, see college/university education early-years, 15, 73, 217, 218, 242 grammar school, 46, 58, 65, 82, 98, 100 lifelong learning, 95, 107–9, 296–301 secondary, see secondary education STEM education, 101–2, 108, 111, 236, 265, 268 vocational, see vocational training Education Acts (UK), 43–44, 46, 98, 100 Educational Testing Service (ETS), 52 Einstein, Albert, 58, 275 elder care, see adult social care eleven-plus (UK), 20, 65–66, 82, 100, 196 Elias, Peter, 266 Eliot, T.

The existing model of helter-skelter globalization has been producing too many losers, not least the global environment. Western society has been dominated in the past two generations by centrifugal forces that have spread global openness and individual freedom but weakened collective bonds and enabled Head work to claim undue reward while Hand and Heart work has diminished in dignity and pay. The knowledge economy has placed cognitive meritocracy at the center of the status hierarchy, and the cognitively blessed have thrived—but many others feel they have lost place and meaning. Recent political trends, surely reinforced by the pandemic, suggest we are moving into a more centripetal phase, in which the nation-state will be consolidated and economic and cultural openness will be a little more constrained.


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

Abraham Maslow, Alan Greenspan, Andrei Shleifer, asset-backed security, bank run, banking crisis, Bear Stearns, behavioural economics, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Blythe Masters, Boris Johnson, bread and circuses, Bretton Woods, business cycle, capital controls, carbon footprint, Carmen Reinhart, Cass Sunstein, centre right, choice architecture, cloud computing, collective bargaining, conceptual framework, Corn Laws, Cornelius Vanderbilt, corporate governance, creative destruction, credit crunch, Credit Default Swap, debt deflation, decarbonisation, Deng Xiaoping, discovery of DNA, discovery of the americas, discrete time, disinformation, diversification, double helix, Edward Glaeser, financial deregulation, financial engineering, 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, general purpose technology, George Akerlof, Gini coefficient, Glass-Steagall Act, 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, Japanese asset price bubble, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, language acquisition, Large Hadron Collider, liberal capitalism, light touch regulation, Long Term Capital Management, long term incentive plan, Louis Pasteur, low cost airline, low interest rates, low-wage service sector, mandelbrot fractal, margin call, market fundamentalism, Martin Wolf, mass immigration, means of production, meritocracy, Mikhail Gorbachev, millennium bug, Money creation, money market fund, moral hazard, moral panic, mortgage debt, Myron Scholes, Neil Kinnock, new economy, Northern Rock, offshore financial centre, open economy, plutocrats, power law, price discrimination, private sector deleveraging, proprietary trading, 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, Ronald Reagan, Rory Sutherland, Satyajit Das, Savings and loan crisis, shareholder value, short selling, Silicon Valley, Skype, South Sea Bubble, Steve Jobs, systems thinking, tail risk, 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, three-masted sailing ship, too big to fail, unpaid internship, value at risk, Vilfredo Pareto, Washington Consensus, wealth creators, work culture , working poor, world market for maybe five computers, zero-sum game, éminence grise

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.

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.

Ownership responsibilities have been discharged so casually that a huge number of great British firms – Pilkington, ICI, Corus, Cadbury, the British Airports Authority, British Energy and BOC among them – have been taken over by foreign companies. No other country would have permitted such a sell-off. Of course, there are still areas of strength, in particular in the so-called knowledge economy, and deep reservoirs of talent. But overall, there can be little confidence in the workings of such a system, despite the relief that total disaster may have been avoided. There is keen awareness of the fragility of the recovery and the profundity of the flaws that have been exposed. Moreover, there is not even the usual consolation that can be gleaned once a bubble has burst – that something useful will remain, perhaps the seeds of the next wave of innovative growth.6 Once railway mania had collapsed, the United States was left with a decent railway network; the dot.com bubble popped but left behind a wealth of young and vibrant ICT companies.


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23 Things They Don't Tell You About Capitalism by Ha-Joon Chang

accelerated depreciation, affirmative action, Alan Greenspan, AOL-Time Warner, Asian financial crisis, bank run, banking crisis, basic income, Berlin Wall, Bernie Madoff, borderless world, business logic, Carmen Reinhart, central bank independence, collateralized debt obligation, colonial rule, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deindustrialization, deskilling, digital divide, ending welfare as we know it, Fall of the Berlin Wall, falling living standards, financial deregulation, financial innovation, full employment, German hyperinflation, Gini coefficient, Glass-Steagall Act, hiring and firing, Hyman Minsky, income inequality, income per capita, invisible hand, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labour market flexibility, light touch regulation, Long Term Capital Management, low skilled workers, manufacturing employment, market fundamentalism, means of production, Mexican peso crisis / tequila crisis, microcredit, Myron Scholes, North Sea oil, offshore financial centre, old-boy network, post-industrial society, price stability, profit maximization, profit motive, purchasing power parity, rent control, Robert Solow, shareholder value, short selling, Skype, structural adjustment programs, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, Tobin tax, Toyota Production System, trade liberalization, trickle-down economics, women in the workforce, working poor, zero-sum game

In the mathematical part of the 2007 TIMSS, US fourth-graders were behind not only the famously mathematical children of the East Asian countries but also their counterparts from countries such as Kazakhstan, Latvia, Russia and Lithuania.4 Children in all other rich European economies included in the test, except England and the Netherlands, scored lower than the US children.5 Eighth-graders from Norway, the richest country in the world (in terms of per capita income at market exchange rate – see Thing 10), were behind their counterparts not only in all other rich countries but also in much poorer countries, including Lithuania, Czech Republic, Slovenia, Armenia and Serbia (it is interesting to note that all these countries are former socialist countries).6 Eighth-graders from Israel, a country famous for its educational zeal and exceptional performance in high-end research, scored behind Norway, falling behind Bulgaria as well. Similar stories were observed in science tests. How about the knowledge economy? Even if education’s impact on growth has been meagre so far, you may wonder whether the recent rise of the knowledge economy may have changed all that. With ideas becoming the main source of wealth, it may be argued, education will from now on become much more important in determining a country’s prosperity. Against this, I must first of all point out that the knowledge economy is nothing new. We have always lived in one in the sense that it has always been a country’s command over knowledge (or lack of it) that made it rich (or poor).

Fifth: we need to take ‘making things’ more seriously. The post-industrial knowledge economy is a myth. The manufacturing sector remains vital. Especially in the US and the UK, but also in many other countries, industrial decline in the last few decades has been treated as an inevitability of a post-industrial age, if not actively welcomed as a sign of post-industrial success. But we are material beings and cannot live on ideas, however great the knowledge economy may sound. Moreover, we have always lived in a knowledge economy in the sense that it has always been a command over superior knowledge, rather than the physical nature of activities, that has ultimately decided which country is rich or poor.

Moreover, with the rise of the so-called ‘knowledge economy’, in which knowledge has become the main source of wealth, education, especially higher education, has become the absolute key to prosperity. What they don’t tell you There is remarkably little evidence showing that more education leads to greater national prosperity. Much of the knowledge gained in education is actually not relevant for productivity enhancement, even though it enables people to lead a more fulfilling and independent life. Also, the view that the rise of the knowledge economy has critically increased the importance of education is misleading.


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The Long Boom: A Vision for the Coming Age of Prosperity by Peter Schwartz, Peter Leyden, Joel Hyatt

"World Economic Forum" Davos, Alan Greenspan, Alvin Toffler, American ideology, Asian financial crisis, Berlin Wall, business cycle, centre right, classic study, clean water, complexity theory, computer age, crony capitalism, cross-subsidies, Danny Hillis, dark matter, dematerialisation, Deng Xiaoping, Dissolution of the Soviet Union, double helix, edge city, Electric Kool-Aid Acid Test, European colonialism, Fall of the Berlin Wall, financial innovation, George Gilder, glass ceiling, global village, Gregor Mendel, Herman Kahn, hydrogen economy, industrial cluster, informal economy, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, It's morning again in America, junk bonds, Just-in-time delivery, Kevin Kelly, knowledge economy, knowledge worker, life extension, market bubble, mass immigration, megacity, Mikhail Gorbachev, Neal Stephenson, Nelson Mandela, new economy, oil shock, open borders, out of africa, Productivity paradox, QR code, Richard Feynman, Ronald Reagan, Search for Extraterrestrial Intelligence, shareholder value, Silicon Valley, stem cell, Steve Jobs, Stewart Brand, The Hackers Conference, the scientific method, Thomas L Friedman, upwardly mobile, Washington Consensus, We are as Gods, Whole Earth Catalog, women in the workforce, Y2K, zero-sum game

Although 42 The Lowq BOOM they would not explain themselves in this way, they acted as midwives in the birthing of the New Economy, the knowledge economy, out of the old industrial economy. The old economy was relatively static—change came more slowly. The New Economy became increasingly entrepreneurial and innovative. Those who succeeded were those who moved quickly. Pre- 1980s, we lived and worked in an industrial and service economy, where we mostly made stuff, tangible things, and provided services with them. Post-1980s, we are moving increasingly to a knowledge economy, where the new value added comes in the realm of ideas, which are intangibles.

If we're heading into the Knowledge Age, we need open information systems and open debate. Even more than The CuidiNq PRiNciples 261 the free flow of capital, the global knowledge economy will need the free flow of ideas. We're going to need access to accurate information everywhere in the world. We're going to need wide open forums to carry on rigorous debates in all fields. And we're going to need an open system that can get the distilled truth out to all peoples. Only then will the twenty-first century's knowledge economy really hum. The choices the world faces between open and closed routes into the future are very clear and very stark. Choosing the closed route will move us into a vicious circle that spirals downward and inward.

The CuidiNq PuiNciplEs 271 Innovation is now the central wealth creation mechanism of the knowledge economy. In some measure, it always was, but it is now much more. The innovations of agriculture and metalworking throughout the industrial economy were all applications of knowledge. What is different now is how many different areas of society are being transformed by knowledge, and how rapidly that knowledge itself is advancing. It's the scope and scale, the pace and spread of knowledge that make this truly a knowledge economy—very different from an industrial one. An important implication of this wealth creation process is that because the rewards for innovation in this New Economy are very high, an enormous number of people are motivated to innovate.


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

Airbnb, barriers to entry, Ben Horowitz, Black Swan, call centre, cloud computing, commoditize, content marketing, creative destruction, David Heinemeier Hansson, drop ship, Elon Musk, en.wikipedia.org, Frederick Winslow Taylor, future of work, Google Hangouts, Hacker Conference 1984, Kaizen: continuous improvement, 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, power law, remote working, Ronald Reagan: Tear down this wall, scientific management, sharing economy, side hustle, side project, Silicon Valley, Skype, software as a service, software is eating the world, Startup school, Steve Jobs, Steve Wozniak, Stewart Brand, systems thinking, TED Talk, telemarketer, the long tail, Thomas Malthus, Uber and Lyft, uber lyft, unpaid internship, Watson beat the top human players on Jeopardy!, web application, Whole Earth Catalog

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.

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.

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.


The Making of a World City: London 1991 to 2021 by Greg Clark

Basel III, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, British Empire, business climate, business cycle, capital controls, carbon footprint, congestion charging, corporate governance, cross-subsidies, Crossrail, deindustrialization, Dissolution of the Soviet Union, East Village, Fall of the Berlin Wall, financial innovation, financial intermediation, gentrification, global value chain, haute cuisine, high-speed rail, housing crisis, industrial cluster, intangible asset, job polarisation, Kickstarter, knowledge economy, knowledge worker, labour market flexibility, low skilled workers, manufacturing employment, Masdar, mass immigration, megacity, megaproject, New Urbanism, offshore financial centre, open immigration, Pearl River Delta, place-making, rent control, Robert Gordon, Silicon Valley, smart cities, sovereign wealth fund, trickle-down economics, urban planning, urban renewal, working poor

., New Delhi, India 1 2015 Contents About the Author Foreword by Martin Simmons Preface by Rosemary Feenan and Robert Gordon Clark Acknowledgements ix xi xiii xv Section I London in 1991 – Setting the scene 1 Introduction: Honor Chapman and London: World City 2 London prior to 1991: The back story 3 11 Planning for a new world city 12 The rise of finance and a new rationale for post-industrial London 13 A hiatus of government 16 The LDDC and a new era of pragmatism 16 3 The 1991 London: World City report and its message about London 19 Old rivals, new rivals 22 An agenda for metropolitan governance 24 Brand new: The promotion of London 26 The future knowledge economy 29 Section II The evolution of London, 1991 to 2015 4 The internationalisation of London’s economy 35 Internationalisation of London’s labour force 39 The global financial crisis and after 43 5 Leadership, governance and policy 47 1997 and a new direction for metropolitan government 52 The London Plan: A global city strategy 56 London boroughs 59 Promoting London 60 London’s governance today 66 vi Contents 6 Re-investment and urban regeneration 69 Cultural revitalisation of the South Bank: Lambeth, Southwark and Greenwich 72 New regeneration powers from 2000 74 Regeneration in perspective 77 From de-industrial to post-industrial: Building a new experience for markets, leisure and commerce 80 7 Corporate hub, office market and real estate 87 The rise and rise of tall buildings 88 The diffusion of London’s office geography 89 The transformative impact of foreign capital 93 8 Homes and housing in London 99 Consensus but complacency in the 1990s 100 The London Plan and a new agenda for housing 101 London’s housing predicament: Prospects and solutions 107 9 London’s evolving infrastructure platform 111 The impact of TfL and citywide government on transport 113 From incrementalism to integration?

LPAC’s evaluation was in many respects far-sighted because, since 1991, improvements in quality of life, lifestyle options, education opportunities and career development have become much more important to the success and attraction of cities. Hubs such as Zurich, Dubai and Barcelona are only the most feted examples of cities that managed to develop outstanding knowledge economy niches despite relatively small populations. An agenda for metropolitan governance Perhaps the biggest achievement of London: World City was its galvanising of concerted action around London’s critical need for strategic city-wide government. The report’s surveys consistently and persuasively specified the necessity for more and better strategic government.

The report’s concern with vehicle congestion became less unrelentingly urgent after the congestion charge scheme that inspired several US and European cities to consider the same intervention. The apprehension over basic provision communicated by LPAC did temporarily abate, only for new challenges to surface as London has continued to grow. The future knowledge economy London: World City acknowledged the catalysing effect of financial services growth on London’s economic structure and world city status. Many of the strengths it identified of London – ‘regulatory regime’, ‘position between US and Japanese time-zones’ and ‘well-developed English based infrastructure’ – remain bedrocks of the city’s competitive future (LPAC, 1991: 59).


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Age of the City: Why Our Future Will Be Won or Lost Together by Ian Goldin, Tom Lee-Devlin

15-minute city, 1960s counterculture, agricultural Revolution, Alvin Toffler, Anthropocene, anti-globalists, Berlin Wall, Bonfire of the Vanities, Brixton riot, call centre, car-free, carbon footprint, Cass Sunstein, charter city, Chuck Templeton: OpenTable:, clean water, cloud computing, congestion charging, contact tracing, coronavirus, COVID-19, CRISPR, data science, David Brooks, David Ricardo: comparative advantage, decarbonisation, deindustrialization, Deng Xiaoping, desegregation, Edward Glaeser, Edward Jenner, Enrique Peñalosa, fake news, Fall of the Berlin Wall, financial engineering, financial independence, future of work, General Motors Futurama, gentrification, germ theory of disease, global pandemic, global supply chain, global village, Haight Ashbury, Hernando de Soto, high-speed rail, household responsibility system, housing crisis, Howard Rheingold, income per capita, Induced demand, industrial robot, informal economy, invention of the printing press, invention of the wheel, Jane Jacobs, Jeff Bezos, job automation, John Perry Barlow, John Snow's cholera map, Kickstarter, knowledge economy, knowledge worker, labour mobility, Lewis Mumford, lockdown, Louis Pasteur, low interest rates, low skilled workers, manufacturing employment, Marshall McLuhan, mass immigration, megacity, Neal Stephenson, Network effects, New Urbanism, offshore financial centre, open borders, open economy, Pearl River Delta, race to the bottom, Ray Oldenburg, remote working, rent control, Republic of Letters, Richard Florida, ride hailing / ride sharing, rising living standards, Salesforce, Shenzhen special economic zone , smart cities, smart meter, Snow Crash, social distancing, special economic zone, spinning jenny, Steve Jobs, Stewart Brand, superstar cities, the built environment, The Death and Life of Great American Cities, The Great Good Place, The Wealth of Nations by Adam Smith, trade liberalization, trade route, Upton Sinclair, uranium enrichment, urban decay, urban planning, urban sprawl, Victor Gruen, white flight, working poor, working-age population, zero-sum game, zoonotic diseases

Looking ahead, a new agenda for a more inclusive economy is required, one that blends vision with pragmatism, acknowledging that no government can defy the laws of gravity that pull people together in the knowledge economy. The experience of cities like Seattle or Leipzig shows there is hope for reversing the self-perpetuating cycles of joblessness and decay that plague many formerly prosperous cities. To rebuild struggling cities for the knowledge economy, governments need to come at the problem from two directions. First, they need to increase high-skill employment opportunities in the area, either by making it easier to start a new business or by offering incentives such as tax breaks for existing businesses to establish local operations.

Cities therefore must form a central pillar of any strategy to better protect us from pandemics going forward. A Guide to this Book Following this introduction, in Chapter 2 we show how cities have played a pivotal role in spurring human progress from Ancient Mesopotamia to today. In Chapter 3, we unpack how the recent transition to a globalized knowledge economy has consolidated wealth into a small number of leading major cities, and consider the actions needed to ‘level up’ places that are falling behind. In Chapter 4, we turn our attention to why poverty and riches coexist within cities, and set out what needs to be done to ensure cities offer the opportunity of a better life for all their citizens.

We conclude the book, in Chapter 10, with a summary of the agenda required to ensure cities rise to their potential and contribute to a fairer, more cohesive and more sustainable world. If humanity is to ensure that the coming age is our best yet, we must overhaul urban design, rebuild for the knowledge economy and accelerate sustainable development. That is what we owe future generations. An Aside on Defining Cities30 There is no universal agreement on what is meant by a city. For some it is defined by population size or density. For others it is an administrative designation. In England, having a cathedral helps places to qualify, so Ian’s home town, Oxford, with a population of around 160,000 is defined as a city, whereas many towns that are larger are not.


The New Class War: Saving Democracy From the Metropolitan Elite by Michael Lind

"World Economic Forum" Davos, affirmative action, anti-communist, basic income, Bernie Sanders, Boris Johnson, Bretton Woods, Brexit referendum, business cycle, Cambridge Analytica, capital controls, Cass Sunstein, central bank independence, centre right, collective bargaining, commoditize, corporate governance, cotton gin, crony capitalism, deindustrialization, disinformation, Doha Development Round, Donald Trump, Edward Snowden, export processing zone, fake news, future of work, gentrification, global supply chain, guest worker program, Haight Ashbury, illegal immigration, immigration reform, independent contractor, invisible hand, Jeremy Corbyn, knowledge economy, Les Trente Glorieuses, liberal world order, low skilled workers, low-wage service sector, manufacturing employment, Mark Zuckerberg, mass immigration, means of production, Michael Milken, moral panic, Nate Silver, new economy, offshore financial centre, oil shock, open borders, plutocrats, Ponzi scheme, purchasing power parity, Ralph Nader, regulatory arbitrage, rent-seeking, Richard Florida, Ronald Reagan, scientific management, Silicon Valley, SoftBank, The Wealth of Nations by Adam Smith, Thorstein Veblen, Timothy McVeigh, trade liberalization, union organizing, universal basic income, upwardly mobile, WikiLeaks, Wolfgang Streeck, working poor

But we are supposed to believe that they are not just old-fashioned managers and professionals, but members of a new “creative class” and “digital elite,” the “thinkpreneurs” and “thought leaders” of the “knowledge economy” who live in “brain hubs” (to use only a few of the flattering terms in the lexicon of overclass self-idolatry). From the assumption that a nearly meritocratic “knowledge economy” has replaced class-stratified, bureaucratic managerial capitalism follow two kinds of policies. The first are class-neutral, race- or gender-based policies to remove barriers to the advancement of racial minorities and women, including native white women.

* * * — ON THE BASIS of SBTC theory, school curricula in the US and elsewhere have been reconfigured to focus on STEM skills. For a generation, the conventional wisdom has held that the “jobs of the future” are “knowledge economy” jobs like software coding. But is this really true? The Bureau of Labor Statistics (BLS) of the US Department of Commerce has provided estimates for US job growth between 2016 and 2026. When the fastest-growing occupations are examined, the knowledge economy thesis does indeed appear to be partly true: “statisticians,” “software developers, applications,” and “mathematicians” are seventh, ninth, and tenth in the list, respectively, although these are outranked by solar photovoltaic installers, wind turbine service technicians (construction and maintenance jobs), and home health and personal care aides.

Instead, the gains from growth have been concentrated among those with income from capital—investors and managers with stock options.4 In one study, in sixteen Western democracies labor productivity grew far more rapidly than average real wages and fringe benefits, but most income growth went to profits of owners and shareholders.5 Another study of thirteen advanced capitalist countries found that the growth in real wages, which had been 4 percent in the 1970s, was less than 1 percent between 1980 and 2005, while the wage share of income declined from 78 percent to 63 percent, with the rest going to income from profits, interest, dividends, and rents.6 The big money is not in “human capital” but in plain old-fashioned capital. The new economy is really a new version of the old economy—the managerial capitalist economy, not some mythical, immaterial “knowledge economy.” To be sure, nations with large pools of engineers and scientists are likely to do better than those without them. Even so, there are relatively few “knowledge economy” jobs as a share of the total. And the well-paid and prestigious ones that are not offshored in the future or given to foreign indentured servants like H-1B guest workers in the US who are willing to work for lower wages than natives will be highly prized, in competitions that the affluent offspring of overclass families are likely to win.


pages: 226 words: 58,341

The New Snobbery by David Skelton

assortative mating, banking crisis, Black Lives Matter, Boris Johnson, Brexit referendum, British Empire, call centre, centre right, collective bargaining, coronavirus, corporate governance, corporate social responsibility, COVID-19, critical race theory, David Brooks, defund the police, deindustrialization, Etonian, Extinction Rebellion, financial deregulation, gender pay gap, glass ceiling, housing crisis, income inequality, Jeremy Corbyn, job automation, knowledge economy, lockdown, low skilled workers, market fundamentalism, meritocracy, microaggression, new economy, Northern Rock, open borders, postindustrial economy, race to the bottom, rent-seeking, Richard Florida, Right to Buy, rising living standards, shareholder value, social distancing, Social Justice Warrior, TED Talk, TikTok, wealth creators, women in the workforce

This was done in the name of modernisation, with an assumption that manufacturing could be ‘outsourced’ as the UK would otherwise become too expensive to compete. It has meant that we spent years betting the farm on services, finance and the ‘knowledge economy’. These sectors are all important, but this focus has resulted in ‘success’ being concentrated in a graduate-heavy knowledge economy, clustered in cities, with high-status and generally lucrative jobs. At the other end of the economy, the skilled manufacturing jobs that once dominated have been replaced with relatively low-skilled, insecure, low-paid jobs.

The only way out was for people stuck in decaying towns to educate themselves in order to compete in the knowledge economy. Politicians like Gordon Brown grew drunk on the possibility of what this new, unchallengeable reality might bring, predicting in 2007 that ‘by 2020 we will need only 600,000’ unskilled jobs.27 As predictions go, this wasn’t one that should have Mystic Meg quaking in her shoes. When 2020 came, there were as many as 13 million unskilled jobs, and 9 million of these were insecure. The knowledge economy was important, but not as important as the bold predictions suggested, meaning that graduates, as well as many non-graduates, were becoming stuck.

The elite who had dominated the politics and economics of the previous decades were quick to denounce the ill-informed mob, with the same virulence that many of their predecessors in the eighteenth and nineteenth centuries had used to warn of the ‘dangers of democracy’. As the dust settled in the days and weeks after the referendum, many of the modern elitists made clear their view that this was an unacceptable overturning of the natural order of things. The British meritocracy had, they argued, ensured that the most talented were doing well in the new knowledge economy and the least talented, without the ambition or the get up and go to succeed, had been ‘left behind’ by their own lack of education and intelligence. The new snobs screamed repeatedly that these ignorant fellow citizens should not be able to crush their European dream. Leave voters were quickly derided as low-information, low-intelligence people and were accused of being sold what John Major mocked as a ‘fantasy’.


pages: 382 words: 100,127

The Road to Somewhere: The Populist Revolt and the Future of Politics by David Goodhart

Affordable Care Act / Obamacare, agricultural Revolution, assortative mating, Big bang: deregulation of the City of London, borderless world, Boris Johnson, Branko Milanovic, Bretton Woods, Brexit referendum, British Empire, call centre, capital controls, carbon footprint, central bank independence, centre right, coherent worldview, corporate governance, credit crunch, Crossrail, deglobalization, deindustrialization, Donald Trump, Downton Abbey, Edward Glaeser, en.wikipedia.org, Etonian, European colonialism, eurozone crisis, falling living standards, first-past-the-post, gender pay gap, gig economy, glass ceiling, global supply chain, global village, Great Leap Forward, illegal immigration, income inequality, informal economy, Jeremy Corbyn, job satisfaction, knowledge economy, labour market flexibility, low skilled workers, market friction, mass immigration, meritocracy, mittelstand, Neil Kinnock, New Urbanism, non-tariff barriers, North Sea oil, obamacare, old-boy network, open borders, open immigration, Peter Singer: altruism, post-industrial society, post-materialism, postnationalism / post nation state, race to the bottom, Richard Florida, Ronald Reagan, selection bias, shareholder value, Skype, Sloane Ranger, stem cell, the long tail, Thomas L Friedman, transaction costs, trickle-down economics, ultimatum game, upwardly mobile, wages for housework, white flight, women in the workforce, working poor, working-age population, World Values Survey

ISBN: 9781849047999 eISBN: 9781849049139 www.hurstpublishers.com CONTENTS Acknowledgements 1.The Great Divide A Journey from Anywhere 2.Anywheres and Somewheres The Decline (but Survival) of Traditional Values Higher Education and Mobility The Great Liberalisation The Outriders 3.European Populism and the Crisis of the Left Populism Goes Mainstream America and Europe: The Populist Convergence Populist Parties: The Necessary, the Weird and the Ugly Why Populists Damage the Left Most 4.Globalisation, Europe and the Persistence of the National A World on the Move? The Globalisation Overshoot The European Tragedy The Persistence of the National 5.A Foreign Country? The Immigration Story What About Integration? The London Conceit 6.The Knowledge Economy and Economic Demoralisation The Disappearing Middle A Short History of Education and Training Living Standards and Inequality Short-Termism and Foreign Ownership 7.The Achievement Society What is Actually Happening on Mobility? Making it into the Elite 8.What About the Family? More State, Less Family What do Women Want?

In the subsequent five chapters I will take different areas of life and show how Anywhere and Somewhere perspectives and interests differ. Chapter four considers globalisation, European integration and the nation state; chapter five looks at immigration, integration and the London story; chapter six looks at the knowledge economy and the declining status of non-graduate employment; chapter seven looks at the achievement society and its discontents; chapter eight looks at the remaking of family life. These are all huge fields about which libraries full of books have been written. I cannot claim to be an expert in any of them but by looking at them through the Anywhere/Somewhere prism I hope to shed some fresh light.

Yet thanks to the rapid increase in immigration to Europe in the past generation, race and ethnicity has now also moved to the centre of European politics, while at the same time the economic discomfort of lower income America and the stagnant living standards and sharp increase in inequality since the 1970s has put social class closer to the centre of US politics. The sharper line between the successful college-educated professional with a degree of security and career progression in the knowledge economy, and the bottom half of the US workforce has cast a long shadow over the American Dream. The median household income of $53,600 is down nearly 7.5 per cent from the peak twenty years ago—but while the incomes of college graduates have risen 22 per cent in that time those of white men who didn’t progress beyond high school have fallen by 9 per cent.22 (And although headline unemployment remains low in America there has been a sharp decline in the employment rate of prime age men.)


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Listen, Liberal: Or, What Ever Happened to the Party of the People? by Thomas Frank

Affordable Care Act / Obamacare, Airbnb, Alan Greenspan, Amazon Mechanical Turk, American ideology, antiwork, barriers to entry, Berlin Wall, Bernie Sanders, Black Lives Matter, blue-collar work, Burning Man, centre right, circulation of elites, Clayton Christensen, collective bargaining, Credit Default Swap, David Brooks, deindustrialization, disruptive innovation, Donald Trump, driverless car, Edward Snowden, Evgeny Morozov, Fall of the Berlin Wall, financial engineering, financial innovation, Frank Gehry, fulfillment center, full employment, George Gilder, gig economy, Gini coefficient, Glass-Steagall Act, high-speed rail, income inequality, independent contractor, Jaron Lanier, Jeff Bezos, knowledge economy, knowledge worker, Lean Startup, mandatory minimum, Marc Andreessen, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, McMansion, microcredit, mobile money, moral panic, mortgage debt, Nelson Mandela, new economy, obamacare, payday loans, Peter Thiel, plutocrats, Ponzi scheme, post-industrial society, postindustrial economy, pre–internet, profit maximization, profit motive, race to the bottom, Republic of Letters, Richard Florida, ride hailing / ride sharing, Ronald Reagan, Savings and loan crisis, sharing economy, Silicon Valley, Steve Jobs, Steven Levy, TaskRabbit, tech worker, TED Talk, Thorstein Veblen, too big to fail, Travis Kalanick, Uber for X, union organizing, urban decay, WeWork, women in the workforce, Works Progress Administration, young professional

In fact, it is not going too far to say that the views of the modern-day Democratic Party reflect, in virtually every detail, the ideological idiosyncrasies of the professional-managerial class. Liberalism itself has changed to accommodate its new constituents’ technocratic views. Today, liberalism is the philosophy not of the sons of toil but of the “knowledge economy” and, specifically, of the knowledge economy’s winners: the Silicon Valley chieftains, the big university systems, and the Wall Street titans who gave so much to Barack Obama’s 2008 campaign. Liberal thinkers dutifully return the love, fussing over their affluent, highly educated sweethearts with all manner of flattering phrases: these high-achieving professionals are said to be the “wired workers” who will inherit the future, for example.

See also unemployment NAFTA and sharing economy and training and Johnson, Dirk Jones, Jesse Jordan, Vernon JPMorgan Judis, John Justice Department Kahn, Alfred Kalanick, Travis Kamarck, Elaine Kennedy, Robert F. Kerry, John King, Martin Luther Klein, Joe Knapp, Bill Knights of Labor knowledge economy Kraft, Joseph Krugman, Paul Ku Klux Klan labor flexible markets for law and share of nation’s income labor unions NAFTA and Laden, Osama bin Lanier, Jaron Larson, Magali Lasch, Christopher LawTrades learning class. See also education; knowledge economy Lee, Michelle Lehane, Chris Lehman Brothers Leuchtenburg, William Lew, Jack Lewinsky, Monica Lewis, Ann LIBOR scandal Libya Lieberman, Joe Life Lincoln, Abraham lobbyists Long Beach Mortgage Mack, John Madison, James Mandela, Nelson manufacturing Manza, Jeff March on Washington (1963) Markell, Jack Maron, Marc Marshall Scholars Martha’s Vineyard Massachusetts Department of Housing and Economic Development health care system state legislature Massachusetts Institute of Technology (MIT) Innovation Initiative MassChallenge mass incarceration McCain, John McCaskill, Claire McChrystal, Stanley McGovern, George McGovern Commission MCI McKinsey firm Mechanical Turk Medicare meritocracy Mexico financial crisis of 1995 NAFTA and Microcredit Summit (1997) microlending Microsoft Miller, Zell Mills, C.

One of the few works I know of that seems to approve, albeit with reservations, of liberalism’s alliance with a segment of the upper crust is the 2010 book Fortunes of Change, written by the philanthropy journalist David Callahan.35 The premise of his argument is that our new, liberal plutocracy is different from plutocracies of the past because rich people today are sometimes very capable. “Those who get rich in a knowledge economy,” the journalist tells us, are well-schooled; they often come from the ranks of “highly educated professionals” and consequently they support Democrats, the party that cares about schools, science, the environment, and federal spending for research. It is not a coincidence, Callahan continues, that “some of the biggest zones of wealth creation are near major universities.”


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Restarting the Future: How to Fix the Intangible Economy by Jonathan Haskel, Stian Westlake

"Friedman doctrine" OR "shareholder theory", activist fund / activist shareholder / activist investor, Andrei Shleifer, Big Tech, Black Lives Matter, book value, Boris Johnson, Brexit referendum, business cycle, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, Charles Lindbergh, charter city, cloud computing, cognitive bias, cognitive load, congestion charging, coronavirus, corporate governance, COVID-19, creative destruction, cryptocurrency, David Graeber, decarbonisation, Diane Coyle, Dominic Cummings, Donald Shoup, Donald Trump, Douglas Engelbart, Douglas Engelbart, driverless car, Edward Glaeser, equity risk premium, Erik Brynjolfsson, Estimating the Reproducibility of Psychological Science, facts on the ground, financial innovation, Francis Fukuyama: the end of history, future of work, general purpose technology, gentrification, Goodhart's law, green new deal, housing crisis, income inequality, index fund, indoor plumbing, industrial cluster, inflation targeting, intangible asset, interchangeable parts, invisible hand, job-hopping, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Arrow, knowledge economy, knowledge worker, lockdown, low interest rates, low skilled workers, Marc Andreessen, market design, Martin Wolf, megacity, mittelstand, new economy, Occupy movement, oil shock, patent troll, Peter Thiel, Phillips curve, postindustrial economy, pre–internet, price discrimination, quantitative easing, QWERTY keyboard, remote working, rent-seeking, replication crisis, risk/return, Robert Gordon, Robert Metcalfe, Robert Shiller, Ronald Coase, Sam Peltzman, Second Machine Age, secular stagnation, shareholder value, Silicon Valley, six sigma, skeuomorphism, social distancing, superstar cities, the built environment, The Rise and Fall of American Growth, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, total factor productivity, transaction costs, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber for X, urban planning, We wanted flying cars, instead we got 140 characters, work culture , X Prize, Y2K

One thing we have noticed is that people sometimes assume it means something that it doesn’t. In particular, we found that people associated intangible investment with other modern economic phenomena, such as the knowledge economy or the postindustrial economy. They also often associated it with the tech sector, or in some cases with a sort of dystopian modernity. These associations are misleading, so let’s look more closely at some key terms, trends, and phenomena. The Knowledge Economy The term “knowledge economy” was coined by Fritz Machlup, who first proposed measuring intangible investments in a 1962 book; it was subsequently popularised by management guru Peter Drucker.

One can write down a business’s operations or codify management practices such as Scrum or Six Sigma, but their implementation is about more than just knowledge. It is also about their instantiation in a set of relationships.39 Perhaps the reason the intangible economy is often described as the “knowledge economy” is that economists, being cerebral people, find the knowledge aspect of intangibles most salient. But equating intangibles with the knowledge economy is a misleading shorthand, obscuring the importance of relational and expressive capital in the modern economy. The Postindustrial Economy People sometimes describe the intangible economy as postindustrial, a phrase coined by French sociologist Alain Touraine and popularised by Daniel Bell in the 1970s.

De Fiore, Fiorella, and Harald Uhlig. 2011. “Bank Finance versus Bond Finance.” Journal of Money, Credit and Banking 43 (7): 1399–1421. https://doi.org/10.1111/j.1538-4616.2011.00429.x. Dell’Ariccia, Giovanni, Dalida Kadyrzhanova, Camelia Minoiu, and Lev Ratnovski. 2017. “Bank Lending in the Knowledge Economy.” International Monetary Fund working paper no. 2017/234. https://econpapers.repec.org/RePEc:imf:imfwpa:17/234. De Loecker, Jan, and Jan Eeckhout. 2018. “Global Market Power.” National Bureau of Economic Research working paper no. 24768. https://www.nber.org/papers/w24768. Del Negro, Marco, Michele Lenza, Giorgio Primiceri, and Andrea Tambalotti. 2020.


pages: 519 words: 155,332

Tailspin: The People and Forces Behind America's Fifty-Year Fall--And Those Fighting to Reverse It by Steven Brill

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, activist fund / activist shareholder / activist investor, affirmative action, Affordable Care Act / Obamacare, airport security, American Society of Civil Engineers: Report Card, asset allocation, behavioural economics, Bernie Madoff, Bernie Sanders, Blythe Masters, Bretton Woods, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Carl Icahn, carried interest, clean water, collapse of Lehman Brothers, collective bargaining, computerized trading, corporate governance, corporate raider, corporate social responsibility, Credit Default Swap, currency manipulation / currency intervention, deal flow, Donald Trump, electricity market, ending welfare as we know it, failed state, fake news, financial deregulation, financial engineering, financial innovation, future of work, ghettoisation, Glass-Steagall Act, Gordon Gekko, hiring and firing, Home mortgage interest deduction, immigration reform, income inequality, invention of radio, job automation, junk bonds, knowledge economy, knowledge worker, labor-force participation, laissez-faire capitalism, low interest rates, Mahatma Gandhi, Mark Zuckerberg, Michael Milken, military-industrial complex, mortgage tax deduction, Neil Armstrong, new economy, Nixon triggered the end of the Bretton Woods system, obamacare, old-boy network, opioid epidemic / opioid crisis, paper trading, Paris climate accords, performance metric, post-work, Potemkin village, Powell Memorandum, proprietary trading, quantitative hedge fund, Ralph Nader, ride hailing / ride sharing, Robert Bork, Robert Gordon, Robert Mercer, Ronald Reagan, Rutger Bregman, Salesforce, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, stock buybacks, Tax Reform Act of 1986, tech worker, telemarketer, too big to fail, trade liberalization, union organizing, Unsafe at Any Speed, War on Poverty, women in the workforce, working poor

POWERING THE CASINO ECONOMY The meritocratic elite that began emerging in the 1960s became the vanguard of what we now call the “knowledge economy”—a world in which brawn (or the investment in and organization of brawn in manufacturing) has increasingly been replaced by brains as the American economic engine. Except for engineers inventing software, the knowledge economy mostly put the new meritocratic elite to work as lawyers, bankers, executives, and consultants creating new ways to trade and bet on stock and other financial instruments, and new ways to rearrange or protect assets, rather than grow them. In that sense, the knowledge economy should probably be called the financial economy—and, given all the betting rather than building involved, perhaps even the casino economy.

In the 1960s, colleges and universities, and then the country generally, began to apply a long-treasured, although usually ignored, American value—meritocracy—to challenge the old-boy network in determining who would rise to the top. That made those at the top smarter and better equipped to dominate what was becoming a knowledge economy. It was one of the twentieth century’s great breakthroughs for equality. As you will read, I was a beneficiary of the change and also played a role in embedding it in the legal industry. It had the unintended consequence, however, of entrenching a new aristocracy of rich knowledge workers who were much smarter and more driven than the old-boy network of heirs born on third base.

Markovits and Fisman’s study suggesting that even those he described as elite liberals politically were not big on income equality suggests an explanation of a fundamental paradox of the last fifty years in America: That at the same time that the country made such great strides in liberal causes related to democracy and equal rights—women’s rights, civil rights, voting rights, LGBT rights—the balance of economic power and opportunity became so unequal. * * * — Looking further at elite lawyers is a good way to see how the growth of the knowledge economy and meritocracy reinforced each other. Until the 1970s, law was a relatively sleepy profession. From 1900 to 1970 the number of lawyers per capita in the U.S. remained about the same, despite the onslaught of new laws and regulations in the Teddy Roosevelt reform era and continuing during the Franklin Roosevelt New Deal.


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Capitalism Without Capital: The Rise of the Intangible Economy by Jonathan Haskel, Stian Westlake

23andMe, activist fund / activist shareholder / activist investor, Airbnb, Alan Greenspan, Albert Einstein, Alvin Toffler, Andrei Shleifer, bank run, banking crisis, Bernie Sanders, Big Tech, book value, Brexit referendum, business climate, business process, buy and hold, Capital in the Twenty-First Century by Thomas Piketty, carbon credits, cloud computing, cognitive bias, computer age, congestion pricing, corporate governance, corporate raider, correlation does not imply causation, creative destruction, dark matter, Diane Coyle, Donald Trump, Douglas Engelbart, Douglas Engelbart, driverless car, Edward Glaeser, Elon Musk, endogenous growth, Erik Brynjolfsson, everywhere but in the productivity statistics, Fellow of the Royal Society, financial engineering, financial innovation, full employment, fundamental attribution error, future of work, gentrification, gigafactory, Gini coefficient, Hernando de Soto, hiring and firing, income inequality, index card, indoor plumbing, intangible asset, Internet of things, Jane Jacobs, Jaron Lanier, Jeremy Corbyn, job automation, Kanban, Kenneth Arrow, Kickstarter, knowledge economy, knowledge worker, laissez-faire capitalism, liquidity trap, low interest rates, low skilled workers, Marc Andreessen, Mother of all demos, Network effects, new economy, Ocado, open economy, patent troll, paypal mafia, Peter Thiel, pets.com, place-making, post-industrial society, private spaceflight, Productivity paradox, quantitative hedge fund, rent-seeking, revision control, Richard Florida, ride hailing / ride sharing, Robert Gordon, Robert Solow, Ronald Coase, Sand Hill Road, Second Machine Age, secular stagnation, self-driving car, shareholder value, sharing economy, Silicon Valley, six sigma, Skype, software patent, sovereign wealth fund, spinning jenny, Steve Jobs, sunk-cost fallacy, survivorship bias, tacit knowledge, tech billionaire, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, total factor productivity, TSMC, Tyler Cowen, Tyler Cowen: Great Stagnation, urban planning, Vanguard fund, walkable city, X Prize, zero-sum game

As the power of computers and the Internet became more apparent in the 1990s, the idea that immaterial things were economically important became increasingly widely accepted. Sociologists talked of a “network society” and a “post-Fordist” economy. Business gurus urged managers to think about how to thrive in a knowledge economy. Economists began to think about how research and development and the ideas that resulted from it might be incorporated into their models of economic growth, an economy parsimoniously encapsulated by the title of Diane Coyle’s book The Weightless World. Authors like Charles Leadbeater suggested we might soon be “living on thin air.”

Everyone knows that the output of developed countries, even ones with large manufacturing sectors like Germany or Japan, consists mostly of services. Some of the sociologists and futurists who first heralded the rise of “post-industrial society” were also prophets of what became known as the knowledge economy. Is it true, then, that the modern world is replacing dark satanic mills with service businesses that invest in systems, information, and ideas? It turns out the evidence is not so clear-cut. Figure 2.7 shows that, in all our countries, the service sector was, in the late 1990s, more tangible-intensive, but this has reversed.

As Goodridge and Haskel (2016) point out, the UK Data Protection Act “controls how your personal information is used,” that the UK Information Commissioner “promotes data privacy for individuals,” and the Freedom of Information Act allows citizens to request publicly held datasets (all our italics).* Romer (1991), when talking about intangibles, uses terms like “ideas,” “blueprints,” and “instructions.” The OECD talks about the “knowledge economy,” while economists typically refer to “knowledge” that is embodied or disembodied. Meanwhile, in his masterful work on the Industrial Revolution, the economic historian Joel Mokyr divides “knowledge” into propositional and prescriptive (Mokyr 2002). How does all this fit together? Let’s start with data.


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The Economics of Belonging: A Radical Plan to Win Back the Left Behind and Achieve Prosperity for All by Martin Sandbu

air traffic controllers' union, Airbnb, Alan Greenspan, autonomous vehicles, balance sheet recession, bank run, banking crisis, basic income, Berlin Wall, Bernie Sanders, Big Tech, Boris Johnson, Branko Milanovic, Bretton Woods, business cycle, call centre, capital controls, carbon footprint, carbon tax, Carmen Reinhart, centre right, collective bargaining, company town, debt deflation, deindustrialization, deskilling, Diane Coyle, Donald Trump, Edward Glaeser, eurozone crisis, Fall of the Berlin Wall, financial engineering, financial intermediation, full employment, future of work, gig economy, Gini coefficient, green new deal, hiring and firing, income inequality, income per capita, industrial robot, intangible asset, job automation, John Maynard Keynes: technological unemployment, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, liquidity trap, longitudinal study, low interest rates, low skilled workers, manufacturing employment, Martin Wolf, meta-analysis, mini-job, Money creation, mortgage debt, new economy, offshore financial centre, oil shock, open economy, pattern recognition, pink-collar, precariat, public intellectual, quantitative easing, race to the bottom, Richard Florida, Robert Shiller, Robert Solow, Ronald Reagan, secular stagnation, social intelligence, TaskRabbit, total factor productivity, universal basic income, very high income, winner-take-all economy, working poor

But when a society switches to new, more productive ways of doing things, and entirely new activities emerge that require new skills and abilities, the old ways are abandoned. And the danger is that those who thrived on the old ways are abandoned along with them. That is what has happened in the West. Here are four ways how. * * * 1. The plight of the uneducated. What does it mean to say we live in a knowledge economy? It means that information, know-how, and cognitive skills are the central source of economic value. That is obviously true for the research and innovation that makes other activities more productive. But such skills are also vital for managing and coordinating the immense complexity of an advanced economy.

The crumbling foundations of the blue-collar aristocracy are the assembly lines, docks, rigs, and trucks where the men traditionally did most of the work. As such, they are the perfect stage for displays of old-fashioned machismo (Trump’s photo op with an eighteen-wheel truck on the White House lawn comes to mind). That sits less well with the skills that create value in the new service and knowledge economy. Social intelligence, a talent for caring, and similar soft skills are increasingly in demand, as are the jobs that require them: nursing, social care and childcare, teaching, and the like. In the United States, for example, one in four new jobs in the next decade is expected to come in health care, social assistance, and education, and we should expect similar developments elsewhere.19 In many places, however, these jobs come with low status and lower pay.

How well or badly different countries navigated that change maps well onto how manageable or challenging a political landscape they face today. There are three stages in the story of how policy makers have dealt with the economic upheavals of the last half century. The first is how they managed—or more often than not, mismanaged—the shift from an industrial to a knowledge economy. The second is the impact of the global financial crisis, the run-up to it and its aftermath. The third is still under way: it is about the policy response to the digitisation of economic life. If this were baseball, it would be fair to count two strikes against Western policy makers’ performance already.


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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, back-to-the-city movement, basic income, Bernie Sanders, bike sharing, 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, gentrification, Gini coefficient, Google bus, high net worth, high-speed rail, 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, megaproject, Menlo Park, mortgage tax deduction, Nate Silver, New Economic Geography, new economy, New Urbanism, occupational segregation, off-the-grid, opioid epidemic / opioid crisis, Paul Graham, plutocrats, RAND corporation, rent control, rent-seeking, restrictive zoning, Richard Florida, rising living standards, Ronald Reagan, secular stagnation, self-driving car, Silicon Valley, SimCity, sovereign wealth fund, streetcar suburb, superstar cities, tech worker, the built environment, The Chicago School, The Death and Life of Great American Cities, the High Line, The Rise and Fall of American Growth, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, trickle-down economics, Tyler Cowen, Uber and Lyft, uber lyft, universal basic income, upwardly mobile, urban decay, urban planning, urban renewal, urban sprawl, white flight, young professional

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.

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.


Big Data and the Welfare State: How the Information Revolution Threatens Social Solidarity by Torben Iversen, Philipp Rehm

23andMe, Affordable Care Act / Obamacare, algorithmic bias, barriers to entry, Big Tech, business cycle, centre right, collective bargaining, COVID-19, crony capitalism, data science, DeepMind, deindustrialization, full employment, George Akerlof, income inequality, information asymmetry, invisible hand, knowledge economy, land reform, lockdown, loss aversion, low interest rates, low skilled workers, microbiome, moral hazard, mortgage debt, Network effects, new economy, obamacare, personalized medicine, Ponzi scheme, price discrimination, principal–agent problem, profit maximization, Robert Gordon, speech recognition, subprime mortgage crisis, tail risk, The Market for Lemons, The Rise and Fall of American Growth, union organizing, vertical integration, working-age population

Similar efforts are underway in credit markets, where detailed information about credit history is linked to a trove of data on income, occupation, residence, and so on. There is currently no integrated analytical framework we can use to examine the consequences of Big Data for social policy and inequality. This book offers such a framework and applies it to the history of social protection, with an emphasis on the rise of the knowledge economy and taking the role of partisanship and national political and regulatory institutions into account. the logic: division of insurance pools One of the most important drivers of redistribution and equality is largescale risk pooling. When every worker pays into the same unemployment scheme and receives a benefit that is independent of their income, that scheme is highly redistributive provided that risks are not positively related to income.

During the Conservative Bildt government in the early 1990s more funding was shifted to individual UIFs, as opposed to a common pool, and dispersion rose dramatically before being pared back again in 2014. The Swedish case illustrates a broader trend in labor markets that intersects with our information story. Risks of unemployment and income losses are increasingly tied to occupation, education, and location. This is because the transition to the knowledge economy has strongly favored well-educated professionals in the expanding cities. Because this development is also a driver of growing neighborhood segregation, information is increasingly shared in narrow, socioeconomically homogenous groups. In more heterogeneous groups, people’s views on risks and policies tend to converge to the mean of the national distribution, whereas in small homogenous groups, views tend to converge to the mean in each distinct group.

Private pension plans have helped fuel a huge expansion of credit markets, which also increasingly serve to smooth personal income and hence act as insurance. “Nonlinear” career patterns where workers move between family and work and between work and education are much more common in today’s knowledge economy than in yesterday’s industrial economy, and credit markets have accommodated this shift. In just over twenty years, from 1995 to 2016, private debt in advanced democracies increased from an average of 90 percent to about 157 percent of GDP (OECD 2018b). Insofar as credit is used to smooth income, interest https://doi.org/10.1017/9781009151405.003 Published online by Cambridge University Press The Fragmentation of Social Solidarity 65 rates are essentially equivalent to insurance premiums – they are the cost of insurance against income volatility.


pages: 598 words: 172,137

Who Stole the American Dream? by Hedrick Smith

Affordable Care Act / Obamacare, Airbus A320, airline deregulation, Alan Greenspan, anti-communist, asset allocation, banking crisis, Bear Stearns, Boeing 747, Bonfire of the Vanities, British Empire, business cycle, 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, financial engineering, Ford Model T, full employment, Glass-Steagall Act, global supply chain, Gordon Gekko, guest worker program, guns versus butter model, high-speed rail, hiring and firing, housing crisis, Howard Zinn, income inequality, independent contractor, index fund, industrial cluster, informal economy, invisible hand, John Bogle, Joseph Schumpeter, junk bonds, Kenneth Rogoff, Kitchen Debate, knowledge economy, knowledge worker, laissez-faire capitalism, Larry Ellison, late fees, Long Term Capital Management, low cost airline, low interest rates, manufacturing employment, market fundamentalism, Maui Hawaii, mega-rich, Michael Shellenberger, military-industrial complex, MITM: man-in-the-middle, 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, proprietary trading, Ralph Nader, RAND corporation, Renaissance Technologies, reshoring, rising living standards, Robert Bork, Robert Shiller, rolodex, Ronald Reagan, Savings and loan crisis, shareholder value, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Solyndra, Steve Jobs, stock buybacks, tech worker, Ted Nordhaus, 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

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.

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.

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.


pages: 260 words: 67,823

Always Day One: How the Tech Titans Plan to Stay on Top Forever by Alex Kantrowitz

accounting loophole / creative accounting, Albert Einstein, AltaVista, Amazon Robotics, Amazon Web Services, Andy Rubin, anti-bias training, augmented reality, Automated Insights, autonomous vehicles, Bernie Sanders, Big Tech, Cambridge Analytica, Clayton Christensen, cloud computing, collective bargaining, computer vision, Donald Trump, drone strike, Elon Musk, fake news, Firefox, fulfillment center, gigafactory, Google Chrome, growth hacking, hive mind, income inequality, Infrastructure as a Service, inventory management, iterative process, Jeff Bezos, job automation, Jony Ive, Kiva Systems, knowledge economy, Lyft, Mark Zuckerberg, Menlo Park, new economy, Nick Bostrom, off-the-grid, Peter Thiel, QR code, ride hailing / ride sharing, robotic process automation, Salesforce, self-driving car, Sheryl Sandberg, Silicon Valley, Skype, Snapchat, SoftBank, Steve Ballmer, Steve Jobs, Steve Wozniak, super pumped, tech worker, Tim Cook: Apple, uber lyft, warehouse robotics, wealth creators, work culture , zero-sum game

A company founder would come up with an idea (Let’s make widgets!) and then hire employees for execution purposes only (they’d be in the factory, making the widgets). Then, in the late 1930s, we started moving from an economy dominated by factories to one dominated by ideas—what we call the “knowledge economy.” In today’s knowledge economy, ideas matter, but we still mostly spend our time on execution work. We develop a new product or service, and then spend our time supporting it instead of coming up with something else. If you sell dresses, for instance, supporting each design requires loads of execution work: pricing, sourcing, inventory management, sales, marketing, shipping, and returns.

Workers were hired for their labor, not their ideas. So companies could replace them overnight and hardly tell the difference. Then came the reaction. In the mid-1900s, we moved from an economy driven by industry to one driven by information. In this new knowledge economy, companies hired people not simply for what they could do physically, but for what they knew. The transition to the knowledge economy caused managers to start rethinking the old factory approach. Striking fear into your employees, it turned out, wasn’t a great way to harness their brain power. Treating them with kindness and respect, however, could net smarter marketing plans, creative accounting solutions, and successful customer service interactions in return.

See invention “disagree and commit” principle, 24 Dorsey, Jack, 212 Downey, Allen, 200 Dweck, Carol, 185 Dyer, Lee, 210–13 dystopian technological scenarios, 191–205 education system, 213–15 Eichenwald, Kurt, 189–90 Elamiri, Abdellah, 164, 165, 189 Element.ai, 13 Elison, Meg, 193 eMarketer, 73, 111, 114, 147, 195 employment, technology’s impact on, 35–36, 201–2, 204–5, 215–16, 223–24 Engineer’s Mindset about, 14–18, 17 and Apple, 17, 131, 143, 151, 161 at aQuantive, 163 general adoption of, 18, 211, 213, 225 tech leaders with (see Bezos, Jeff; Nadella, Satya; Pichai, Sundar; Zuckerberg, Mark) three applications of, 15–17, 17 (see also collaboration; hierarchies; invention) execution work, 8–10, 11–14, 226 Facebook, 55–91 abuses of power by, 195–96 addressing feedback failures at, 83–89 advertising revenues of, 195–96 algorithmic compensation model of, 81–82 artificial intelligence/machine learning at, 75–81, 88 and Cambridge Analytica, 83, 84, 158 and congressional investigations, 83–84, 85–86 content moderation at, 77–81, 86 contractors’ wages at, 155 dominance of, 3 Engineer’s Mindset at, 16 and Facebook Groups, 69–70, 201 and Facebook Live, 77 feedback culture at, 1–2, 16, 55–57, 60–62, 66, 68 and feedback from staff, 65–68, 70–74 and feedback from users, 59, 59n, 68–70 Friday Q&As at, 62–63 idea pathways at, 62–63 invention at, 58–60, 101 leadership team at, 63–64 mobile app of, 65–68 and News Feed, 68–69 and Oculus Connect (virtual reality), 89–90 optimism evident at, 85–86 and presidential election of 2016, 16, 59, 64, 83 and privacy emphasis of Apple, 157–58 reinventions of, 7, 74, 89–90 and Sandberg, 64–65 Stories feature of, 70–74 suicide-prevention tool of, 79–80 training on feedback delivery, 55–57 vulnerability of, 58 See also Zuckerberg, Mark face-recognition technology, 75–76 factories, 207–8 Farestart, 217 Federal Bureau of Investigation (FBI), 155–59 Federighi, Craig, 129, 134 feedback and feedback cultures addressing gaps/failures in, 85–89 and Apple’s Siri, 144 Facebook’s culture of, 1–2, 16, 55–57, 60–62, 66, 68 and hierarchy, 55, 213 at Microsoft, 181 from the public, 59, 59n receiving, 57 training on delivery of, 55–57 VitalSmarts’ method of, 56 Firefox by Mozilla, 104, 106–7 Fitzpatrick, Jen, 114–15 Fong-Jones, Liz, 119 Fox, Nick, 116 General Motors (GM), 9 Gershgorn, Dave, 188 Ghonim, Wael, 193 Giannandrea, John, 134 Giridharadas, Anand, 217 Give and Take (Grant), 63 Gizmodo, 94 Gleit, Naomi, 62, 63 Go grocery store of Amazon, 21–22, 25, 53 Goldstein, Robin Diane, 132, 138 Goler, Lori, 62, 81, 82 Google, 93–128 abuses of power by, 195–96 advertising revenues of, 195–96 and AI Principles, 122 and Alphabet restructuring, 110–11 and Amazon Echo, 109, 111 and Android, 96, 108 and artificial intelligence/machine learning, 13, 109, 111–12, 114, 119–23 and Chrome, 7, 96, 102–8 communication tools enabling collaboration at, 96–99, 115–16, 123, 125, 128 cross-company collaboration at, 17, 96–97, 114–16, 118–19 and Damore memo, 93–95 dissent at, 119–28 dominance of, 3 empowerment of employees at, 105–6 Engineer’s Mindset at, 17 and Gmail, 102–4, 112 and Google+, 115 and Google Assistant, 7, 17, 96, 113–19 and Google Home, 116–17, 118, 147 invention encouraged at, 101 and Microsoft, 96, 100, 102, 103–4 and partnerships for Toolbar distribution, 100–102, 107 and Pentagon’s Maven project, 119–23, 127 productivity apps of, 103 products developed by, 7 reinventions of, 95–96, 110–11, 114 transparency at, 96, 115–16, 121, 127, 128, 138 Walkout at (2018), 123–28, 154–55 See also Pichai, Sundar government, change needed in, 226 Graham, Don, 60–62, 64 Grant, Adam, 63, 214 Green, Cee Lo, 11 Green, Diane, 120 growth, productivity, 197, 225 growth mindset cultures, 185–86 Hardesty, Ken, 160 Hartman, Marty, 216, 219 Henry, Alyssa, 212 Herbrich, Ralf, 38–39, 42, 52, 220 hierarchies, 184 at Apple, 17, 131, 136 at aQuantive, 163 and Engineer’s Mindset, 16, 17 at Facebook, 55, 62 and hardware operations, 116–17 at Microsoft, 166, 180–83, 190 See also feedback and feedback cultures Hill, Ned, 9 Hired (Bloodworth), 33 Hirsch, Gil, 75 Hit Refresh (Nadella), 165, 180, 183, 184 Hoefflinger, Mike, 65 homelessness, 216–17 HomePod of Apple, 129–31 Honan, Mat, 2 housing, lack of affordable, 216–17 Human Side of Enterprise, The (McGregor), 208–9 Hyman, Louis, 213 IBM, 13 idea work, 8–10, 14, 15 income inequality, 215–19 independent-thinking skills, 214 initiative, value of, 215 “innovator’s dilemma,” 9 Instagram Stories, 73 Internet use, social effects of, 200 introverts, 212 invention Amazon’s culture of, 16, 22–26, 45, 51 Amazon’s system of, 26–30, 36, 101 at Apple, 131, 136–37, 160–61 at aQuantive, 163 and copying other products, 74 cultivation of, 211 democratic invention, 15–16, 17 enabled by technological advances, 9–10 and Engineer’s Mindset, 15–16, 17 exercising thoughtfulness in, 224 at Facebook, 58–60, 101 at Google, 101 incentivizing, 212 at Microsoft, 164, 166, 172–73, 179–80, 190 and reinvention, 7–8, 74 in smaller companies, 225 stymied by tech giants, 196 systems that support, 211–12 Isilon Systems, 18 Ive, Jony, 134, 135 Jassy, Andy, 45 Jobs, Steve death of, 142–43 and iPhone, 7, 142 on values represented in marketing, 159 vision of, 132–33 Judah, Norm, 177, 178 Kiva Systems, 31 knowledge economy, 9 Kumar, Dilip, 45–46 Kwon, Elaine, 40, 41, 45, 49, 52 language translation, automation of, 43 Larson-Green, Julie, 173, 181, 182, 183, 188 Lavin, Carl, 86–88 lay-offs, 221–22 LeCun, Yann, 76 Lee, Kai-Fu, 74 Leo, Michael, 223 Li, Fei-Fei, 120–21 Lin, Sandi, 28, 48, 52 LinkedIn, 186–87 Litwin, Adam Seth, 215, 216, 218 Lobe, 179 loneliness epidemic, 199–200 Lynn, Barry, 195–96 machine learning.


pages: 236 words: 77,546

The Cult of Smart: How Our Broken Education System Perpetuates Social Injustice by Fredrik Deboer

accounting loophole / creative accounting, Affordable Care Act / Obamacare, anti-communist, assortative mating, basic income, Bernie Sanders, collective bargaining, deindustrialization, desegregation, Donald Trump, fiat currency, Flynn Effect, full employment, gentrification, Great Leap Forward, helicopter parent, income inequality, knowledge economy, labor-force participation, liberal capitalism, longitudinal study, meta-analysis, new economy, New Urbanism, obamacare, Own Your Own Home, phenotype, positional goods, profit motive, RAND corporation, randomized controlled trial, Richard Florida, school choice, Scientific racism, selection bias, Silicon Valley, single-payer health, Steven Pinker, survivorship bias, trade route, twin studies, universal basic income, upwardly mobile, winner-take-all economy, young professional, zero-sum game

They hear it from their parents, from their teachers, and from their guidance counselors. They hear it from politicians from both parties, who insist without evidence and against common sense that education is the only way to lift people out of poverty and into comfort. They hear it from economists and sociologists who report that we now live in a globalized knowledge economy. And they hear it in the casual way that intelligence is over and over again equated with overall human value. This is the Cult of Smart. It is the notion that academic value is the only value, and intelligence the only true measure of human worth. It is pernicious, it is cruel, and it must change.

It was they, in other words, who would be jockeying for position in the Cult of Smart, the great American obsession with appearing intelligent above and beyond all things, the one value that is thought to define us and our worth. And, in time, those other students would be his competition in the labor market in our new knowledge economy. I lost track of him after I left that job. I hope the world served him better in the second decade of his life than it did in the first. Flash forward several years. I was a master’s student at the University of Rhode Island, teaching one of my first college classes. Freshman writing. The class was going well save for a few problem students, including the chronically absent who would fail the class and who, I knew, were likely to fail out of school altogether.

The most notorious of these changes was the North American Free Trade Agreement, a treaty vociferously opposed by labor unions who predicted—correctly—that it would result in a loss of jobs in automaking, textiles, and similar occupations that did not require a college degree. In time the rise of China as the world’s default manufacturer undermined American uneducated labor even further. Today, if you’ll forgive the cliché, we live in a knowledge economy. The jobs that are the least vulnerable appear to be those that require the most education. In particular, those who work in educated labor–heavy fields like education and medicine seem to enjoy the most stability in their employment. (That education and medicine are also places where we face growing cost crises does not seem coincidental.)


pages: 349 words: 98,868

Nervous States: Democracy and the Decline of Reason by William Davies

active measures, Affordable Care Act / Obamacare, Amazon Web Services, Anthropocene, bank run, banking crisis, basic income, Black Lives Matter, Brexit referendum, business cycle, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, citizen journalism, Climategate, Climatic Research Unit, Colonization of Mars, continuation of politics by other means, creative destruction, credit crunch, data science, decarbonisation, deep learning, DeepMind, deindustrialization, digital divide, discovery of penicillin, Dominic Cummings, Donald Trump, drone strike, Elon Musk, failed state, fake news, Filter Bubble, first-past-the-post, Frank Gehry, gig economy, government statistician, housing crisis, income inequality, Isaac Newton, Jeff Bezos, Jeremy Corbyn, Johannes Kepler, Joseph Schumpeter, knowledge economy, loss aversion, low skilled workers, Mahatma Gandhi, Mark Zuckerberg, mass immigration, meta-analysis, Mont Pelerin Society, mutually assured destruction, Northern Rock, obamacare, Occupy movement, opioid epidemic / opioid crisis, Paris climate accords, pattern recognition, Peace of Westphalia, Peter Thiel, Philip Mirowski, planetary scale, post-industrial society, post-truth, quantitative easing, RAND corporation, Ray Kurzweil, Richard Florida, road to serfdom, Robert Mercer, Ronald Reagan, sentiment analysis, Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, smart cities, Social Justice Warrior, statistical model, Steve Bannon, Steve Jobs, tacit knowledge, the scientific method, Turing machine, Uber for X, universal basic income, University of East Anglia, Valery Gerasimov, W. E. B. Du Bois, We are the 99%, WikiLeaks, women in the workforce, zero-sum game

Pointing particularly to examples such as “Silicon Fen” around Cambridge University or North Carolina’s “Research Triangle,” gurus such as Richard Florida, Michael Porter, and Charles Leadbeater argued that the economic success stories of the future would be cities and business clusters that attracted highly educated, socially liberal workers, who were willing to mingle informally and circulate ideas. These centers of innovation would often emerge around universities. With good social connections between entrepreneurs, academic research, and venture capital, a whole new era of prosperity could be achieved, based upon nothing but ideas and imagination. This was the idea of a “knowledge economy” with a “creative class” of open-minded, highly mobile young graduates at its heart. Cities, universities, and other concentrations of people were key to this. This vision was not wrong, but its applicability was limited. It is certainly true that cities such as London and New York have grown rapidly since the early 1990s, both in population and in wealth, with a side effect being widespread housing crises.

The scientific perspective on society, as pioneered by Graunt and Petty, continues to provide a plausible picture of reality for most of these people, mediated by the likes of the New York Times or the Economist. But what of the others? What kinds of perspectives and analyses are suppressed or sidelined by the expert view of aggregates and averages? And can we understand it as something other than just false? Among those not included in this “knowledge economy” vision of progress, an individual is more likely to be an object of expert scrutiny than an agent of it. As cultural and economic advantage becomes increasingly concentrated around big cities and universities, expert knowledge is something the privileged do to the less privileged. Bureaucracy and quantitative research become ways of collecting data about the population, but without actually getting to know people or listen to them.

However, his ideas and success pose some unavoidable questions about the status of knowledge and expertise in society: what kind of knowledge do we value, and why do we value it? Since the 1980s, policymakers in many countries have deliberately sought to encourage greater commercial applications of scientific knowledge, to develop a “knowledge economy.” Treating knowledge as a private economic asset has led to a vast expansion in consultancy services, such that by the late 1990s, one-sixth of all graduates from American Ivy League universities and Oxford and Cambridge were going into careers in management consultancy.5 In post-industrial societies “creative industries” became viewed as a gold mine, as long as copyright enforcement was strong enough to protect their assets.


pages: 791 words: 85,159

Social Life of Information by John Seely Brown, Paul Duguid

Alvin Toffler, business process, Charles Babbage, Claude Shannon: information theory, computer age, Computing Machinery and Intelligence, cross-subsidies, disintermediation, double entry bookkeeping, Frank Gehry, frictionless, frictionless market, future of work, George Gilder, George Santayana, global village, Goodhart's law, Howard Rheingold, informal economy, information retrieval, invisible hand, Isaac Newton, John Markoff, John Perry Barlow, junk bonds, Just-in-time delivery, Kenneth Arrow, Kevin Kelly, knowledge economy, knowledge worker, lateral thinking, loose coupling, Marshall McLuhan, medical malpractice, Michael Milken, moral hazard, Network effects, new economy, Productivity paradox, Robert Metcalfe, rolodex, Ronald Coase, scientific management, shareholder value, Shoshana Zuboff, Silicon Valley, Steve Jobs, Superbowl ad, tacit knowledge, Ted Nelson, telepresence, the medium is the message, The Nature of the Firm, the strength of weak ties, The Wealth of Nations by Adam Smith, Thomas Malthus, transaction costs, Turing test, Vannevar Bush, Y2K

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?

Focusing on process, as we argued, draws attention away from people, Page 121 concentrating instead on disembodied processes and the information that drives them. Focusing on knowledge, by contrast, turns attention toward knowers. 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. For though its champions like to present these two as distinct, the information economy, like the industrial economy, shows a marked indifference to people. The industrial economy, for example, treated them en masse as interchangeable partsthe factory "hands" of the nineteenth century.


pages: 385 words: 118,314

Cities Are Good for You: The Genius of the Metropolis by Leo Hollis

Airbnb, Alvin Toffler, banking crisis, Berlin Wall, Big Tech, Boris Johnson, Broken windows theory, Buckminster Fuller, call centre, car-free, carbon footprint, cellular automata, classic study, clean water, cloud computing, complexity theory, congestion charging, creative destruction, credit crunch, Credit Default Swap, crowdsourcing, Deng Xiaoping, digital divide, digital map, Disneyland with the Death Penalty, Donald Shoup, East Village, Edward Glaeser, Elisha Otis, Enrique Peñalosa, export processing zone, Firefox, Frank Gehry, General Motors Futurama, Geoffrey West, Santa Fe Institute, Gini coefficient, Google Earth, Great Leap Forward, Guggenheim Bilbao, haute couture, Hernando de Soto, high-speed rail, housing crisis, illegal immigration, income inequality, informal economy, Internet of things, invisible hand, Jane Jacobs, Jevons paradox, Kickstarter, knowledge economy, knowledge worker, Leo Hollis, Lewis Mumford, Long Term Capital Management, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, Masdar, mass immigration, megacity, negative equity, Neil Armstrong, new economy, New Urbanism, Occupy movement, off-the-grid, openstreetmap, packet switching, Panopticon Jeremy Bentham, place-making, power law, Quicken Loans, Ray Oldenburg, Richard Florida, sharing economy, Silicon Valley, Skype, smart cities, smart grid, spice trade, Steve Jobs, technoutopianism, the built environment, The Chicago School, The Death and Life of Great American Cities, The Great Good Place, the High Line, The Spirit Level, the strength of weak ties, The Wisdom of Crowds, Thomas Malthus, trade route, traveling salesman, urban planning, urban renewal, urban sprawl, walkable city, white flight, Y2K, Yom Kippur War

This sector was the one area of the global economy that was least affected by the credit crunch; in 2008 it generated $592 billion, more than double its turnover in 2002, which suggests an annual growth of 14 per cent. The knowledge economy forces us to think again about how we work, and what we do; it could also allow us to think about the city anew. According to Richard Florida, the extent of the creative classes is having a profound impact on the success of cities. Using the broadest definition of the knowledge economy as possible – ‘science and technology, arts and design, entertainment and media, law, finance, management, healthcare and education’9 – Florida shows that since the decline of industry in the west, this new class of worker has risen at a gallop: 5 per cent of all employment in 1900, 10 per cent in 1950, 15 per cent in 1980 and more than 30 per cent by 2005.

Singapore now sells itself as the super-charged Asian creative hub. Yet this commitment to the Information Age comes with risks and has altered the relationship between the government and the people, who are now encouraged to be innovative, independent and educated. You cannot encourage innovators and a knowledge economy and then expect them to act like dutiful servants: schools began to teach a new curriculum that encouraged critical thinking rather than learning by rote; the launch of the ‘Singapore One’ initiative guaranteed every citizen a high-speed internet connection while the iN2015 masterplan hopes to develop a new generation of global business leaders.16 This revolution within a revolution – which in time will surely come to question Singapore’s Hobbesian way of life – has nonetheless been dictated from the top down.

For others, mobility itself is no proof of success or creativity, and ‘the stuck’ could easily be reinterpreted as happy.14 Still more warn against the worship of the ‘creative class’ as the only means of developing a competitive economy, dismissing all that has happened before as irrelevant, promoting a doctrine preaching that ‘the history of a city is at best of little use, and at worst an obstacle to entering the advanced knowledge economy. The prescription is to bring the economy from up high into one’s city.’15 It is sometimes too easy to be seduced by the new, rather than really looking and seeing what is happening on the ground. Creativity does not evolve out of a vacuum; it does not emerge from a photo opportunity or a government initiative.


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

addicted to oil, American Society of Civil Engineers: Report Card, asset allocation, big-box store, centre right, commoditize, credit crunch, David Brooks, desegregation, Donald Shoup, Donald Trump, drive until you qualify, edge city, Ford Model T, full employment, General Motors Futurama, gentrification, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, knowledge economy, Lewis Mumford, 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, Savings and loan crisis, Seaside, Florida, the built environment, transit-oriented development, urban planning, urban renewal, urban sprawl, value engineering, 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). 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 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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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

Alan Greenspan, assortative mating, call centre, clean water, commoditize, company town, 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, insecure affluence, It's morning again in America, Jane Jacobs, Joan Didion, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge economy, knowledge worker, labor-force participation, late capitalism, low interest rates, low skilled workers, manufacturing employment, mass immigration, McMansion, Michael Shellenberger, mortgage tax deduction, new economy, off grid, oil shock, PageRank, Paradox of Choice, Ponzi scheme, positional goods, post-industrial society, post-materialism, principal–agent problem, recommendation engine, Richard Florida, rolodex, Ronald Reagan, Silicon Valley, Skype, statistical model, Ted Nordhaus, The Death and Life of Great American Cities, The Great Moderation, the long tail, the strength of weak ties, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tragedy of the Commons, transaction costs, women in the workforce, Yom Kippur War

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.

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.


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The Wake-Up Call: Why the Pandemic Has Exposed the Weakness of the West, and How to Fix It by John Micklethwait, Adrian Wooldridge

Admiral Zheng, Affordable Care Act / Obamacare, air traffic controllers' union, Alan Greenspan, basic income, battle of ideas, Berlin Wall, Bernie Sanders, bike sharing, Black Lives Matter, Boris Johnson, carbon tax, carried interest, cashless society, central bank independence, contact tracing, contact tracing app, Corn Laws, coronavirus, COVID-19, creative destruction, David Ricardo: comparative advantage, defund the police, Deng Xiaoping, Dominic Cummings, Donald Trump, Etonian, failed state, Fall of the Berlin Wall, Future Shock, George Floyd, global pandemic, Internet of things, invisible hand, it's over 9,000, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Jeremy Corbyn, Jones Act, knowledge economy, laissez-faire capitalism, Les Trente Glorieuses, lockdown, McMansion, military-industrial complex, night-watchman state, offshore financial centre, oil shock, Panopticon Jeremy Bentham, Parkinson's law, pensions crisis, QR code, rent control, Rishi Sunak, road to serfdom, Ronald Reagan, school vouchers, Shoshana Zuboff, Silicon Valley, smart cities, social distancing, Steve Bannon, surveillance capitalism, TED Talk, trade route, Tyler Cowen, universal basic income, Washington Consensus

One former British spy points out that his children are immensely better educated than he was, far more tolerant, but the only time they meet the working class is when their internet order arrives; they haven’t shared trenches with them. They have been relieved of guilt. The closer you get to the summit of the global elite the truer this is. People in Silicon Valley do “give back” but they focus on philanthropy outside the public sector. In a knowledge economy, the brain of a Bezos or a Buffett is their most valuable asset. The only obvious member of the West’s super-rich to have jumped into full-time public service—Mike Bloomberg—employs one of us; even his foes would say he ran New York City well. Very few have followed him. The collapse of the party system has not helped.

America’s tech budget is eaten up by the cost of supporting legacy systems—and the elderly workers who run them—because nobody has had the courage to pay for the upgrade. Bill Lincoln should borrow from America’s past, as well as Asia’s present. Roosevelt built the dams. Eisenhower built the freeways. Bill Lincoln will use the fact that America can borrow long-term money at close to 0 percent to build the infrastructure a knowledge economy needs. That includes a subsidized internet, but also an overhaul of technology in every department. Otherwise the shabbiness of LaGuardia airport will be repeated in cyberspace. 9. GO LOCAL An important reason why Seoul did so well in dealing with Covid had nothing to do with technology or efficiency.

Then you needed to provide better nutrition to improve people’s ability to fight off infectious diseases. And then better schools and a decent food supply to make sure you had a fighting-fit, well-educated population. The question now is where the national minimum should be set in a dynamic knowledge economy. We have already explained why America needs a national health service for practical reasons. There are philosophical reasons too. The contract between the richest country on the planet and its people surely entails providing free (or nearly free) medical care in the same way as it involves providing free (or nearly free) education.


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

"World Economic Forum" Davos, activist fund / activist shareholder / activist investor, Alan Greenspan, Albert Einstein, algorithmic trading, assortative mating, banking crisis, barriers to entry, Basel III, battle of ideas, Bear Stearns, behavioural economics, Bernie Madoff, Big bang: deregulation of the City of London, Black Monday: stock market crash in 1987, Black Swan, Boris Johnson, Branko Milanovic, Bretton Woods, BRICs, Bullingdon Club, 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, disruptive innovation, don't be evil, double helix, energy security, estate planning, experimental subject, financial deregulation, financial engineering, financial innovation, Flash crash, Ford Model T, Frank Gehry, Gini coefficient, Glass-Steagall Act, 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, Max Levchin, Mikhail Gorbachev, Moneyball by Michael Lewis explains big data, NetJets, new economy, Occupy movement, open economy, Peter Thiel, place-making, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, postindustrial economy, Potemkin village, profit motive, public intellectual, purchasing power parity, race to the bottom, rent-seeking, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, self-driving car, seminal paper, Sheryl Sandberg, short selling, Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, Simon Kuznets, sovereign wealth fund, starchitect, stem cell, Steve Jobs, TED Talk, the long tail, 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

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.”

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.

There was no way, Marx pointed out, for the worker to own the steam engine and to be able to take it with him when moving from one job to another. The capitalist had to own the steam engine and control it.” Hence the power of the robber barons and the complaints of the proletariat. But that logic collapses in the knowledge economy: “Increasingly, the true investment in the knowledge society is not in machines and tools but in the knowledge of the knowledge worker. . . . The market researcher needs a computer. But increasingly this is the researcher’s own personal computer, and it goes along where he or she goes. . . .


The New Harvest: Agricultural Innovation in Africa by Calestous Juma

agricultural Revolution, Albert Einstein, barriers to entry, bioinformatics, business climate, carbon footprint, clean water, colonial rule, conceptual framework, creative destruction, CRISPR, double helix, electricity market, energy security, energy transition, export processing zone, global value chain, high-speed rail, impact investing, income per capita, industrial cluster, informal economy, Intergovernmental Panel on Climate Change (IPCC), Joseph Schumpeter, knowledge economy, land tenure, M-Pesa, microcredit, mobile money, non-tariff barriers, off grid, out of africa, precautionary principle, precision agriculture, Recombinant DNA, rolling blackouts, search costs, Second Machine Age, self-driving car, Silicon Valley, sovereign wealth fund, structural adjustment programs, supply-chain management, synthetic biology, systems thinking, total factor productivity, undersea cable

Using this framework, with government functioning as a facilitator for social learning, business enterprises will become the locus of learning, and knowledge will be the currency of change.11 Most African countries already have in place the key institutional components needed to make the transition to being a player in the knowledge economy. The emphasis should therefore be on realigning the existing structures and creating new ones where they do not exist. The challenge is in building the international partnerships necessary to align government policy with the long-term technological needs of Africa. The promotion of science and technology as a way to meet human welfare needs must, however, Advances in Science, Technology, and Engineering 43 take into account the additional need to protect Africa’s environment for present and future generations.

That program will include bioresource utilization, biopolymer utilization in health, waste management, and environmental protection, and biopolymer utilization in agriculture as described above. Transferring the production know-how to farmers and the industry is another key component of the Center. Technology Prospecting Much of the debate on the place of Africa in the global knowledge economy has tended to focus on identifying barriers to accessing new technologies. The basic premise has been that industrialized countries continue to limit the ability of developing countries to acquire new technologies by introducing restrictive intellectual property rights. These views were formulated at a time when technology transfer channels were tightly controlled by technology suppliers, and developing countries had limited opportunities to identify the full range of options available to them.

Countries such as India have studied this model and have come to the conclusion that one way to harness the expertise is to create a new generation of “universities for innovation” that will seek to foster the translation of research into commercial products. In 2010 India unveiled a draft law that will provide for the establishment of such universities. The law grew out India’s National Knowledge Commission, a high-level advisory body to the prime minister aimed at transforming the country into a knowledge economy.30 A number of countries have adopted policy measures aimed at attracting expatriates to participate in the economies of their countries of origin. They are relying on the forces of globalization such as connectivity, mobility, and interdependence to promote the use of the diaspora as a source of input into national technological and business programs.


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

Alan Greenspan, Albert Einstein, Asian financial crisis, Barry Marshall: ulcers, behavioural economics, Berlin Wall, Big bang: deregulation of the City of London, Bletchley Park, business cycle, California gold rush, Charles Babbage, 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, Dr. Strangelove, Dutch auction, Edward Lloyd's coffeehouse, electricity market, equity premium, equity risk premium, Ernest Rutherford, European colonialism, experimental economics, Exxon Valdez, failed state, Fairchild Semiconductor, financial innovation, flying shuttle, Ford Model T, Francis Fukuyama: the end of history, George Akerlof, George Gilder, Goodhart's law, Great Leap Forward, greed is good, Gunnar Myrdal, haute couture, Helicobacter pylori, 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, junk bonds, Kenneth Arrow, Kevin Kelly, knowledge economy, Larry Ellison, light touch regulation, Long Term Capital Management, loss aversion, Mahatma Gandhi, market bubble, market clearing, market fundamentalism, means of production, Menlo Park, Michael Milken, 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, Phillips curve, popular electronics, price discrimination, price mechanism, prisoner's dilemma, profit maximization, proprietary trading, purchasing power parity, QWERTY keyboard, Ralph Nader, RAND corporation, random walk, rent-seeking, Right to Buy, risk tolerance, road to serfdom, Robert Solow, Ronald Coase, Ronald Reagan, Savings and loan crisis, second-price auction, shareholder value, Silicon Valley, Simon Kuznets, South Sea Bubble, Steve Jobs, Stuart Kauffman, telemarketer, The Chicago School, 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, work culture , yield curve, yield management

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.

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 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.


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

"there is no alternative" (TINA), Affordable Care Act / Obamacare, Alan Greenspan, Albert Einstein, antiwork, AOL-Time Warner, Asian financial crisis, asset-backed security, bank run, banking crisis, banks create money, Bear Stearns, Berlin Wall, bilateral investment treaty, borderless world, Bretton Woods, British Empire, call centre, capital controls, central bank independence, Charles Babbage, 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 engineering, financial innovation, flying shuttle, Ford Model T, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, George Akerlof, Gini coefficient, Glass-Steagall Act, global value chain, Goldman Sachs: Vampire Squid, Gordon Gekko, Great Leap Forward, 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 bank, land reform, liberation theology, manufacturing employment, Mark Zuckerberg, market clearing, market fundamentalism, Martin Wolf, means of production, Mexican peso crisis / tequila crisis, Neal Stephenson, Nelson Mandela, 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, proprietary trading, purchasing power parity, quantitative easing, road to serfdom, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, scientific management, Scramble for Africa, search costs, 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 Theory of the Leisure Class by Thorstein Veblen, 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

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.

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.


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

citizen journalism, crowdsourcing, decentralized internet, Evgeny Morozov, fake news, Google Earth, informal economy, Julian Assange, knowledge economy, minimum wage unemployment, Mohammed Bouazizi, moral panic, Nelson Mandela, 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.

., 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.


pages: 336 words: 83,903

The Refusal of Work: The Theory and Practice of Resistance to Work by David Frayne

anti-work, antiwork, basic income, Bertrand Russell: In Praise of Idleness, Californian Ideology, call centre, capitalist realism, classic study, clockwatching, critique of consumerism, David Graeber, deindustrialization, deskilling, emotional labour, Ford Model T, future of work, Herbert Marcuse, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, knowledge economy, knowledge worker, low skilled workers, McJob, means of production, moral panic, new economy, Paradox of Choice, post-work, profit motive, Silicon Valley, Silicon Valley ideology, Skype, unpaid internship, work culture , working poor, young professional

If Marxist critics believed that industrial work had stifled the worker’s capacities, things changed in the second half of the twentieth century when many commentators greeted the developing era of post-industrial work with a degree of fanfare. Futurologists forecasted the advent of a new ‘knowledge economy’, which would see a shift away from the standardised manual work of old, towards a higher concentration of smart jobs in the service and computer-based industries (Bell, 1973). Now a political orthodoxy, the notion of a new ‘knowledge economy’ was first celebrated by economists and sociologists in the 1960s, when it was generally believed that the future prosperity of nations would depend on their ability to produce intelligent, knowledgeable workers for a new era of work.

Post-industrial forms of employment would help reintroduce the ‘human factor’ into work, and jobs would no longer simply be about efficiency and obeying orders; they would draw on the more distinctively human qualities such as social competence, cognitive ability, practical experience, or consciousness of responsibility, offering workers new opportunities to feel morally invested in their work (Offe, 1985: 137–8). With the benefit of hindsight, some commentators have seen fit to question these claims about the transition to a burgeoning knowledge economy (Thompson et al., 2001). Whilst the statistical proportion of jobs in service or information-based industries has undoubtedly increased, we need to be cautious about accepting this trend as evidence of a shift towards a more humane, highly skilled world of work (see Fleming et al., 2004). Occupational categories do not tell us all there is to know about the ways that particular forms of work are experienced, and the statistics fail to communicate the more mundane and miserable aspects of many modern jobs.

., 93 GDP, critiqued as indicator of progress, 3, 223 Generation X, 114 Genesis, Book of, 23 Gerald, a former academic, 151, 177, 178, 180, 193–4 Germany, 35-hour week in, 224 gestural type of rebellion, 214 Goffman, Erving, 192, 200, 204, 212 Goodman, Eleanor, 157 Google, offices of, 59 Gorz, André, 2, 19–20, 35–41, 43, 61, 62, 67, 74, 82, 90–1, 92, 115–16, 149–50, 151, 178, 179, 184–5, 217, 220–1 Gothenburg (Sweden), shorter working day in, 224 graduates, disillusionment of, 146 Graeber, David, 40 Granter, Edward, 112 gratifying work see satisfying work gratitude, culture of, 232 Greece: ancient, work regarded as curse, 23–4; sea turtle rescue project, 181 Green Party (UK): Basic Income policy, 226; policy on reducing working hours, 224 Gregg, Melissa, 72, 218 growth, economic, 43, 44, 236; critique of, 3–4, 6 Guinness beer, marketing of, 87 H Haiven, Max, 231 Hank, a brothel client, 55 ‘hardworking people’, reference to, 99 Harmony, a utopian society, 31 having, mode of being, 79, 166 Hayden, Anders, 39 Health and Safety Executive (UK), 148 hedonism, alternative, 116, 162–3, 168, 187 ‘Hephaestus’ company, 56–7 high-commitment work cultures, 57 hobbies, use of term, 70 Hochschild, Arlie, 52, 137; The Managed Heart, 53–4; The Outsourced Self, 67 Hodgkinson, Tom, How To Be Idle, 206 holidays, entitlement to, 139 homes, atmosphere of, 184–5 Honneth, Axel, 193 honour, 193 Horkheimer, Max, 81 humanisation of working day, 61 Humphery, Kim, 90 Hunnicutt, Benjamin, Work Without End, 82–5, 96–7 hygiene, Gorz’s definition of, 149–50 I identification with job roles, 62 identity, linked to work, 14–15, 27 idleness, morally objectionable, 83 idler: synonyms for, 189; use of term, 120 Idlers’ Alliance, 118–19, 122, 206, 207, 234 idling, concept of, 234 Illich, Ivan, 185–6 illness, 148, 196–7; has a meaning, 149; medical diagnosis of, 197; mental, 152; need for justification of, 202; non-suppression of, 150–1; repoliticisation of, 229 imagination, defending the importance of, 235–7 immaterial labour, 56 immaturity, perceived, 197–8 ‘in between jobs’, 202 inclusion, social, 161 income: alternative sources of, 161; management of, 121; to be decoupled from work, 112 indifference in work, 47–52 inner critic, 203 insecurity, 73–4 interiority, loss of, 81 International Labour Organisation (ILO), 42, 68 internships, unpaid, 81 interviews: limitations of, 121; methodology of, 118–19 intimacy of work, 52–61 Italian Autonomist movement, 1–2 J Jack, a former librarian, 122–4, 170 Jackson, Tim, 43 Jahoda, Marie, 106, 137 James, Selma, 115 Jarrett, Joanna, 199 job application forms, 76 job centres, 201 job competition, globalisation of, 42 job creation, 6 job insecurity, 6 joblessness, voluntary, in USA, 124–5 Jobseeker’s Allowance, 104, 134, 136 July, Miranda, 189 junk commodities, accumulation of, 170 K Kelley, Robin, 115 Kelvin, Peter, 199 Kerouac, Jack, 206 Kerr, Walter, The Decline of Pleasure, 173 Kettering, Charles, 85 Keynes, John Maynard, 33–5, 68, 82, 84; ‘Economic Possibilities for Our Grandchildren’, 33 Khasnabish, Alex, 231 knowledge economy, 49, 61 L labour exchanges, regulate casual labouring, 28 labour habits, new, formation of, 29 labour market, pressure of, 80 Labour Party (UK), 5 ‘labourers without labour’, 39, 41 Lafargue, Paul, The Right To Be Lazy, 21 laptops, 72 Larry, a former social worker, 120, 131–4, 137, 175 Lazarsfeld, Paul, 204 laziness, alleged culture of, 100 Learning to Love You More project, 189 Lefkowitz, Bernard, 124–5 Lego Movie, The, 71–2 leisure: as privilege for all, 95; fear of, 111; promotes consumption, 84 leisure time, shortage of, 68 less work see working less Levitas, Ruth, 235 Lewis, Justin, 85 life plans, 210 Linder, Staffan, 173–4, 177 living in a community, 144 living with intention, 128 living with less, as empowerment, 180 living without work, 21–3, 117, 119, 141 Lodziak, Conrad, 89 looking after pets, 195 ‘looking over one’s shoulder’, 76 loss of income, personal consequences of, 109 low-wage work, 6 lowering levels of spending, 171 Lucy, a former bargain shop worker, 127, 134–8, 151, 153, 159, 167, 174–5, 177, 183, 186, 194, 195, 198, 205–6 Lynx deodorant, marketing of, 87 M Marcuse, Herbert, 8, 35; Eros and Civilisation, 34; One-Dimensional Man, 26 Marienthal, sociological research into, 106–8, 110 Markland, George L., 97 Marx, Karl, 26, 30, 46, 85, 106, 116, 125, 142, 143, 147, 148; Capital, 32, 47, 114; Economic and Philosophical Manuscripts of 1844, 47–8; views on technology, 32, 33; views on work, 17–18, 32 material objects, connection to, 183 material wealth, desire for, 27 Matthew, a former office worker, 13, 58, 134–8, 141, 142–4, 146–7, 159, 169, 174, 177, 183, 186, 194, 201, 202, 205–6 maturity, definition of, 198 McDonald’s, 167, 213 ‘McJobs’, 114 McKenna, S., 109 McShit T-shirt, 213 Mead, George Herbert, 203 mealtimes see eating together meaningfulness in work, 63 meaningless work, 12–13, 22, 40 medication, rejection of, 150–1 Merton, Robert, 146 Mike, an interviewee, 124, 130, 165 Mills, C.


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, fail fast, fear of failure, financial engineering, 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, paypal mafia, pension reform, price stability, profit motive, Ronald Reagan, Sand Hill Road, Silicon Valley, Stanford marshmallow experiment, Steve Jobs, Suez crisis 1956, tech worker, Walter Mischel, wealth creators, Winter of Discontent, working-age population, Yom Kippur War

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.

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.

., 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).


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

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

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.

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

A Declaration of the Independence of Cyberspace, barriers to entry, big-box store, borderless world, bread and circuses, business cycle, business intelligence, citizen journalism, cloud computing, commoditize, content marketing, creative destruction, crowdsourcing, death of newspapers, digital divide, en.wikipedia.org, facts on the ground, Frederick Winslow Taylor, George Akerlof, Glass-Steagall Act, Gordon Gekko, haute cuisine, informal economy, invisible hand, John Perry Barlow, Joseph Schumpeter, Kickstarter, knowledge economy, lone genius, means of production, moral panic, new economy, road to serfdom, Ronald Coase, Ronald Reagan, search costs, semantic web, shareholder value, Silicon Valley, The Chicago School, The Wealth of Nations by Adam Smith, trade route, transaction costs, trickle-down economics, Twitter Arab Spring, Tyler Cowen, vertical integration, winner-take-all economy, zero-sum game

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.

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.

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.


pages: 219 words: 61,720

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

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, Alan Greenspan, American energy revolution, American Society of Civil Engineers: Report Card, Apollo 11, Bakken shale, barriers to entry, Bernie Madoff, California high-speed rail, carbon credits, carbon footprint, carbon tax, clean water, congestion pricing, crony capitalism, currency manipulation / currency intervention, David Ricardo: comparative advantage, decarbonisation, digital divide, driverless car, fear of failure, full employment, Google Glasses, high-speed rail, hydraulic fracturing, invisible hand, job automation, knowledge economy, laissez-faire capitalism, Loma Prieta earthquake, low earth orbit, manufacturing employment, Neil Armstrong, oil shale / tar sands, Ponzi scheme, profit motive, Report Card for America’s Infrastructure, rolling blackouts, Ronald Reagan, Savings and loan crisis, 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

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.

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.


pages: 411 words: 95,852

Britain Etc by Mark Easton

agricultural Revolution, Albert Einstein, Boris Johnson, British Empire, credit crunch, digital divide, digital rights, drug harm reduction, financial independence, garden city movement, global village, Howard Rheingold, income inequality, intangible asset, James Watt: steam engine, John Perry Barlow, knowledge economy, knowledge worker, low skilled workers, mass immigration, moral panic, Neil Armstrong, Ronald Reagan, science of happiness, sexual politics, Silicon Valley, Simon Kuznets, Slavoj Žižek, social software, traumatic brain injury

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.

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.


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

"World Economic Forum" Davos, Alan Greenspan, 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, driverless car, Erik Brynjolfsson, everywhere but in the productivity statistics, Fall of the Berlin Wall, Ford Model T, 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, low skilled workers, means of production, megacity, 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, public intellectual, radical decentralization, RAND corporation, randomized controlled trial, Ray Kurzweil, Ronald Reagan, Rutger Bregman, Second Machine Age, Silicon Valley, Simon Kuznets, Skype, stem cell, Steven Pinker, TED Talk, telemarketer, The future is already here, The Future of Employment, The Spirit Level, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tyler Cowen, 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

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.

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.

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.


pages: 208 words: 67,582

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

"there is no alternative" (TINA), Alan Greenspan, autism spectrum disorder, Berlin Wall, call centre, capitalist realism, cognitive dissonance, deskilling, epigenetics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, Gregor Mendel, income inequality, invisible hand, jimmy wales, job satisfaction, knowledge economy, knowledge worker, Louis Pasteur, market fundamentalism, meritocracy, Milgram experiment, mirror neurons, new economy, Panopticon Jeremy Bentham, post-industrial society, Richard Feynman, Silicon Valley, Stanford prison experiment, stem cell, The Spirit Level, ultimatum game, working poor

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.

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.

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.


pages: 406 words: 109,794

Range: Why Generalists Triumph in a Specialized World by David Epstein

Airbnb, Albert Einstein, Apollo 11, Apple's 1984 Super Bowl advert, Atul Gawande, Checklist Manifesto, Claude Shannon: information theory, Clayton Christensen, clockwork universe, cognitive bias, correlation does not imply causation, Daniel Kahneman / Amos Tversky, deep learning, deliberate practice, Exxon Valdez, fail fast, Flynn Effect, Freestyle chess, functional fixedness, game design, Gene Kranz, Isaac Newton, Johannes Kepler, knowledge economy, language acquisition, lateral thinking, longitudinal study, Louis Pasteur, Mark Zuckerberg, medical residency, messenger bag, meta-analysis, Mikhail Gorbachev, multi-armed bandit, Nelson Mandela, Netflix Prize, pattern recognition, Paul Graham, precision agriculture, prediction markets, premature optimization, pre–internet, random walk, randomized controlled trial, retrograde motion, Richard Feynman, Richard Feynman: Challenger O-ring, Silicon Valley, Silicon Valley billionaire, Stanford marshmallow experiment, Steve Jobs, Steve Wozniak, Steven Pinker, sunk-cost fallacy, systems thinking, Walter Mischel, Watson beat the top human players on Jeopardy!, Y Combinator, young professional

Eventually, they decided to go try something else. In other words, they learned things about themselves in their twenties and responded by making match quality decisions. The academy’s leaky officer pipeline began springing holes en masse in the 1980s, during the national transition to a knowledge economy. By the millennium, the leaks formed a torrent. The Army began offering retention bonuses—just cash payments to junior officers if they agreed to serve a few more years. It cost taxpayers $500 million, and was a massive waste. Officers who had planned to stay anyway took it, and those who already planned to leave did not.

Both the culture of the time—pensions were pervasive and job switching might be viewed as disloyal—and specialization were barriers to worker mobility outside of the company. Plus, there was little incentive for companies to recruit from outside when employees regularly faced kind learning environments, the type where repetitive experience alone leads to improvement. By the 1980s, corporate culture was changing. The knowledge economy created “overwhelming demand for . . . employees with talents for conceptualization and knowledge creation.” Broad conceptual skills now helped in an array of jobs, and suddenly control over career trajectory shifted from the employer, who looked inward at a ladder of opportunity, to the employee, who peered out at a vast web of possibility.

But the idea that a change of interest, or a recalibration of focus, is an imperfection and competitive disadvantage leads to a simple, one-size-fits-all Tiger story: pick and stick, as soon as possible. Responding to lived experience with a change of direction, like Van Gogh did habitually, like West Point graduates have been doing since the dawn of the knowledge economy, is less tidy but no less important. It involves a particular behavior that improves your chances of finding the best match, but that at first blush sounds like a terrible life strategy: short-term planning. CHAPTER 7 Flirting with Your Possible Selves FRANCES HESSELBEIN GREW UP in the mountains of western Pennsylvania, among families drawn by steel mills and coal mines.


pages: 537 words: 158,544

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

Abraham Maslow, 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, death from overwork, Deng Xiaoping, different worldview, Dissolution of the Soviet Union, Donald Trump, dual-use technology, Edward Glaeser, energy security, European colonialism, export processing zone, facts on the ground, failed state, flex fuel, Francis Fukuyama: the end of history, friendly fire, gentrification, Gini coefficient, global reserve currency, global supply chain, Great Leap Forward, guns versus butter model, haute couture, Hernando de Soto, illegal immigration, income inequality, informal economy, invisible hand, Islamic Golden Age, karōshi / gwarosa / guolaosi, Khyber Pass, Kickstarter, knowledge economy, land reform, Londongrad, low cost airline, low skilled workers, mass immigration, means of production, megacity, meritocracy, military-industrial complex, Monroe Doctrine, Nelson Mandela, no-fly zone, oil shale / tar sands, oil shock, oil-for-food scandal, 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, restrictive zoning, rising living standards, Robert Solow, Ronald Reagan, Silicon Valley, Skype, South China Sea, special economic zone, stem cell, Stephen Hawking, Suez crisis 1956, 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.

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.

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.


pages: 527 words: 147,690

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

"World Economic Forum" Davos, 23andMe, 4chan, A Declaration of the Independence of Cyberspace, Aaron Swartz, Airbnb, airport security, Amazon Mechanical Turk, augmented reality, basic income, Big Tech, Brian Krebs, California gold rush, Californian Ideology, call centre, cloud computing, cognitive dissonance, commoditize, company town, context collapse, correlation does not imply causation, Credit Default Swap, crowdsourcing, data science, deep learning, digital capitalism, disinformation, don't be evil, driverless car, drone strike, Edward Snowden, Evgeny Morozov, fake it until you make it, feminist movement, Filter Bubble, Firefox, Flash crash, game design, global village, Google Chrome, Google Glasses, Higgs boson, hive mind, Ian Bogost, income inequality, independent contractor, informal economy, information retrieval, Internet of things, Jacob Silverman, Jaron Lanier, jimmy wales, John Perry Barlow, Kevin Kelly, Kevin Roose, Kickstarter, knowledge economy, knowledge worker, Larry Ellison, late capitalism, Laura Poitras, license plate recognition, life extension, lifelogging, lock screen, Lyft, machine readable, Mark Zuckerberg, Mars Rover, Marshall McLuhan, mass incarceration, meta-analysis, Minecraft, move fast and break things, national security letter, Network effects, new economy, Nicholas Carr, Occupy movement, off-the-grid, optical character recognition, payday loans, Peter Thiel, planned obsolescence, postindustrial economy, prediction markets, pre–internet, price discrimination, price stability, profit motive, quantitative hedge fund, race to the bottom, Ray Kurzweil, real-name policy, recommendation engine, rent control, rent stabilization, RFID, ride hailing / ride sharing, Salesforce, self-driving car, sentiment analysis, shareholder value, sharing economy, Sheryl Sandberg, Silicon Valley, Silicon Valley ideology, Snapchat, social bookmarking, social graph, social intelligence, social web, sorting algorithm, Steve Ballmer, Steve Jobs, Steven Levy, systems thinking, TaskRabbit, technological determinism, technological solutionism, technoutopianism, TED Talk, telemarketer, transportation-network company, Travis Kalanick, Turing test, Uber and Lyft, Uber for X, uber lyft, universal basic income, unpaid internship, women in the workforce, Y Combinator, yottabyte, you are the product, 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.

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.

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.


pages: 287 words: 80,180

Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant by W. Chan Kim, Renée A. Mauborgne

Asian financial crisis, Blue Ocean Strategy, borderless world, call centre, classic study, cloud computing, commoditize, creative destruction, disruptive innovation, endogenous growth, Ford Model T, haute couture, index fund, information asymmetry, interchangeable parts, job satisfaction, Joseph Schumpeter, Kickstarter, knowledge economy, machine translation, market fundamentalism, NetJets, Network effects, RAND corporation, Salesforce, Skype, telemarketer, The Wealth of Nations by Adam Smith, There's no reason for any individual to have a computer in his home - Ken Olsen, Thomas Kuhn: the structure of scientific revolutions, Vanguard fund, zero-sum game

“Value Innovation: The Strategic Logic of High Growth.” Harvard Business Review 75, January–February, 102–112. ———. 1997b. “Fair Process: Managing in the Knowledge Economy.” Harvard Business Review 75, July–August, 65–76. ———. 1997c. “On the Inside Track.” Financial Times, April 7. ———. 1997d. “When ‘Competitive Advantage’ Is Neither.” Wall Street Journal, April 21. ———. 1998a. “Procedural Justice, Strategic Decision Making, and the Knowledge Economy.” Strategic Management Journal, 323–338. ———. 1998b. “Building Trust.” Financial Times, January 9. ———. 1998c. “Value Knowledge or Pay the Price.” Wall Street Journal Europe, January 29. ———. 1998d.

“Value Knowledge or Pay the Price.” Wall Street Journal Europe, January 29. ———. 1998d. “A Corporate Future Built With New Blocks.” New York Times, March 29. ———. 1999a. “Creating New Market Space.” Harvard Business Review 77, January–February, 83–93. ———. 1999b. “Strategy, Value Innovation, and the Knowledge Economy.” MIT Sloan Management Review 40, no. 3, Spring. ———. 1999c. “The Bright Idea that Conquered America.” Financial Times, May 6. ———. 2000. “Knowing a Winning Business Idea When You See One.” Harvard Business Review 78, September–October, 129–141. ———. 2002. “Charting Your Company’s Future.” Harvard Business Review 80, June, 76–85. ———. 2003.


pages: 482 words: 117,962

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

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 pandemic, 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, language acquisition, Lao Tzu, life extension, longitudinal study, low skilled workers, low-wage service sector, machine readable, Malacca Straits, mass immigration, microcredit, Nelson Mandela, 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, social distancing, spice trade, trade route, transaction costs, 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.

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.


Human Frontiers: The Future of Big Ideas in an Age of Small Thinking by Michael Bhaskar

"Margaret Hamilton" Apollo, 3D printing, additive manufacturing, AI winter, Albert Einstein, algorithmic trading, AlphaGo, Anthropocene, artificial general intelligence, augmented reality, autonomous vehicles, backpropagation, barriers to entry, basic income, behavioural economics, Benoit Mandelbrot, Berlin Wall, Big bang: deregulation of the City of London, Big Tech, Bletchley Park, blockchain, Boeing 747, brain emulation, Brexit referendum, call centre, carbon tax, charter city, citizen journalism, Claude Shannon: information theory, Clayton Christensen, clean tech, clean water, cognitive load, Columbian Exchange, coronavirus, cosmic microwave background, COVID-19, creative destruction, CRISPR, crony capitalism, cyber-physical system, dark matter, David Graeber, deep learning, DeepMind, deindustrialization, dematerialisation, Demis Hassabis, demographic dividend, Deng Xiaoping, deplatforming, discovery of penicillin, disruptive innovation, Donald Trump, double entry bookkeeping, Easter island, Edward Jenner, Edward Lorenz: Chaos theory, Elon Musk, en.wikipedia.org, endogenous growth, energy security, energy transition, epigenetics, Eratosthenes, Ernest Rutherford, Eroom's law, fail fast, false flag, Fellow of the Royal Society, flying shuttle, Ford Model T, Francis Fukuyama: the end of history, general purpose technology, germ theory of disease, glass ceiling, global pandemic, Goodhart's law, Google Glasses, Google X / Alphabet X, GPT-3, Haber-Bosch Process, hedonic treadmill, Herman Kahn, Higgs boson, hive mind, hype cycle, Hyperloop, Ignaz Semmelweis: hand washing, Innovator's Dilemma, intangible asset, interchangeable parts, Internet of things, invention of agriculture, invention of the printing press, invention of the steam engine, invention of the telegraph, invisible hand, Isaac Newton, ITER tokamak, James Watt: steam engine, James Webb Space Telescope, Jeff Bezos, jimmy wales, job automation, Johannes Kepler, John von Neumann, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, Large Hadron Collider, liberation theology, lockdown, lone genius, loss aversion, Louis Pasteur, Mark Zuckerberg, Martin Wolf, megacity, megastructure, Menlo Park, Minecraft, minimum viable product, mittelstand, Modern Monetary Theory, Mont Pelerin Society, Murray Gell-Mann, Mustafa Suleyman, natural language processing, Neal Stephenson, nuclear winter, nudge unit, oil shale / tar sands, open economy, OpenAI, opioid epidemic / opioid crisis, PageRank, patent troll, Peter Thiel, plutocrats, post scarcity, post-truth, precautionary principle, public intellectual, publish or perish, purchasing power parity, quantum entanglement, Ray Kurzweil, remote working, rent-seeking, Republic of Letters, Richard Feynman, Robert Gordon, Robert Solow, secular stagnation, shareholder value, Silicon Valley, Silicon Valley ideology, Simon Kuznets, skunkworks, Slavoj Žižek, sovereign wealth fund, spinning jenny, statistical model, stem cell, Steve Jobs, Stuart Kauffman, synthetic biology, techlash, TED Talk, The Rise and Fall of American Growth, the scientific method, The Wealth of Nations by Adam Smith, Thomas Bayes, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, TikTok, total factor productivity, transcontinental railway, Two Sigma, Tyler Cowen, Tyler Cowen: Great Stagnation, universal basic income, uranium enrichment, We wanted flying cars, instead we got 140 characters, When a measure becomes a target, X Prize, Y Combinator

Innovators shared their new mechanisms directly with their peers and with government organisations, in periodicals and at public displays. Membership of bodies like the Royal Society and the Royal Society of Arts, Manufactures and Commerce was desirable. Steadily this ecosystem gave rise to the ‘first knowledge economy’, one built on a culture of ideas creation. Not coincidentally, this was the first time an economy hit escape velocity.6 In the words of economic historian Joel Mokyr, this was a ‘culture of growth’.7 A new proto-scientific culture spanned Europe: a Republic of Letters, an ‘invisible college’ and transnational market for ideas, where leading thinkers created a buzzing epistolary network devoted to discovery, exploration, thought and experiment.

., and Jones, Benjamin F. (2018), ‘University Innovation and the Professor's Privilege’, American Economic Review, Vol. 108 No. 7, pp. 1860–98 IEA (2019), ‘World Energy Investment 2019’, IEA, Paris, accessed 19 October 2019, available at https://www.iea.org/reports/world-energy-investment-2019 Illies, Florian (2013), 1913: The Year Before the Storm, London: The Clerkenwell Press Ingham, Tim (2019), ‘Nearly 40,000 Tracks Are Being Added To Spotify Every Single Day’, Music Business Worldwide, accessed 15 September 2019, available at https://www.musicbusinessworldwide.com/nearly-40000-tracks-are-now-being-added-to-spotify-every-single-day/ Ioannidis, John (2005), ‘Why Most Published Research Findings Are False’, Public Library of Science Medicine, Vol. 2 No. 8: e124 Ioannidis, John (2018), ‘Meta-research: Why research on research matters’, Public Library of Science Biology, Vol. 16 No. 3: e2005468 Israel, Jonathan I. (2006), Enlightenment Contested: Philosophy, Modernity and the Emancipation of Man 1670–1752, Oxford: Oxford University Press Jacobs, Margaret C. (2014), The First Knowledge Economy: Human Capital and the European Economy, 1750–1850, Cambridge: Cambridge University Press Jaffe, Adam B., and Jones, Benjamin F. (eds) (2015), The Changing Frontier: Rethinking Science and Innovation Policy, Chicago: University of Chicago Press Jaffe, Adam B., and Lerner, Josh (2004), Innovation and Its Discontents: How Our Broken Patent System Is Endangering Innovation and Progress, And What To Do About It, Princeton, NJ: Princeton University Press Janik, Allan, and Toulmin, Stephen (1973), Wittgenstein's Vienna, New York: Simon and Schuster Jockers, Matthew L. (2013), Macroanalysis: Digital Methods and Literary History, Champaign, IL: The University of Illinois Press Johnson, Steven (2011), Where Good Ideas Come From: The Seven Patterns of Innovation, London: Penguin Jones, Benjamin F. (2009), ‘The Burden of Knowledge and the “Death of the Renaissance Man”: Is Innovation Getting Harder?’

., and Barber, Elinor (2003), The Travels and Adventures of Serendipity, Princeton, NJ: Princeton University Press Mesoudi, Alex (2011), ‘Variable Cultural Acquisition Costs Constrain Cumulative Cultural Evolution’, Public Library of Science ONE, Vol. 6 No. 3, e18239 Miller, Arthur I. (2019), The Artist in the Machine: The World of AI-Powered Creativity, Boston, MA: MIT Press Mlodinow, Leonard (2019), Elastic: Flexible Thinking in a Constantly Changing World, London: Penguin Mokyr, Joel (1990), The Lever of Riches: Technological Creativity and Economic Progress, New York: Oxford University Press Mokyr, Joel (1994), ‘Cardwell's Law and the political economy of technological progress’, Research Policy, Vol. 23 No. 5, pp. 561–74 Mokyr, Joel (1999), ‘The Second Industrial Revolution, 1870–1914’, in Storia dell’economia Mondiale, Rome: Laterza Mokyr, Joel (2002), The Gifts of Athena: Historical Origins of the Knowledge Economy, Princeton, NJ: Princeton University Press Mokyr, Joel (2011), The Enlightened Economy: Britain and the Industrial Revolution 1700–1850, London: Penguin Mokyr, Joel (2014), ‘Big Ideas: Riding the Technology Dragon’, The Milken Institute Review, Second Quarter 2014 Mokyr, Joel (2017), A Culture of Growth: The Origins of the Modern Economy, Princeton, NJ: Princeton University Press Mokyr, Joel (2018), ‘The past and the future of innovation: Some lessons from economic history’, Explorations in Economic History, Vol. 69, pp. 13–26, Moore, Gillian (2019), The Rite of Spring: The Music of Modernity, London: Head of Zeus Moretti, Franco (2013), Distant Reading, London: Verso Moretti, Enrico (2019), ‘The Effect of High-Tech Clusters on the Productivity of Top Inventors’, NBER Working Paper 26270 Morieux, Yves (2017), ‘Technology is improving, productivity isn't.


A United Ireland: Why Unification Is Inevitable and How It Will Come About by Kevin Meagher

Boris Johnson, Brexit referendum, British Empire, Celtic Tiger, cognitive dissonance, colonial rule, deindustrialization, Jeremy Corbyn, knowledge economy, kremlinology, land reform, Nelson Mandela, period drama, Right to Buy, trade route, transaction costs

Historically, Ireland has sought to make its economy more competitive through keeping business taxes low, culminating in the 12.5 per cent rate, much to the chagrin of other EU member states, who have criticised its aggressive taxation regime, allowing it to cream off the spoils of international investment. But tiny Ireland, with its lack of connectivity to the Continent and dearth of mineral reserves, has simply made the most of what it has. In recent years it has conveniently skipped over the Industrial Revolution and headed straight for the intellectual, capitalintensive industries of the knowledge economy. A young, well-educated workforce (nearly half the Republic’s population – 49 per cent – is under thirty-five, whereas the EU average is just 40 per cent), a competitive tax regime, membership of the single market and a huge hinterland in the United States has provided a potent mix (especially as US companies account for two-thirds of foreign direct investment into Ireland).

It is clear now they actually provided a bridgehead for it, in a similar way, perhaps, that the Good Friday Agreement will subsequently do in Northern Ireland. Both are small, sophisticated countries with a hinterland in the English-speaking world; however, both are content to take their place in the European Union, with few of the hang-ups of the English. Both are knowledge economies with young, well-educated populations. Scottish Nationalists are showing that the oldest idea: national sovereignty and a people’s determination to secure it, endures as a rallying point. Like the Irish version, it challenges Unionists to come up with a better reason to cling to the status quo.


pages: 561 words: 87,892

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

"World Economic Forum" Davos, Admiral Zheng, Alan Greenspan, asset-backed security, barriers to entry, Berlin Wall, Bernie Madoff, Bretton Woods, BRICs, British Empire, business cycle, 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, foreign exchange controls, Francis Fukuyama: the end of history, full employment, G4S, George Akerlof, German hyperinflation, Gini coefficient, Great Leap Forward, guns versus butter model, hiring and firing, income inequality, income per capita, inflation targeting, invisible hand, Isaac Newton, junk bonds, knowledge economy, labour market flexibility, labour mobility, liberal capitalism, low interest rates, low skilled workers, market clearing, Martin Wolf, mass immigration, Meghnad Desai, 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 and loan crisis, 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, We are all Keynesians now, women in the workforce, working-age population, Y2K, Yom Kippur War

For free-marketeers, the growth of legal systems that created and protected property rights allowed people to enter into binding contracts which, in turn, allowed the invisible hand to do its work (even though the state plays a much bigger role in the allocation of resources in the developed world than it did at the end of the nineteenth century). 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.

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. It encapsulates the idea that the West will continue to outperform because (i) it has done so in the past; (ii) its social arrangements are more ‘advanced’ than in countries elsewhere; and (iii) liberal democracy has triumphed over all other systems.

(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: 403 words: 87,035

The New Geography of Jobs by Enrico Moretti

assortative mating, Bill Gates: Altair 8800, business climate, call centre, classic study, clean tech, cloud computing, corporate raider, creative destruction, desegregation, Edward Glaeser, Fairchild Semiconductor, financial innovation, gentrification, global village, hiring and firing, income inequality, industrial cluster, Jane Jacobs, Jeff Bezos, Joseph Schumpeter, knowledge economy, labor-force participation, low skilled workers, manufacturing employment, Mark Zuckerberg, mass immigration, medical residency, Menlo Park, new economy, peer-to-peer lending, Peter Thiel, Productivity paradox, Recombinant DNA, Richard Florida, Sand Hill Road, Shenzhen special economic zone , Silicon Valley, Skype, Solyndra, special economic zone, Startup school, Steve Jobs, Steve Wozniak, tech worker, thinkpad, Tyler Cowen, Tyler Cowen: Great Stagnation, Wall-E, Y Combinator, zero-sum game

I consider the Great Divergence to be one of the most important developments in the United States over the past thirty years. As we will discover, the growing economic divide between American communities is not an accident but the inevitable result of deep-seated economic forces. More than traditional industries, the knowledge economy has an inherent tendency toward geographical agglomeration. In this context, initial advantages matter, and the future depends heavily on the past. The success of a city fosters more success, as communities that can attract skilled workers and good jobs tend to attract even more. Communities that fail to attract skilled workers lose further ground.

The effect can be amazing: while individual companies in a cluster do not necessarily become more efficient as they grow in size, all companies taken together become more efficient as the cluster grows. A surprising implication is that as a country, the United States is more productive—and therefore richer—because its innovation sector is concentrated in a limited number of innovation hubs rather than spread out among all cities. This is one of the paradoxes of our knowledge economy. The forces of attraction and the agglomeration of economic activity create differences and inequality among communities. But at the same time, a significant part of America’s economic vitality and prosperity depends on them. The three forces of attraction are further magnified by the tendency of engineers, scientists, and innovators to leave established companies to open their own shops.

See Manufacturing Jobs, Steve, [>], [>], [>], [>], [>], [>]–[>] Johnson City–Kingsport–Bristol, Tennessee/Virginia, and cost of living, [>] Johnson & Johnson, [>]–[>] Johnstown, Pennsylvania, and cost of living, [>], [>] Joplin, Missouri, and cost of living, [>] Kahn, Jeff, [>] Kahn, Matthew, [>]–[>] Kain, John F., [>] Kansas City, [>], [>], [>] Katz, Lawrence F., [>]–[>], [>]–[>] Kauffman, Ewing Marion, [>]–[>] Kerr, William, [>] Kleiner Perkins Caufield & Byers, [>] Klepper, Steven, [>] Kline, Pat, [>], [>] Knowledge economy, [>], [>] and paradox of agglomeration, [>] See also at Innovation Knowledge spillovers, [>]–[>], [>], [>]–[>], [>]–[>] from academic researchers, [>] by immigrants, [>] and investment in innovation, [>]–[>] land-use policy harm to, [>] and local investment subsidies, [>] retaining U.S. leadership in, [>] social return on, [>] from university research, [>]–[>] See also Externalities Kodak, [>], [>], [>] Korea (South), [>], [>] Krugman, Paul, [>], [>] Kumar, Neil, [>] Labor markets (U.S.)


pages: 578 words: 131,346

Humankind: A Hopeful History by Rutger Bregman

"Hurricane Katrina" Superdome, Airbnb, Anton Chekhov, basic income, behavioural economics, Berlin Wall, bitcoin, Bletchley Park, Broken windows theory, call centre, data science, David Graeber, domesticated silver fox, Donald Trump, Easter island, experimental subject, fake news, Fall of the Berlin Wall, Frederick Winslow Taylor, Garrett Hardin, Hans Rosling, invention of writing, invisible hand, knowledge economy, late fees, Mahatma Gandhi, mass incarceration, meta-analysis, Milgram experiment, mirror neurons, Nelson Mandela, New Journalism, nocebo, placebo effect, Rutger Bregman, scientific management, sharing economy, Shoshana Zuboff, Silicon Valley, social intelligence, Stanford prison experiment, Stephen Fry, Stephen Hawking, Steve Jobs, Steven Pinker, surveillance capitalism, TED Talk, The Spirit Level, The Wealth of Nations by Adam Smith, Tragedy of the Commons, transatlantic slave trade, tulip mania, universal basic income, W. E. B. Du Bois, World Values Survey

De Blok sums up his philosophy like this: ‘It’s easy to make things hard, but hard to make them easy.’ The record clearly shows that managers prefer the complicated. ‘Because that makes your job more interesting,’ de Blok explains. ‘That lets you say: See, you need me to master that complexity.’ Could it be that’s also driving a big part of our so-called ‘knowledge economy’? That pedigree managers and consultants make simple things as complicated as possible so we will need them to steer us through all the complexity? Sometimes I secretly think this is the revenue model of not only Wall Street bankers but also postmodern philosophers peddling incomprehensible jargon.

This is the only disorder, I once heard a psychiatrist remark, that’s seasonal: what seems insignificant over summer vacation requires more than a few kids to be dosed on Ritalin when schools start again.22 Granted, we’re a lot less strict with kids today than we were a hundred years ago, and schools are no longer the prisons they resembled in the nineteenth century. Kids who behave badly don’t get a slap, but a pill. Schools no longer indoctrinate, but teach a more diverse curriculum than ever, transferring as much knowledge to students as possible so they’ll find well-paying jobs in the ‘knowledge economy’. Education has become something to be endured. A new generation is coming up that’s internalising the rules of our achievement-based society. It’s a generation that’s learning to run a rat race where the main metrics of success are your résumé and your pay cheque. A generation less inclined to colour outside the lines, less inclined to dream or to dare, to fantasise or explore.

They found that fully a quarter of respondents doubt the importance of their own work.37 Who are these people? Well, they’re certainly not cleaners, nurses, or police officers. The data show that most ‘meaningless jobs’ are concentrated in the private sector – in places like banks, law firms and ad agencies. Judged by the criteria of our ‘knowledge economy’, the people holding these jobs are the definition of success. They earned straight As, have sharp LinkedIn profiles and take home fat pay cheques. And yet the work they do is, by their own estimation, useless to society. Has the world gone nuts? We spend billions helping our biggest talents scale the career ladder, but once at the top they ask themselves what it’s all for.


pages: 490 words: 153,455

Work Won't Love You Back: How Devotion to Our Jobs Keeps Us Exploited, Exhausted, and Alone by Sarah Jaffe

Ada Lovelace, air traffic controllers' union, Amazon Mechanical Turk, antiwork, barriers to entry, basic income, Bernie Sanders, Big Tech, big-box store, Black Lives Matter, blue-collar work, Boris Johnson, call centre, capitalist realism, Charles Babbage, collective bargaining, coronavirus, COVID-19, deindustrialization, delayed gratification, dematerialisation, desegregation, deskilling, do what you love, Donald Trump, Elon Musk, emotional labour, feminist movement, Ferguson, Missouri, financial independence, Frederick Winslow Taylor, fulfillment center, future of work, gamification, gender pay gap, gentrification, George Floyd, gig economy, global pandemic, Grace Hopper, green new deal, hiring and firing, illegal immigration, immigration reform, informal economy, job automation, job satisfaction, job-hopping, knowledge economy, knowledge worker, late capitalism, lockdown, lone genius, Lyft, Mark Zuckerberg, market fundamentalism, mass incarceration, means of production, mini-job, minimum wage unemployment, move fast and break things, Naomi Klein, new economy, oil shock, Peter Thiel, post-Fordism, post-work, precariat, profit motive, Rana Plaza, Richard Florida, Ronald Reagan, Rosa Parks, school choice, Silicon Valley, social distancing, Steve Jobs, TaskRabbit, tech billionaire, tech worker, traumatic brain injury, uber lyft, union organizing, universal basic income, unpaid internship, W. E. B. Du Bois, wages for housework, War on Poverty, WeWork, women in the workforce, work culture , workplace surveillance , Works Progress Administration

Joshua Clover, in his book Riot, Strike, Riot , called this “the affirmation trap”: a situation where “labor is locked into the position of affirming its own exploitation under the guise of survival.” It is a short step from the affirmation trap to the labor of love. 18 The jobs that replaced the factory jobs were in retail, in health care, and in services and technology. We hear a lot about the knowledge economy, about the exciting creative work we could be doing, but we’re all far more likely to be in some sort of service job. These jobs come with their own affirmation trap: you must show up with a smile on your face or be tossed out. 19 The ideals of freedom and choice that neoliberalism claims to embrace function, paradoxically, as a mechanism for justifying inequality.

If teachers were simply adequate, the thinking goes, then all of this inequality would go away. Yet when this line of argument is pursued to its end, the lie is evident: even if every single child received a top-notch education, and “learned to code,” as the cliché has it, all this would do is produce more competition for those relatively few highly paid knowledge-economy jobs, and drive down their wages. It’s almost like that’s the point. 40 But in 2012, the Chicago teachers’ strike upended these power dynamics. Black teachers like Karen Lewis were at the forefront of the reform movement within teacher unions around the country, drawing on the history of Black and leftist teachers’ community involvement in places like Chicago and New York.

Further, she wrote, “Its only ‘capital’ is knowledge and skill, or at least the credentials imputing skill and knowledge. And unlike real capital, these cannot be hoarded against hard times.” A PhD might have been a symbol of so-called human capital, but its value could not be guaranteed. 20 Just as the vaunted “knowledge economy” was making headlines, in other words, the labor of knowledge workers was being devalued and deskilled. Doctors became more likely to work for large institutions, lawyers in massive firms or to work in-house at corporations. We started to hear more about “stress” and mental health on the job than physical injury.


pages: 569 words: 165,510

There Is Nothing for You Here: Finding Opportunity in the Twenty-First Century by Fiona Hill

2021 United States Capitol attack, active measures, Affordable Care Act / Obamacare, algorithmic bias, barriers to entry, Berlin Wall, Bernie Sanders, Big Tech, Black Lives Matter, blue-collar work, Boris Johnson, Brexit referendum, British Empire, business climate, call centre, collective bargaining, company town, coronavirus, COVID-19, crony capitalism, cuban missile crisis, David Brooks, deindustrialization, desegregation, digital divide, disinformation, Dissolution of the Soviet Union, Donald Trump, Fall of the Berlin Wall, financial independence, first-past-the-post, food desert, gender pay gap, gentrification, George Floyd, glass ceiling, global pandemic, Great Leap Forward, housing crisis, illegal immigration, imposter syndrome, income inequality, indoor plumbing, industrial cluster, industrial research laboratory, informal economy, Jeff Bezos, Jeremy Corbyn, Kickstarter, knowledge economy, lockdown, low skilled workers, Lyft, Martin Wolf, mass immigration, meme stock, Mikhail Gorbachev, new economy, oil shock, opioid epidemic / opioid crisis, Own Your Own Home, Paris climate accords, pension reform, QAnon, ransomware, restrictive zoning, ride hailing / ride sharing, Right to Buy, Ronald Reagan, self-driving car, Silicon Valley, single-payer health, statistical model, Steve Bannon, The Chicago School, TikTok, transatlantic slave trade, Uber and Lyft, uber lyft, University of East Anglia, urban decay, urban planning, Washington Consensus, WikiLeaks, Winter of Discontent, women in the workforce, working poor, Yom Kippur War, young professional

What had made them attractive as a location for heavy industry made them unattractive for the information economy, which clustered around places without unsightly mine shafts and factory smokestacks but with “locational amenities” more conducive to creating a new density of advanced technology—amenities such as colleges and universities. People who lived in the old, specialized towns and regions suddenly found themselves stuck in place. They were not equipped for the knowledge economy, which was developing in other locations. They didn’t have the educational background or the qualifications to move somewhere else—nor did they have the financial means. The 1980s were the critical turning point. Margaret Thatcher and Ronald Reagan helped to drive the nail into the coffin of twentieth-century industry while ensuring that those trapped inside the casket would find it practically impossible to pry the lid off.

Neither did the UK in the 1980s, when the big state-dominated heavy industries closed down. In Eastern Europe as well as in the UK, coal miners, steelworkers, and other manufacturing workers had limited assistance from the state as they figured out how to move into private firms and the emerging high-tech and knowledge economies. Most workers ended up—like my dad did when the mines closed—in low-paid, low-skilled manual labor (if they were lucky). I had seen this transformation up close in England, and I soon would have a chance to see it in the former USSR as well. Right on the eve of the collapse of the Soviet Union, with my master’s degree in hand, I got a full-time job working for Professor Graham Allison at the Kennedy School of Government for the Strengthening Democratic Institutions Project, a series of research and technical assistance initiatives focused on the economic and political transition in Russia.

In keeping with the post-1980s focus on individual responsibility and attainment, the state would provide neither a handout nor a hand up; instead, students should take out loans that they could pay off later. Armed with their degrees and other qualifications, they would surely find higher-skilled, better-paid jobs in the new knowledge economy than their parents had found in the old industrial sectors. In short, a college degree and other advanced or technical training were individuals’ personal investments in their own future, not part of the state’s investment in its population’s education or in the country’s future. The ethos of Thatcherism and Reaganism had spread from economics to education.


pages: 353 words: 91,520

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

affirmative action, Airbnb, Albert Einstein, Bernie Sanders, Clayton Christensen, creative destruction, David Brooks, driverless car, en.wikipedia.org, Frederick Winslow Taylor, future of work, immigration reform, income inequality, index card, Jeff Bezos, jimmy wales, Joi Ito, Khan Academy, Kickstarter, knowledge economy, knowledge worker, language acquisition, low skilled workers, Lyft, Mark Zuckerberg, means of production, new economy, One Laptop per Child (OLPC), pattern recognition, Paul Graham, Peter Thiel, Ponzi scheme, pre–internet, school choice, Silicon Valley, Skype, Steven Pinker, TaskRabbit, TED Talk, the scientific method, two and twenty, uber lyft, 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.

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: 344 words: 93,858

The Post-American World: Release 2.0 by Fareed Zakaria

"World Economic Forum" Davos, affirmative action, agricultural Revolution, airport security, Alan Greenspan, anti-communist, Asian financial crisis, battle of ideas, Bear Stearns, 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, Great Leap Forward, illegal immigration, interest rate derivative, Intergovernmental Panel on Climate Change (IPCC), knowledge economy, low interest rates, Mahatma Gandhi, Martin Wolf, mutually assured destruction, National Debt Clock, new economy, no-fly zone, 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, Suez crisis 1956, The future is already here, The Great Moderation, Thomas L Friedman, Thomas Malthus, three-masted sailing ship, 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.

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: 777 words: 186,993

Imagining India by Nandan Nilekani

"World Economic Forum" Davos, addicted to oil, affirmative action, Airbus A320, BRICs, British Empire, business process, business process outsourcing, call centre, carbon credits, carbon tax, clean water, colonial rule, corporate governance, cuban missile crisis, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, digital map, distributed generation, electricity market, farmers can use mobile phones to check market prices, flag carrier, full employment, ghettoisation, glass ceiling, global supply chain, Hernando de Soto, income inequality, informal economy, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), joint-stock company, knowledge economy, land reform, light touch regulation, LNG terminal, load shedding, low cost airline, Mahatma Gandhi, market fragmentation, mass immigration, Mikhail Gorbachev, Network effects, new economy, New Urbanism, open economy, Parag Khanna, pension reform, Potemkin village, price mechanism, public intellectual, 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, Tragedy of the Commons, transaction costs, trickle-down economics, unemployed young men, upwardly mobile, urban planning, urban renewal, women in the workforce, working poor, working-age population

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.

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.

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.


pages: 585 words: 151,239

Capitalism in America: A History by Adrian Wooldridge, Alan Greenspan

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, agricultural Revolution, air freight, Airbnb, airline deregulation, Alan Greenspan, American Society of Civil Engineers: Report Card, Asian financial crisis, bank run, barriers to entry, Bear Stearns, Berlin Wall, Blitzscaling, Bonfire of the Vanities, book value, Bretton Woods, British Empire, business climate, business cycle, business process, California gold rush, Charles Lindbergh, cloud computing, collateralized debt obligation, collective bargaining, Corn Laws, Cornelius Vanderbilt, corporate governance, corporate raider, cotton gin, creative destruction, credit crunch, debt deflation, Deng Xiaoping, disruptive innovation, Donald Trump, driverless car, edge city, Elon Musk, equal pay for equal work, Everybody Ought to Be Rich, Fairchild Semiconductor, Fall of the Berlin Wall, fiat currency, financial deregulation, financial engineering, financial innovation, fixed income, Ford Model T, full employment, general purpose technology, George Gilder, germ theory of disease, Glass-Steagall Act, global supply chain, Great Leap Forward, guns versus butter model, hiring and firing, Ida Tarbell, income per capita, indoor plumbing, informal economy, interchangeable parts, invention of the telegraph, invention of the telephone, Isaac Newton, Jeff Bezos, jimmy wales, John Maynard Keynes: technological unemployment, Joseph Schumpeter, junk bonds, Kenneth Rogoff, Kitchen Debate, knowledge economy, knowledge worker, labor-force participation, land bank, Lewis Mumford, Louis Pasteur, low interest rates, low skilled workers, manufacturing employment, market bubble, Mason jar, mass immigration, McDonald's hot coffee lawsuit, means of production, Menlo Park, Mexican peso crisis / tequila crisis, Michael Milken, military-industrial complex, minimum wage unemployment, mortgage debt, Myron Scholes, Network effects, new economy, New Urbanism, Northern Rock, oil rush, oil shale / tar sands, oil shock, Peter Thiel, Phillips curve, plutocrats, pneumatic tube, popular capitalism, post-industrial society, postindustrial economy, price stability, Productivity paradox, public intellectual, purchasing power parity, Ralph Nader, Ralph Waldo Emerson, RAND corporation, refrigerator car, reserve currency, rising living standards, road to serfdom, Robert Gordon, Robert Solow, Ronald Reagan, Sand Hill Road, savings glut, scientific management, secular stagnation, Silicon Valley, Silicon Valley startup, Simon Kuznets, Social Responsibility of Business Is to Increase Its Profits, South Sea Bubble, sovereign wealth fund, stem cell, Steve Jobs, Steve Wozniak, strikebreaker, supply-chain management, The Great Moderation, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, too big to fail, total factor productivity, trade route, transcontinental railway, tulip mania, Tyler Cowen, Tyler Cowen: Great Stagnation, union organizing, Unsafe at Any Speed, Upton Sinclair, urban sprawl, Vannevar Bush, vertical integration, War on Poverty, washing machines reduced drudgery, Washington Consensus, white flight, wikimedia commons, William Shockley: the traitorous eight, women in the workforce, Works Progress Administration, Yom Kippur War, young professional

Americans began to regard their prowess in winning Nobel Prizes as a measure of the country’s economic virility—between 1943 and 1969, America won twenty-one Nobel Prizes in Physics, far more than any other country, though eleven of the winners were European refugees. Over the postwar period as a whole, it established a striking and sustained lead over every other country. Postwar America led the world in creating a knowledge economy. American higher education provided a unique mixture of access and quality. The proportion of eighteen- to twenty-four-year-olds enrolled in institutions of higher education increased from 9.1 percent in 1939 to 15.2 percent in 1949 to 23.8 percent in 1959 to 35 percent in 1969. This was at a time when only the children of the elite plus a handful of scholarship winners went to university in Europe.

The Defense Department and the National Science Foundation became the prime funders of much of America’s basic research—allocating money not just to great universities such as Bush’s MIT but also to big companies and to hybrid research organizations that straddled the division between academia and business such as RAND, the Stanford Research Institute, and Xerox PARC. The United States intensified its investment in the knowledge economy after the Soviets launched Sputnik on October 4, 1957, followed by the much larger Sputnik 2, with its dog, Laika, and its panel of scientific instruments just a month later. The Sputniks shook Americans out of their complacency: what will Americans find if they ever make it to the moon, a journalist once asked the physicist Edward Teller; “Russians” came the grim reply.14 Congress immediately declared “an educational emergency”: among the hair-raising revelations at the time was that 75 percent of schoolchildren didn’t study any physics whatsoever.

All in all, 50 percent more new drugs were approved by the Federal Drug Administration between 1940 and 1960 than in the fifty years after 1960.17 Against this should be set the fact that the number of cigarettes consumed per person increased from two thousand in 1940 to four thousand in 1970, with the majority of adults smoking regularly. Atomic power was a particularly striking version of the knowledge economy. The United States created the Atomic Energy Commission in 1946 to find peaceful uses for nuclear power, in part to offset the worryingly high cost of developing the atomic bomb in the first place. Nuclear swords would not be so controversial if they could also be used as nuclear plows. Eight years later, in 1954, it passed the Atomic Energy Act to encourage private companies to build nuclear reactors.


Cultural Backlash: Trump, Brexit, and Authoritarian Populism by Pippa Norris, Ronald Inglehart

affirmative action, Affordable Care Act / Obamacare, bank run, banking crisis, Berlin Wall, Bernie Sanders, Black Lives Matter, Boris Johnson, Brexit referendum, Cass Sunstein, centre right, classic study, cognitive dissonance, conceptual framework, declining real wages, desegregation, digital divide, Donald Trump, eurozone crisis, fake news, Fall of the Berlin Wall, feminist movement, first-past-the-post, illegal immigration, immigration reform, income inequality, It's morning again in America, Jeremy Corbyn, job automation, knowledge economy, labor-force participation, land reform, liberal world order, longitudinal study, low skilled workers, machine readable, mass immigration, meta-analysis, obamacare, open borders, open economy, opioid epidemic / opioid crisis, Paris climate accords, post-industrial society, post-materialism, precariat, purchasing power parity, rising living standards, Ronald Reagan, sexual politics, Silicon Valley, statistical model, stem cell, Steve Bannon, War on Poverty, white flight, winner-take-all economy, women in the workforce, working-age population, World Values Survey, zero-sum game

Many changes are transforming the workforce and society in post-­industrial economies through the globalization of economic markets, compounded by the period-­effect linked with the deep financial crash and Eurozone sovereign debt crisis.54 There is overwhelming evidence of powerful trends toward growing wealth inequality and declining real income for most of the population in the West, based on the rise of the knowledge economy, technological automation, and the collapse of the manufacturing industry; the global flows of labor, goods, capital, and people (especially the inflow of migrants and refugees); the erosion of organized labor; shrinking welfare safety-­nets; and neo-­liberal austerity policies.55 The idea that economic conditions have deepened the cultural backlash is supported by studies of electoral geography reporting that Trump supporters were concentrated disproportionately in the Appalachian coal country, rural Mississippi, and rural counties in the Midwestern Rust Belt.56 In the 2016 US election, the Trump vote was correlated with areas dependent upon manufacturing sectors hit by the penetration of Chinese imports, particularly in Michigan, Wisconsin, Pennsylvania, and North Carolina.57 Similarly, in Brexit, support for the UK to Leave the EU was concentrated in northern England and the Midlands.58 Leave votes were disproportionately in ‘left-­behind’ areas characterized by low income, high unemployment, and historic dependence on manufacturing industry.59 In the second round of French presidential elections in 2017, Marine Le Pen’s National Front support was strongest in traditional areas of low-­skill employment with double digit unemployment in Northern France, as well as the traditional Mediterranean bastion, while Emmanuelle Macron won by a landslide in Paris and its affluent suburbs.60 And in the September 2017 Bundestag contests, Alternative for Germany attracted its highest share of the vote in former-­East Germany, which lags behind the more prosperous West.61 Similar regional findings are reported elsewhere in Western Europe.62 For all these reasons, we expect that economic conditions experienced in some local communities and at individual levels are likely to reinforce authoritarian and populist values.63 18 Understanding Populism Building on these observations, we theorize that the authoritarian reflex arising from long-­term processes of cultural change is likely to be accelerated and deepened by fears of economic insecurity, including the individual experience of the loss of secure, well-­paid blue-­collar jobs, and the collective experience of living in declining communities of the left-behinds.64 Material hardship is likely to make groups more susceptible to the anti-­establishment appeals of authoritarian-­populist actors, offering simple slogans blaming ‘Them’ for stripping prosperity, job opportunities, and public services from ‘Us.’65 This chapter considers evidence testing these arguments, at both the individual and community levels.

authoritarian and libertarian values, reverses earliest among the Baby Boom generation in Norway, Denmark, and Finland, all affluent post-­ industrial societies and long-­established liberal democracies, with strong egalitarian cultural traditions and comprehensive cradle-to-grave welfare states. Several Northern European societies show a similar profile, such as France, the Netherlands, and Switzerland – all affluent knowledge economies. By contrast, the tipping point is reached later (among Generation X, born in the mid-­1970s), in Mediterranean countries such as Spain, communist Greece, and Italy. The gap barely reverses itself in post-­ Europe, such as in Ukraine, Slovakia, Bulgaria, and in Turkey (where no reversal occurs), reflecting the sluggish economic growth and the later (and unstable) democratic development of several states in this region.

And urban elites look down on them for holding retrograde views about the flag, faith, and community that are no longer politically correct.12 Resentment of the establishment, and adherence to the older values of traditional Christian morality, fitting in, and deference toward authority (‘Queen and country’), are said to flourish among the ‘left-behinds.’13 Thomas Piketty’s influential work has called attention to rising levels of income and wealth inequality.14 In recent decades, the US and UK and other high-­income countries have experienced sharply rising income inequality; despite substantial economic growth, the gains have gone almost entirely to the top 10 percent of the population.15 Yet advanced economies differ, with income inequality rising much faster and further in the United States than in the European Union. Inequality has been exacerbated by growing automation and outsourcing, globalization, the erosion of labor unions, government austerity policies, the growth of the knowledge economy, and the limited capacity of governments to regulate investment decisions by multinational corporations or to stem migration flows. The financial crisis also reduced tax revenues and squeezed public sector borrowing, restricting the capacity of states to respond through welfare provisions. Piketty argues that inequality has been rising steeply in many advanced economies since about 1970.16 All but one of the OECD countries for which data are available saw growing income inequality before taxes and transfers from 1980 to 2009.


pages: 223 words: 58,732

The Retreat of Western Liberalism by Edward Luce

"World Economic Forum" Davos, 3D printing, affirmative action, Airbnb, Alan Greenspan, basic income, Berlin Wall, Bernie Sanders, Boris Johnson, Branko Milanovic, bread and circuses, Bretton Woods, Brexit referendum, business cycle, call centre, carried interest, centre right, Charles Lindbergh, cognitive dissonance, colonial exploitation, colonial rule, computer age, corporate raider, cuban missile crisis, currency manipulation / currency intervention, disinformation, Dissolution of the Soviet Union, Doha Development Round, Donald Trump, double entry bookkeeping, driverless car, Erik Brynjolfsson, European colonialism, everywhere but in the productivity statistics, Evgeny Morozov, fake news, Fall of the Berlin Wall, Francis Fukuyama: the end of history, future of work, gentrification, George Santayana, gig economy, Gini coefficient, global pandemic, global supply chain, Great Leap Forward, illegal immigration, imperial preference, income inequality, independent contractor, informal economy, Internet of things, Jaron Lanier, knowledge economy, lateral thinking, Les Trente Glorieuses, liberal capitalism, Marc Andreessen, Mark Zuckerberg, Martin Wolf, mass immigration, means of production, meritocracy, microaggression, Monroe Doctrine, moral panic, more computing power than Apollo, mutually assured destruction, new economy, New Urbanism, Norman Mailer, offshore financial centre, one-China policy, opioid epidemic / opioid crisis, Peace of Westphalia, Peter Thiel, plutocrats, precariat, purchasing power parity, reserve currency, reshoring, Richard Florida, Robert Gordon, Robert Solow, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Silicon Valley billionaire, Skype, Snapchat, software is eating the world, South China Sea, Steve Bannon, Steve Jobs, superstar cities, telepresence, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tyler Cowen, 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

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: 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, Great Leap Forward, guns versus butter model, high net worth, high-speed rail, Kickstarter, knowledge economy, low skilled workers, market bubble, megacity, middle-income trap, Mikhail Gorbachev, military-industrial complex, 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

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.

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: 378 words: 110,518

Postcapitalism: A Guide to Our Future by Paul Mason

air traffic controllers' union, Alan Greenspan, Alfred Russel Wallace, bank run, banking crisis, banks create money, Basel III, basic income, Bernie Madoff, Bill Gates: Altair 8800, bitcoin, Bletchley Park, Branko Milanovic, Bretton Woods, BRICs, British Empire, business cycle, business process, butterfly effect, call centre, capital controls, carbon tax, Cesare Marchetti: Marchetti’s constant, Claude Shannon: information theory, collaborative economy, collective bargaining, commons-based peer production, Corn Laws, corporate social responsibility, creative destruction, credit crunch, currency manipulation / currency intervention, currency peg, David Graeber, deglobalization, deindustrialization, deskilling, discovery of the americas, disinformation, Downton Abbey, drone strike, en.wikipedia.org, energy security, eurozone crisis, factory automation, false flag, financial engineering, financial repression, Firefox, Fractional reserve banking, Frederick Winslow Taylor, fulfillment center, full employment, future of work, game design, Glass-Steagall Act, green new deal, guns versus butter model, Herbert Marcuse, 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, John Perry Barlow, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, late capitalism, low interest rates, low skilled workers, market clearing, means of production, Metcalfe's law, microservices, middle-income trap, Money creation, money: store of value / unit of account / medium of exchange, mortgage debt, Network effects, new economy, Nixon triggered the end of the Bretton Woods system, Norbert Wiener, Occupy movement, oil shale / tar sands, oil shock, Paul Samuelson, payday loans, Pearl River Delta, post-industrial society, power law, precariat, precautionary principle, price mechanism, profit motive, quantitative easing, race to the bottom, RAND corporation, rent-seeking, reserve currency, RFID, Richard Stallman, Robert Gordon, Robert Metcalfe, scientific management, secular stagnation, sharing economy, Stewart Brand, structural adjustment programs, supply-chain management, technological determinism, The Future of Employment, the scientific method, The Wealth of Nations by Adam Smith, Transnistria, Twitter Arab Spring, union organizing, universal basic income, urban decay, urban planning, vertical integration, Vilfredo Pareto, wages for housework, WikiLeaks, women in the workforce, Yochai Benkler

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 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.

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.


pages: 364 words: 99,897

The Industries of the Future by Alec Ross

"World Economic Forum" Davos, 23andMe, 3D printing, Airbnb, Alan Greenspan, algorithmic bias, algorithmic trading, AltaVista, Anne Wojcicki, autonomous vehicles, banking crisis, barriers to entry, Bernie Madoff, bioinformatics, bitcoin, Black Lives Matter, blockchain, Boston Dynamics, Brian Krebs, British Empire, business intelligence, call centre, carbon footprint, clean tech, cloud computing, collaborative consumption, connected car, corporate governance, Credit Default Swap, cryptocurrency, data science, David Brooks, DeepMind, Demis Hassabis, disintermediation, Dissolution of the Soviet Union, distributed ledger, driverless car, Edward Glaeser, Edward Snowden, en.wikipedia.org, Erik Brynjolfsson, Evgeny Morozov, fiat currency, future of work, General Motors Futurama, global supply chain, Google X / Alphabet X, Gregor Mendel, industrial robot, information security, Internet of things, invention of the printing press, Jaron Lanier, Jeff Bezos, job automation, John Markoff, Joi Ito, Kevin Roose, Kickstarter, knowledge economy, knowledge worker, lifelogging, litecoin, low interest rates, M-Pesa, machine translation, Marc Andreessen, Mark Zuckerberg, Max Levchin, Mikhail Gorbachev, military-industrial complex, mobile money, money: store of value / unit of account / medium of exchange, Nelson Mandela, new economy, off-the-grid, offshore financial centre, open economy, Parag Khanna, paypal mafia, 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, TED Talk, The Future of Employment, Travis Kalanick, underbanked, unit 8200, Vernor Vinge, Watson beat the top human players on Jeopardy!, women in the workforce, work culture , 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.

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: 187 words: 62,861

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

Abraham Maslow, Alan Greenspan, behavioural economics, business process, California gold rush, citizen journalism, classic study, Daniel Kahneman / Amos Tversky, do well by doing good, East Village, Everything should be made as simple as possible, experimental economics, experimental subject, framing effect, Garrett Hardin, informal economy, invisible hand, jimmy wales, job satisfaction, Joseph Schumpeter, Kaizen: continuous improvement, Kenneth Arrow, knowledge economy, laissez-faire capitalism, loss aversion, Murray Gell-Mann, Nicholas Carr, peer-to-peer, prediction markets, Richard Stallman, scientific management, Scientific racism, Silicon Valley, social contagion, Steven Pinker, telemarketer, Toyota Production System, Tragedy of the Commons, twin studies, ultimatum game, Washington Consensus, Yochai Benkler, 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.

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: 552 words: 168,518

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

"World Economic Forum" Davos, accounting loophole / creative accounting, airport security, Andrew Keen, augmented reality, Ayatollah Khomeini, barriers to entry, Ben Horowitz, bioinformatics, blood diamond, Bretton Woods, business climate, business process, buy and hold, car-free, carbon footprint, carbon tax, Charles Lindbergh, 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, digital capitalism, digital divide, disruptive innovation, distributed generation, do well by doing good, don't be evil, en.wikipedia.org, energy security, energy transition, Evgeny Morozov, Exxon Valdez, failed state, fault tolerance, financial innovation, Galaxy Zoo, game design, global village, Google Earth, Hans Rosling, hive mind, Home mortgage interest deduction, information asymmetry, 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, Kickstarter, knowledge economy, knowledge worker, machine readable, Marc Andreessen, Marshall McLuhan, mass immigration, medical bankruptcy, megacity, military-industrial complex, mortgage tax deduction, Netflix Prize, new economy, Nicholas Carr, ocean acidification, off-the-grid, oil shock, old-boy network, online collectivism, open borders, open economy, pattern recognition, peer-to-peer lending, personalized medicine, radical decentralization, 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, synthetic biology, systems thinking, text mining, the long tail, the scientific method, The Wisdom of Crowds, transaction costs, transfer pricing, University of East Anglia, urban sprawl, value at risk, WikiLeaks, X Prize, Yochai Benkler, young professional, Zipcar

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.

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.

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: 626 words: 167,836

The Technology Trap: Capital, Labor, and Power in the Age of Automation by Carl Benedikt Frey

3D printing, AlphaGo, Alvin Toffler, autonomous vehicles, basic income, Bernie Sanders, Branko Milanovic, British Empire, business cycle, business process, call centre, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, Charles Babbage, Clayton Christensen, collective bargaining, computer age, computer vision, Corn Laws, Cornelius Vanderbilt, creative destruction, data science, David Graeber, David Ricardo: comparative advantage, deep learning, DeepMind, deindustrialization, demographic transition, desegregation, deskilling, Donald Trump, driverless car, easy for humans, difficult for computers, Edward Glaeser, Elon Musk, Erik Brynjolfsson, everywhere but in the productivity statistics, factory automation, Fairchild Semiconductor, falling living standards, first square of the chessboard / second half of the chessboard, Ford Model T, Ford paid five dollars a day, Frank Levy and Richard Murnane: The New Division of Labor, full employment, future of work, game design, general purpose technology, Gini coefficient, Great Leap Forward, Hans Moravec, high-speed rail, Hyperloop, income inequality, income per capita, independent contractor, industrial cluster, industrial robot, intangible asset, interchangeable parts, Internet of things, invention of agriculture, invention of movable type, invention of the steam engine, invention of the wheel, Isaac Newton, James Hargreaves, James Watt: steam engine, Jeremy Corbyn, job automation, job satisfaction, job-hopping, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kickstarter, Kiva Systems, knowledge economy, knowledge worker, labor-force participation, labour mobility, Lewis Mumford, Loebner Prize, low skilled workers, machine translation, Malcom McLean invented shipping containers, manufacturing employment, mass immigration, means of production, Menlo Park, minimum wage unemployment, natural language processing, new economy, New Urbanism, Nick Bostrom, Norbert Wiener, nowcasting, oil shock, On the Economy of Machinery and Manufactures, OpenAI, opioid epidemic / opioid crisis, Pareto efficiency, pattern recognition, pink-collar, Productivity paradox, profit maximization, Renaissance Technologies, rent-seeking, rising living standards, Robert Gordon, Robert Solow, robot derives from the Czech word robota Czech, meaning slave, safety bicycle, Second Machine Age, secular stagnation, self-driving car, seminal paper, Silicon Valley, Simon Kuznets, social intelligence, sparse data, speech recognition, spinning jenny, Stephen Hawking, tacit knowledge, The Future of Employment, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Malthus, total factor productivity, trade route, Triangle Shirtwaist Factory, Turing test, union organizing, universal basic income, warehouse automation, washing machines reduced drudgery, wealth creators, women in the workforce, working poor, zero-sum game

Robinson, 2012, Why Nations Fail: The Origins of Power, Prosperity and Poverty [New York: Crown Business], 207–8). 42. Ibid., 80. 43. For efforts by the ruling classes to block replacing technologies, see chapters 1 and 3. 44. J. Mokyr, 2002, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton, NJ: Princeton University Press), 232. 45. J. Mokyr, 1992b, “Technological Inertia in Economic History,” Journal of Economic History 52 (2): 331–32. 46. D. S. Landes, 1969, The Unbound Prometheus: Technological Change and Development in Western Europe from 1750 to the Present (Cambridge: Cambridge University Press), 8. 47.

There was significant productivity growth in watch making from the late seventeenth century onward, but the industry was tiny. See M. Kelly and C. Ó Gráda, 2016, “Adam Smith, Watch Prices, and the Industrial Revolution,” Quarterly Journal of Economics 131 (4): 1727–52. 53. On the price of books, see J. Van Zanden, 2004, “Common Workmen, Philosophers and the Birth of the European Knowledge Economy” (paper for Global Economic History Network Conference, Leiden, September 16–18). 54. Cardwell, 2001, Wheels, Clocks, and Rockets, 55. 55. On the numbers of books published, see ibid., 49. 56. G. Clark, 2001. “The Secret History of the Industrial Revolution” (Working paper, University of California, Davis), 60. 57.

Journal of Economic History 60 (1): 1–41. Mokyr, J. 2001. “The Rise and Fall of the Factory System: Technology, Firms, and Households Since the Industrial Revolution.” Carnegie-Rochester Conference Series on Public Policy 55 (1): 1–45. Mokyr, J. 2002. The Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton, NJ: Princeton University Press. Mokyr, J. 2011. The Enlightened Economy: Britain and the Industrial Revolution, 1700–1850. London: Penguin. Kindle. Mokyr, J., and H. Voth. 2010. “Understanding Growth in Europe, 1700–1870: Theory and Evidence.” In The Cambridge Economic History of Modern Europe, edited by S.


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, Alan Greenspan, banking crisis, Big bang: deregulation of the City of London, Boycotts of Israel, Bretton Woods, business cycle, 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, flag carrier, floating exchange rates, full employment, George Gilder, Gini coefficient, global supply chain, Great Leap Forward, guns versus butter model, high-speed rail, income inequality, income per capita, indoor plumbing, informal economy, intermodal, inverted yield curve, invisible hand, It's morning again in America, Kenneth Rogoff, knowledge economy, late capitalism, Les Trente Glorieuses, linear programming, low interest rates, manufacturing employment, Multi Fibre Arrangement, new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, North Sea oil, oil shock, Paul Samuelson, pension reform, Phillips curve, 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, The Rise and Fall of American Growth, 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

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.


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

"World Economic Forum" Davos, 3D printing, affirmative action, Alan Greenspan, Albert Einstein, American energy revolution, anti-communist, Asian financial crisis, banking crisis, Berlin Wall, book value, BRICs, British Empire, business climate, business cycle, business process, business process outsourcing, call centre, capital controls, Carmen Reinhart, central bank independence, centre right, cloud computing, collective bargaining, colonial rule, commodity super cycle, corporate governance, creative destruction, crony capitalism, deindustrialization, demographic dividend, Deng Xiaoping, eurozone crisis, financial engineering, Gini coefficient, global macro, global supply chain, Goodhart's law, high-speed rail, housing crisis, income inequality, indoor plumbing, inflation targeting, informal economy, junk bonds, Kenneth Rogoff, knowledge economy, labor-force participation, land reform, low interest rates, M-Pesa, Mahatma Gandhi, Marc Andreessen, market bubble, Masayoshi Son, mass immigration, megacity, Mexican peso crisis / tequila crisis, middle-income trap, Nelson Mandela, new economy, no-fly zone, oil shale / tar sands, oil shock, open economy, Peter Thiel, planetary scale, public intellectual, quantitative easing, reserve currency, Robert Gordon, rolling blackouts, Shenzhen was a fishing village, Silicon Valley, software is eating the world, sovereign wealth fund, The Great Moderation, Thomas L Friedman, trade liberalization, Tyler Cowen, Watson beat the top human players on Jeopardy!, working-age population, zero-sum game

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.

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.


pages: 1,172 words: 114,305

New Laws of Robotics: Defending Human Expertise in the Age of AI by Frank Pasquale

affirmative action, Affordable Care Act / Obamacare, Airbnb, algorithmic bias, Amazon Mechanical Turk, Anthropocene, augmented reality, Automated Insights, autonomous vehicles, basic income, battle of ideas, Bernie Sanders, Big Tech, Bill Joy: nanobots, bitcoin, blockchain, Brexit referendum, call centre, Cambridge Analytica, carbon tax, citizen journalism, Clayton Christensen, collective bargaining, commoditize, computer vision, conceptual framework, contact tracing, coronavirus, corporate social responsibility, correlation does not imply causation, COVID-19, critical race theory, cryptocurrency, data is the new oil, data science, decarbonisation, deep learning, deepfake, deskilling, digital divide, digital twin, disinformation, disruptive innovation, don't be evil, Donald Trump, Douglas Engelbart, driverless car, effective altruism, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Evgeny Morozov, fake news, Filter Bubble, finite state, Flash crash, future of work, gamification, general purpose technology, Google Chrome, Google Glasses, Great Leap Forward, green new deal, guns versus butter model, Hans Moravec, high net worth, hiring and firing, holacracy, Ian Bogost, independent contractor, informal economy, information asymmetry, information retrieval, interchangeable parts, invisible hand, James Bridle, Jaron Lanier, job automation, John Markoff, Joi Ito, Khan Academy, knowledge economy, late capitalism, lockdown, machine readable, Marc Andreessen, Mark Zuckerberg, means of production, medical malpractice, megaproject, meta-analysis, military-industrial complex, Modern Monetary Theory, Money creation, move fast and break things, mutually assured destruction, natural language processing, new economy, Nicholas Carr, Nick Bostrom, Norbert Wiener, nuclear winter, obamacare, One Laptop per Child (OLPC), open immigration, OpenAI, opioid epidemic / opioid crisis, paperclip maximiser, paradox of thrift, pattern recognition, payday loans, personalized medicine, Peter Singer: altruism, Philip Mirowski, pink-collar, plutocrats, post-truth, pre–internet, profit motive, public intellectual, QR code, quantitative easing, race to the bottom, RAND corporation, Ray Kurzweil, recommendation engine, regulatory arbitrage, Robert Shiller, Rodney Brooks, Ronald Reagan, self-driving car, sentiment analysis, Shoshana Zuboff, Silicon Valley, Singularitarianism, smart cities, smart contracts, software is eating the world, South China Sea, Steve Bannon, Strategic Defense Initiative, surveillance capitalism, Susan Wojcicki, tacit knowledge, TaskRabbit, technological solutionism, technoutopianism, TED Talk, telepresence, telerobotics, The Future of Employment, The Turner Diaries, Therac-25, Thorstein Veblen, too big to fail, Turing test, universal basic income, unorthodox policies, wage slave, Watson beat the top human players on Jeopardy!, working poor, workplace surveillance , Works Progress Administration, zero day

For more on how this can be done in the manufacturing and service sectors not focused on in this book, see Roberto Unger, The Knowledge Economy (New York: Verso, 2019). 5. Roger Boesche, “Why Could Tocqueville Predict So Well?” Political Theory 11 (1983): 79–103. 6. Joseph E. Aoun, Robot-Proof: Higher Education in the Age of Artificial Intelligence (Cambridge, MA: MIT Press, 2017). 7. I borrow the term “most advanced modes of production” from Roberto Unger, The Knowledge Economy. 8. Eliza Mackintosh, “Finland Is Winning the War on Fake News. What It’s Learned May Be Crucial to Western Democracy,” CNN, May 2019, https://www.cnn.com/interactive/2019/05/europe/finland-fake-news-intl/. 9.

Audrey Watters, “Teaching Machines,” Hack Education (blog), April 26, 2018, http://hackeducation.com/2018/04/26/cuny-gc. 20. Natasha Dow Schüll, Addiction by Design (Princeton: Princeton University Press, 2012). 21. Rowan Tulloch and Holly Eva Katherine Randell-Moon, "The Politics of Gamification: Education, Neoliberalism and the Knowledge Economy," Review of Education, Pedagogy, and Cultural Studies 40, no. 3 (2018): 204–226. 22. Tristan Harris, “How Technology Is Hijacking Your Mind—From a Magician and Google Design Ethicist,” Medium, May 18, 2016, https://medium.com/swlh/how-technology-hijacks-peoples-minds-from-a-magician-and-google-s-design-ethicist-56d62ef5edf3#.ryse2c3rl. 23.


Hacking Capitalism by Söderberg, Johan; Söderberg, Johan;

Abraham Maslow, air gap, Alvin Toffler, AOL-Time Warner, barriers to entry, Charles Babbage, collective bargaining, commoditize, computer age, corporate governance, creative destruction, Debian, deindustrialization, delayed gratification, Dennis Ritchie, deskilling, digital capitalism, digital divide, Donald Davies, Eben Moglen, Erik Brynjolfsson, Firefox, Free Software Foundation, frictionless, full employment, Garrett Hardin, Hacker Conference 1984, Hacker Ethic, Herbert Marcuse, Howard Rheingold, IBM and the Holocaust, informal economy, interchangeable parts, invention of radio, invention of the telephone, Jacquard loom, James Watt: steam engine, jimmy wales, John Markoff, John von Neumann, Joseph Schumpeter, Joseph-Marie Jacquard, Ken Thompson, knowledge economy, knowledge worker, labour market flexibility, late capitalism, Lewis Mumford, liberal capitalism, Marshall McLuhan, means of production, Mitch Kapor, mutually assured destruction, new economy, Norbert Wiener, On the Economy of Machinery and Manufactures, packet switching, patent troll, peer-to-peer, peer-to-peer model, planned obsolescence, post scarcity, post-Fordism, post-industrial society, price mechanism, Productivity paradox, profit motive, RFID, Richard Florida, Richard Stallman, Ronald Coase, safety bicycle, Search for Extraterrestrial Intelligence, SETI@home, Silicon Valley, Slavoj Žižek, software patent, Steven Levy, Stewart Brand, subscription business, tech worker, technological determinism, technoutopianism, the Cathedral and the Bazaar, The Nature of the Firm, the scientific method, The Theory of the Leisure Class by Thorstein Veblen, Thomas Davenport, Thorstein Veblen, tragedy of the anticommons, Tragedy of the Commons, transaction costs, Whole Earth Catalog, Yochai Benkler

Software was explicitly covered under copyright after the amendments made in the Computer Software Copyright Act of 1980. Software code had been included in national copyright law in most European countries by the end of the 1980s. 15. Peter Drahos and John Braithwaite, Information Feudalism—Who Owns The Knowledge Economy (London: Earthscan, 2002), 171. 16. Translating source code to binary code is called compiling. The reversed procedure is known as decompiling. It is much harder to decompile and it is often prohibited in law. 17. A collection of Richard Stallman’s speeches, where he outlines the major issues within the free software movement, as well as an appendix with the GNU General Public License, the GNU Lesser General Public License, and GNU Free Documentation License, can be found in ed.

As with the coining of the term ‘pirate copying’, or the negative associations conveyed from the word ‘hacker’, part of the struggle is fought on a semantic level. 59. Pamela Samuelson, “Regulation of Technologies to Protect Copyrighted Works”, Communication of the ATM 39 (1996), and Peter Drahos & John Braithwaite, Information Feudalism—Who Owns The Knowledge Economy (London: Earthscan, 2002). 60. The third chapter on commodification of information will discuss in more detail the conflict between periphery and centre on intellectual property. 61. It says: “Banning open source would have immediate, broad, and strongly negative impacts on the ability of many sensitive and security-focused DOD groups to protect themselves against cyberattacks,”, quoted in Washington Post (May 23, 2002). 62.

Derrida, Jacques. Given Time. Counterfeit Money, Chicago: University of Chicago Press, 1992. ed. DiBona, Chris, and Sam Ockman and Mark Stone. Open Sources—Voices from the Open Source Revolution, London: O’Reilly & Associates, 1999. Drahos, Peter, and John Braithwaite. Information Feudalism—Who Owns The Knowledge Economy, London: Erthscan, 2002. ed. Dreyfuss, Rochelle, and Diane Zimmerman and Harry First. Expanding the boundaries of Intellectual Property—Innovation Policies for the Knowledge Society, New York: Oxford University Press, 2001. du Gay, Paul. Consumption and Identity at Work, London: Sage, 1995.


Smart Cities, Digital Nations by Caspar Herzberg

Asian financial crisis, barriers to entry, business climate, business cycle, business process, carbon footprint, clean tech, clean water, cloud computing, corporate social responsibility, Dean Kamen, demographic dividend, Edward Glaeser, Edward Snowden, Hacker News, high-speed rail, hive mind, Internet of things, knowledge economy, Masdar, megacity, New Urbanism, operational security, packet switching, QR code, remote working, RFID, rising living standards, risk tolerance, Ronald Reagan, shareholder value, Silicon Valley, Silicon Valley startup, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, smart meter, social software, special economic zone, Stephen Hawking, telepresence, too big to fail, trade route, transcontinental railway, upwardly mobile, urban planning, urban sprawl, women in the workforce, working poor, X Prize

Incheon was a large, growing city, but it was not a budding international presence. When the 1997 Asian financial crisis hit, influential analysis described South Korea’s situation as akin to a nut in the nutcracker, competing as it did with a savvier technological power in Japan and far greater resources in China.3 Increasing the national profile as a knowledge economy was a direct response to this evaluation; additionally, the Incheon authorities embraced the primacy of airports as a central concept in their strategy. John Kasarda, director of the Center for Air Commerce at the University of North Carolina’s Kenan-Flagler Business School, neatly defined this idea when he coined the term “aerotropolis”; in his view, the airport (which he contends will only increase in importance in coming decades, as cities become more powerful than some of the nations containing them) should be a hub that connects and centralizes all city traffic.

. _____________________________________________ 1 “South Korea: Finding its place on the world stage,” McKinsey & Company, April 2010, http://www.mckinsey.com/global-themes/asia-pacific/south-korea-finding-its-place-on-the-world-stage. 2 Akamai’s State of the Internet report, Second Quarter 2014, https://www.akamai.com/us/en/about/news/press/2014-press/akamai-releases-second-quarter-2014-state-of-the-internet-report.jsp. 3 Alexey Volynets, “Case Study: Korea’s Transition Towards Knowledge Economy,” World Bank, 2016, http://go.worldbank.org/2KQGBF91M0. 4 Anthony Townsend, Smart Cities: Big Data, Civic Hackers and the Quest for a New Utopia (W.W. Norton, 2013), p. 28. 5 Microsoft Named Preferred Technology Partner in “City of the Future” Project, Microsoft press release, May 9, 2008, http://news.microsoft.com/2008/05/09/microsoft-named-preferred-technology-partner-in-city-of-the-future-project/#sm.0000sejqhlx73ddjydb1lilqjfiiy#7vXsTmeBmQGoO2ky.97. 6 Greg Lindsay, “Cisco’s Big Bet on New Songdo: Creating Cities From Scratch,” Fast Company, February 2010, https://www.fastcompany.com/1514547/ciscos-big-bet-new-songdo-creating-cities-scratch. 7 See YouTube: www.youtube.com/watch?


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The AI-First Company by Ash Fontana

23andMe, Amazon Mechanical Turk, Amazon Web Services, autonomous vehicles, barriers to entry, blockchain, business intelligence, business process, business process outsourcing, call centre, Charles Babbage, chief data officer, Clayton Christensen, cloud computing, combinatorial explosion, computer vision, crowdsourcing, data acquisition, data science, deep learning, DevOps, en.wikipedia.org, Geoffrey Hinton, independent contractor, industrial robot, inventory management, John Conway, knowledge economy, Kubernetes, Lean Startup, machine readable, minimum viable product, natural language processing, Network effects, optical character recognition, Pareto efficiency, performance metric, price discrimination, recommendation engine, Ronald Coase, Salesforce, single source of truth, software as a service, source of truth, speech recognition, the scientific method, transaction costs, vertical integration, yield management

DLEs can accumulate information: across single or multiple organizations; that is structured; when processed by machines; and that has a quantitative benefit. DLEs have very few limits: they grow fast because structured information feeds into machines that calculate faster than humans. Modern computing machines can process multiple types of information. Learning fast is smart. Learning effects were for the knowledge economy: the era that started after the industrial revolution, when we moved from manufacturing to services. DLEs are for today’s economy. This is the era in which we’ve made several leaps: distributing information digitally instead of verbally; sharing information automatically rather than manually; learning across minds instead of learning merely manually; learning on hardware (computers) as opposed to “wetware” (brains); and learning not just on one node but across nodes in a network.

A/B test, 271 accessibility of data, 72, 107 accuracy, 175, 203–4 in proof of concept phase, 59–60 active learning-based systems, 94–95 acyclic, 150, 271 advertising, 227, 240 agent-based models (ABMs), 103–5, 271 simulations versus, 105 aggregated data, 81, 83 aggregating advantages, 222–65 branding and, 255–56 data aggregation and, 241–45 on demand side, 225 disruption and, 239–41 first-mover advantage and, 253–55 and integrating incumbents, 244–45 and leveraging the loop against incumbents, 256–61 positioning and, 245–56 ecosystem, 251–53 staging, 249–51 standardization, 247–51 storage, 246–47 pricing and, 236–39 customer data contribution, 237 features, 238–39 transactional, 237, 281 updating, 238 usage-based, 237–38, 281 on supply side, 224–25 talent loop and, 260–61 traditional forms of competitive advantage versus, 224–25 with vertical integration, see vertical integration aggregation theory, 243–44, 271 agreement rate, 216 AI (artificial intelligence), 1–3 coining of term, 5 definitions and analogies regarding, 15–16 investment in, 7 lean, see Lean AI AI-First Century, 3 first half of (1950–2000), 3–9 cost and power of computers and, 8 progression to practice, 5–7 theoretical foundations, 4–5 second half of (2000–2050), 9 AI-First companies, 1, 9, 10, 44 eight-part framework for, 10–13 learning journey of, 44–45 AI-First teams, 127–42 centralized, 138–39 decentralized, 139 management of, 135–38 organization structure of, 138–39 outsourcing, 131 support for, 134–35 when to hire, 130–32 where to find people for, 133 who to hire, 128–30 airlines, 42 Alexa, 8, , 228, 230 algorithms, 23, 58, 200–201 evolutionary, 150–51, 153 alliances of corporate and noncorporate organizations, 251 Amazon, 34, 37, 84, 112, 226 Alexa, 8, 228, 230 Mechanical Turk, 98, 99, 215 analytics, 50–52 anonymized data, 81, 83 Apple, 8, 226 iPhone, 252 application programming interfaces (APIs), 86, 118–22, 159, 172, 236, 271 applications, 171 area underneath the curve (AUC), 206, 272 artificial intelligence, see AI artificial neural network, 5 Atlassian Corporation, 243 augmentation, 172 automation versus, 163 availability of data, 72–73 Babbage, Charles, 2 Bank of England, 104–5 Bayesian networks, 150, 201 Bengio, Yoshua, 7 bias, 177 big-data era, 28 BillGuard, 112 binary classification, 204–6 blockchain, 109–10, 117, 272 Bloomberg, 73, 121 brain, 5, 15, 31–32 shared, 31–33 branding, 256–57 breadth of data, 76 business goal, in proof of concept phase, 60 business software companies, 113 buying data, 119–22 data brokers, 119–22 financial, 120–21 marketing, 120 car insurance, 85 Carnegie, Andrew, 226 cars, 6, 254 causes, 145 census, 118 centrifugal process, 49–50 centripetal process, 50 chess, 6 chief data officer (CDO), 138 chief information officer (CIO), 138 chief technology officer (CTO), 139 Christensen, Clay, 239 cloud computing, 8, 22, 78–79, 87, 242, 248, 257 Cloudflare, 35–36 clustering, 53, 64, 95, 272 Coase, Ronald, 226 compatibility, 251–52 competitions, 117–18 competitive advantages, 16, 20, 22 in DLEs, 24, 33 traditional forms of, 224–25 see also aggregating advantages complementarity, 253 complementary data, 89, 124, 272 compliance concerns, 80 computer chips, 7, 22, 250 computers, 2, 3, 6 cost of, 8–9 power of, 7, 8, 19, 22 computer vision, 90 concave payoffs, 195–98, 272 concept drift, 175–76, 272 confusion matrix, 173–74 consistency, 256–57 consultants, 117–18, 131 consumer apps, 111–13, 272 consumer data, 109–14 apps, 111–13 customer-contributed data versus, 109 sensor networks, 113–14 token-based incentives for, 109–10 consumer reviews, 29, 43 contractual rights, 78–82 clean start advantage and, 78–79 negotiating, 79 structuring, 79–82 contribution margin, 214, 272 convex payoffs, 195–97, 202, 272 convolutional neural networks (CNNs), 151, 153 Conway, John, 104 cost of data labeling, 108 in ML management, 158 in proof of concept phase, 60 cost leadership, 272 DLEs and, 39–41 cost of goods sold (COGS), 217 crawling, 115–16, 281 Credit Karma, 112 credit scores, 36–37 CRM (customer relationship management), 159, 230–31, 255, 260, 272 Salesforce, 159, 212, 243, 248, 258 cryptography, 272 crypto tokens, 109–10, 272 CUDA, 250 customer-generated data, 77–91 consumer data versus, 109 contractual rights and, 78–82 clean start advantage and, 78–79 negotiating, 79 structuring, 79–82 customer data coalitions, 82–84 data integrators and, 86–89 partnerships and, 89–91 pricing and, 237 workflow applications for, 84–86 customers costs to serve, 242 direct relationship with, 242 needs of, 49–50 customer support agents, 232, 272 customer support tickets, 260, 272 cybernetics, 4, 273 Dark Sky, 112, 113 DARPA (Defense Advanced Research Projects Agency), 5 dashboards, 171 data, 1, 8, 69, 273 aggregation of, 241–45 big-data era, 28 complementary, 89 harvesting from multiple sources, 57 incomplete, 178 information versus, 22–23 missing sources of, 177 in proof of concept phase, 60 quality of, 177–78 scale effects with, 22 sensitive, 57 starting small with, 56–58 vertical integration and, 231–32 data acquisition, 69–126, 134 buying data, 119–22 consumer data, 109–14 apps, 111–13 customer-contributed data versus, 109 sensor networks, 113–14 token-based incentives for, 109–10 customer-generated data, see customer-generated data human-generated data, see human-generated data machine-generated data, 102–8 agent-based models, 103–5 simulation, 103–4 synthetic, 105–8 partnerships for, 89–91 public data, 115–22 buying, see buying data consulting and competitions, 117–18 crawling, 115–16, 281 governments, 118–19 media, 118 valuation of, 71–77 accessibility, 72, 107 availability, 72–73 breadth, 76 cost, 73 determination, 74–76 dimensionality, 75 discrimination, 72–74 fungibility, 74 perishability and relevance, 74–75, 201 self-reinforcement, 76 time, 73–74 veracity, 75 volume of, 76–77 data analysts, 128–30, 132, 133, 137, 273 data as a service (DaaS), 116, 120 databases, 258 data brokers, 119–22 financial, 120–21 marketing, 120 data cleaning, 162–63 data distribution drift, 178 data drift, 176, 273 data-driven media, 118 data engineering, 52 data engineers, 128–30, 132, 133, 137, 161, 273 data exhaust, 80, 257–58, 273 data infrastructure engineers, 129–32, 137, 273 data integration and integrators, 86–90, 276 data labeling, 57, 58, 92–100, 273 best practices for, 98 human-in-the-loop (HIL) systems, 100–101, 276 management of, 98–99 measurement in, 99–100 missing labels, 178 outsourcing of, 101–2 profitability metrics and, 215–16 tools for, 93–97 data lake, 57, 163 data learning effects (DLEs), 15–47, 48, 69, 222, 273 competitive advantages of, 24, 33 data network effects, 19, 26–33, 44, 273 edges of, 24 entry-level, 26–29, 31–33, 36–37, 274 network effects versus, 24–25 next-level, 26–27, 29–33, 36–37, 278 what type to build, 33 economies of scale in, 34 formula for, 17–20 information accumulation and, 21 learning effects and, 20–21 limitations of, 21, 42–43 loops around, see loops network effects and, 24–26 powers of, 34–42 compounding, 36–38 cost leadership, 39–41 flywheels, 37–38 price optimization, 41–42 product utility, 35–36 winner-take-all dynamics, 34–35 product value and, 39 scale effects and, 21–23 variety and, 34–35 data learning loops, see loops data lock-in, 247–48 data networks, 109–10, 143–44, 273 normal networks versus, 26 underneath products, 25–26 data pipelines, 181, 216 breaks in, 87, 181 data platform, 57 data processing capabilities (computing power), 7, 8, 19, 22 data product managers, 129–32, 274 data rights, 78–82, 246 data science, 52–56 decoupling software engineering from, 133 data scientists, 54–56, 117, 128–30, 132–39, 161, 274 data stewards, 58, 274 data storage, 57, 81, 246–47, 257 data validators, 161 data valuation, 71–77 accessibility in, 72, 107 availability in, 72–73 breadth in, 76 cost in, 73 determination in, 74–76 dimensionality in, 75 discrimination in, 72–74 fungibility in, 74 perishability and relevance in, 74–75, 201 self-reinforcement in, 76 time in, 73–74 veracity in, 75 decision networks, 150, 153 decision trees, 149–50, 153 deduction and induction, 49–50 deep learning, 7, 147–48, 274 defensibility, 200, 274 defensible assets, 25 Dell, Michael, 226 Dell Technologies, 226 demand, 225 denial-of-service (DoS) attacks, 36 designers, 129 differential privacy, 117, 274 dimensionality reduction, 53, 274 disruption, 239–41 disruption theory, 239, 274 distributed systems, 8, 9 distribution costs, 243 DLEs, see data learning effects DoS (denial-of-service) attacks, 36 drift, 175–77, 203, 274 concept, 175–76 data, 176 minimizing, 201 e-commerce, 29, 31, 34, 37, 41, 84 economies of scale, 19, 34 ecosystem, 251–52 edges, 24, 274 enterprise resource planning (ERP), 161, 250, 274 entry-level data network effects, 26–29, 31–33, 36–37, 274 epochs, 173, 275 equity capital, 230 ETL (extract, transform, and load), 58, 275 evolutionary algorithms, 150–51, 153 expected error reduction, 96 expected model change, 96 Expensify, 85–86 Facebook, 25, 43, 112, 119, 122 features, 63–64, 145, 275 finding, 64–65 pricing and, 238–39 federated learning, 117, 275 feedback data, 36, 199–200 feed-forward networks, 151, 153 financial data brokers for, 120–21 stock market, 72, 74, 120–21 first-movers, 253–55, 275 flywheels, 37–38, 243–44 Ford, Henry, 49 fungibility of data, 74 Game of Life, 104 Gaussian mixture model, 275 generative adversarial networks (GANs), 152, 153 give-to-get model, 36 global multiuser models, 275 glossary, 271–82 Google, 111–12, 115, 195, 241, 251, 253–54 governments, 118–19 gradient boosted tree, 53, 275 gradient descent, 208 graph, 275 Gulf War, 6 hedge funds, 227 heuristics, 139, 231, 275 Hinton, Geoffrey, 7 histogram, 53, 275 holdout data, 199 horizontal products, 210–12, 276 HTML (hypertext markup language), 116, 276 human-generated data, 91–102 data labeling in, 57, 58, 92–100, 273 best practices for, 98 human-in-the-loop (HIL) systems, 100–101, 276 management of, 98–99 measurement in, 99–100 missing labels, 178 outsourcing of, 101–2 profitability metrics and, 215–16 tools for, 93–97 human learning, 16–17 hyperparameters, 173, 276 hypertext markup language (HTML), 116, 276 IBM (International Business Machines), 5–8, 255 image recognition, 76–77, 146 optical character, 72, 278 incumbents, 276 integrating, 245–46 leveraging the loop against, 256–61 independent software vendors (ISVs), 161, 248, 276 induction and deduction, 49–50 inductive logic programming (ILP), 149, 153 Informatica, 86 information, 1, 2, 276 data versus, 22–23 informational leverage, 3 Innovator’s Dilemma, The (Christensen), 239 input cost analysis, 215–16 input data, 199 insourcing, 102, 276 integration, 86–90, 276 predictions and, 171 testing, 174 integrations-first versus workflow-first companies, 88–89 intellectual leverage, 3 intellectual property (IP), 25, 251 intelligence, 1, 2, 5, 15, 16 artificial, see AI intelligent applications, 257–60, 276 intelligent systems, 19 interaction frequency, 197 interactive machine learning (IML), 96–97, 276 International Telecommunications Union (ITU), 250–51 Internet, 8, 19, 32, 69, 241–42, 244 inventory management software, 260 investment firms, 232 iPhone, 252 JIRA, 243 Kaggle, 9, 56, 117 Keras, 251 k-means, 276 knowledge economy, 21 Kubernetes, 251 language processing, 77, 94 latency, 158 layers of neurons, 7, 277 Lean AI, 48–68, 277 customer needs and, 49–50 decision tree for, 50–52 determining customer need for AI, 50–60 data and, 56–58 data science and, 54–56 sales and, 58–60 statistics and, 53–54 lean start-up versus, 61–62 levels in, 65–66 milestones for, 61 minimum viable product and, 62–63 model features lean start-ups, 61–62 learning human formula for, 16–17 machine formula for, 17–20 learning effects, 20–22, 277 moving beyond, 20–21 legacy applications, 257, 277 leverage, 3 linear optimization, 42 LinkedIn, 122 loans, 35, 37, 227 lock-in, 247–48 loops, 187–221, 273 drift and, 201 entropy and, 191–92 good versus bad, 191–92 metrics for measuring, see metrics moats versus, 187–88, 192–94 physics of, 190–92 prediction and, 202–3 product payoffs and, 195–98, 202 concave, 195–98 convex, 195–97, 202 picking the product to build, 198 repeatability in, 188–89 scale and, 198–201, 203 and data that doesn’t contribute to output, 199–200 loss, 207–8, 277 loss function, 275, 277 machine-generated data, 102–8 agent-based models, 103–5 simulation, 103–4 synthetic, 105–8 machine learning (ML), 9, 145–47, 277 types of, 147–48 machine learning engineers, 39, 56, 117–18, 129, 130, 132, 138, 139, 161, 277 machine learning management loop, 277 machine learning models (ML models), 9, 26, 27, 31, 52–56, 59, 61, 134 customer predictions and, 80–81 features of, 61, 63 machine learning models, building, 64–65, 143–54 compounding, 148–52 diverse disciplines in, 149–51 convolutional neural networks in, 151, 153 decision networks in, 150, 153 decision trees in, 149–50, 153 defining features, 146–47 evolutionary algorithms in, 150–51, 153 feed-forward networks in, 151, 153 generative adversarial networks in, 152, 153 inductive logic programming in, 149, 153 machine learning in, 151–52 primer for, 145–47 recurrent neural networks in, 151, 153 reinforcement learning in, 152, 153 statistical analysis in, 149, 153 machine learning models, managing, 155–86 acceptance, 157, 162–66 accountability and, 164 and augmentation versus automation, 163 budget and, 164 data cleaning and, 162–63 distribution and, 165 executive education and, 165–66 experiments and, 165 explainability and, 166 feature development and, 163 incentives and, 164 politics and, 163–66 product enhancements and, 165 retraining and, 163 and revenues versus costs, 164 schedule and, 163 technical, 162–63 and time to value, 164 usage tracking and, 166 decentralization versus centralization in, 156 experimentation versus implementation in, 155 implementation, 158–66 data, 158–59 security, 159–60 sensors, 160 services, 161 software, 159 staffing, 161–162 loop in, 156, 166–81 deployment, 171–72 monitoring, see monitoring model performance training, 168–69 redeploying, 181 reproducibility and, 170 rethinking, 181 reworking, 179–80 testing, 172–74 versioning, 169–70, 281 ROI in, 164, 176, 181 testing and observing in, 156 machine learning researchers, 129–34, 135–36, 138, 277 management of AI-First teams, 135–38 of data labeling, 98–99 of machine learning models, see machine learning models, managing manual acceptance, 208–9 manufacturing, 6 marketing, customer data coalitions and, 83 marketing segmentation, 277 McCulloch, Warren, 4–5 McDonald’s, 256 Mechanical Turk, 98, 99, 215 media, 118 medical applications, 90–91, 145, 208 metrics, 203 measurement, 203–9 accuracy, 203–4 area underneath the curve, 206, 272 binary classification, 204–6 loss, 207–8 manual acceptance, 208–9 precision and recall, 206–7 receiver operating characteristic, 205–6, 279 usage, 209 profitability, 209–18 data labeling and, 215–16 data pipes and, 216 input cost analysis, 215–16 research cost analysis, 217–18 unit analysis, 213–14 and vertical versus horizontal products, 210–12 Microsoft, 8, 247 Access, 257 Outlook, 252 military, 6, 7 minimum viable product (MVP), 62–63, 277 MIT (Massachusetts Institute of Technology), 4, 5 ML models, see machine learning models moats, 277 loops versus, 187–88, 192–94 mobile phones, 113 iPhone, 252 monitoring, 277 monitoring model performance, 174–78 accuracy, 175 bias, 177 data quality, 177–78 reworking and, 179–80 stability, 175–77 MuleSoft, 86, 87 negotiating data rights, 79, 80 Netflix, 242, 243 network effects, 15–16, 20, 22, 23, 44, 278 compounding of, 36 data network effects versus, 24–25 edges of, 24 limits to, 42–43 moving beyond, 24–26 products with versus without, 26 scale effects versus, 24 traditional, 27 value of, 27 networks, 7, 15, 17 data networks versus, 26 neural networks, 5, 7, 8, 19, 23, 53, 54, 277–78 neurons, 5, 7, 15 layers of, 7, 276 next-level data network effects, 26–27, 29–33, 36–37, 278 nodes, 21, 23–25, 27, 44, 278 NVIDIA, 250 Obama administration, 118 Onavo, 112 optical character recognition software, 72, 278 Oracle, 247, 248 outsourcing, 216 data labeling, 101–2 team members, 131 overfitting, 82 Pareto optimal solution, 56, 278 partial plots, 53, 278 payoffs, 195–98 concave, 195–98 convex, 195–97, 202 perceptron algorithm, 5 perishability of data, 74–75, 201 personalization, 255–56 personally identifiable information (PII), 81, 278 personnel lock-in, 248 perturbation, 178, 278 physical leverage, 3 Pitts, Walter, 4–5 POC (proof of concept), 59–60, 63, 278 positioning, 245–56 power generators, 209, 278 power teachers, 209 precision, 278 precision and recall, 206–7 prediction usability threshold (PUT), 62–64, 90, 91, 173, 200–202, 279 predictions, 34–35, 48, 63, 65, 148, 202–3 predictive pricing, 41, 42 prices charged by data vendors, 73 pricing of AI-First products, 236–39 customer data contribution and, 237 features and, 238–39 transactional, 237, 280 updating and, 238 usage-based, 237–38, 281 of data integration products, 87 optimization of, 41–42 personalized, 41 predictive, 41, 42 ROI-based, 235–36, 279 Principia Mathematica, 4 prisoner’s dilemma, 104 probability, in data labeling, 107 process automation, 6 process lock-in, 248 products, 59 features of, 61, 63 lock-in and, 248 utility of, 35–36 value of, 39 profit, 213 profitability metrics, 209–18 data labeling and, 215–16 data pipes and, 216 input cost analysis, 215–16 research cost analysis, 217–18 unit analysis, 213–14 and vertical versus horizontal products, 210–12 proof of concept (POC), 59–60, 63, 278 proprietary information, 44, 279 feedback data, 199–200 protocols, 248 public data, 115–22 buying, see buying data consulting and competitions, 117–18 crawling, 115–16, 281 governments, 118–19 media, 118 PUT (prediction usability threshold), 62–64, 90, 91, 173, 200–202, 278 quality, 175, 177–78 query by committee, 96 query languages, 279 random forest, 53, 64, 279 recall, 279 receiver operating characteristic (ROC) curve, 205–6, 279 recurrent neural networks (RNNs), 151, 153 recursion, 150, 279 regression, 64 reinforcement learning (RL), 103, 147–48, 152, 153, 279 relevance of data, 74–75 reliability, 175 reports, 171 research and development (R & D), 42 cost analysis, 217–18 revolutionary products, 252 robots, 6 ROI (return on investment), 55, 63–65, 93, 164, 176, 181, 198, 279 pricing based on, 235–36, 279 Russell, Bertrand, 4 sales, 58–60 Salesforce, 159, 212, 243, 248, 258 SAP (Systems Applications and Products in Data Processing), 6, 159, 161, 247, 248 SAS, 253 scalability, in data labeling, 106 scale, 20–22, 227, 279 economies of, 19, 34 loops and, 198–200, 203 in ML management, 158 moving beyond, 21–23 network effects versus, 24 scatter plot, 53, 280 scheme, 279 search engines, 31 secure multiparty computation, 117, 279 security, 159 Segment, 87–88 self-reinforcing data, 76 selling data, 122 sensors, 113–14, 160, 280 shopping online, 29, 31, 34, 37, 41, 84 simulation, 103–4, 280 ABMs versus, 105 social networks, 16, 20, 44 Facebook, 25, 43, 112, 119, 122 LinkedIn, 122 software, 159 traditional business models for, 233–34 software-as-a-service (SaaS), 87, 280 software development kits (SDKs), 112, 280 software engineering, decoupling data science from, 133 software engineers, 139, 134–37 Sony, 7 speed of data labeling, 108 spreadsheets, 171 Square Capital, 35 stability, 175–77 staging, 249–51 standardization, 247–48, 249–50 statistical analysis, 149, 153 statistical process control (SPC), 156, 173, 280 statistics, 53–54 stocks, 72, 74, 120–21 supervised machine learning, 147–48, 280 supply, 225 supply-chain tracking, 260 support vector machines, 280 synthetic data, 105–8, 216 system of engagement, 280 system of record, 243, 281 systems integrators (SIs), 161, 248, 281 Tableau, 253 talent loop, 260–61, 281 Taylor, Frederick W., 6 teams in proof of concept phase, 60 see also AI-First teams telecommunications industry, 250–51 telephones mobile, 113 iPhone, 253 networks, 23–25 templates, 171 temporal leverage, 3 threshold logic unit (TLU), 5 ticker data, 120–21 token-based incentives, 109–10 tools, 2–3, 93–97 training data, 199 transactional pricing, 237, 280 transaction costs, 243 transfer learning, 147–48 true and false, 204–6 Turing, Alan, 5 23andMe, 112 Twilio, 87 uncertainty sampling, 96 unit analysis, 213–14 United Nations, 250 unsupervised machine learning, 53, 147–48, 281 Upwork, 99 usability, 255–56 usage-based pricing, 237–38, 281 usage metrics, 209 user interface (UI), 89, 159, 281 utility of network effects, 42 of products, 35–36 validation data, 199 value chain, 18–19, 281 value proposition, 59 values, missing, 178 variable importance plots, 53, 281 variance reduction, 96 Veeva Systems, 212 vendors, 73, 161 data, prices charged by, 73 independent software, 161, 248, 276 lock-in and, 247–48 venture capital, 230 veracity of data, 75 versioning, 169–70, 281 vertical integration, 226–37, 239, 244, 252, 281 vertical products, 210–12, 282 VMWare, 248 waterfall charts, 282 Web crawlers, 115–16, 282 weights, 150, 281 workflow applications, 84–86, 253, 259, 282 workflow-first versus integrations-first companies, 88–89 yield management systems, 42 Zapier, 87 Zendesk, 233 zettabyte, 8, 282 Zetta Venture Partners, 8–9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z ABOUT THE AUTHOR Ash Fontana became one of the most recognized startup investors in the world after launching online investing at AngelList.


pages: 402 words: 126,835

The Job: The Future of Work in the Modern Era by Ellen Ruppel Shell

"Friedman doctrine" OR "shareholder theory", 3D printing, Abraham Maslow, affirmative action, Affordable Care Act / Obamacare, Airbnb, airport security, Albert Einstein, AlphaGo, Amazon Mechanical Turk, basic income, Baxter: Rethink Robotics, big-box store, blue-collar work, Buckminster Fuller, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collective bargaining, company town, computer vision, corporate governance, corporate social responsibility, creative destruction, crowdsourcing, data science, deskilling, digital divide, disruptive innovation, do what you love, Donald Trump, Downton Abbey, Elon Musk, emotional labour, Erik Brynjolfsson, factory automation, follow your passion, Frederick Winslow Taylor, future of work, game design, gamification, gentrification, glass ceiling, Glass-Steagall Act, hiring and firing, human-factors engineering, immigration reform, income inequality, independent contractor, industrial research laboratory, industrial robot, invisible hand, It's morning again in America, Jeff Bezos, Jessica Bruder, job automation, job satisfaction, John Elkington, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kickstarter, knowledge economy, knowledge worker, Kodak vs Instagram, labor-force participation, low skilled workers, Lyft, manufacturing employment, Marc Andreessen, Mark Zuckerberg, means of production, move fast and break things, new economy, Norbert Wiener, obamacare, offshore financial centre, Paul Samuelson, precariat, Quicken Loans, Ralph Waldo Emerson, risk tolerance, Robert Gordon, Robert Shiller, Rodney Brooks, Ronald Reagan, scientific management, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Snapchat, Steve Jobs, stock buybacks, TED Talk, The Chicago School, The Theory of the Leisure Class by Thorstein Veblen, Thomas L Friedman, Thorstein Veblen, Tim Cook: Apple, Uber and Lyft, uber lyft, universal basic income, urban renewal, Wayback Machine, WeWork, white picket fence, working poor, workplace surveillance , Y Combinator, young professional, zero-sum game

A veteran strategist, Gorelick had partnered with major financial institutions, airlines, pharmaceutical companies, global retailers, and start-ups large and small. Digitally savvy and forward thinking, he was by all appearances a winner—a member of the top 4 or 5 percent flying high in the knowledge economy. But that was then, just short of his fifty-seventh birthday. Just shy of his fifty-eighth, Gorelick was still proud of his three-point shot. But the rest of his life had come unhinged from his résumé. When we first met in person, he was driving a cab, manning a cash register at Whole Foods, and peddling neckties at Lord and Taylor.

Nor has it resulted in more people attaining more challenging, higher-skilled jobs. In fact, here’s the stunner: overall, digital technology has led to a decline in the demand for the high-level skills that command a high-level wage. A decline in demand for skill? To many if not most of us, this statement sounds preposterous. We’ve heard so much about the knowledge economy and its nearly insatiable demand for technological and managerial acumen. Skills are the key to the twenty-first-century kingdom, right? Once again, it’s complicated. No one doubts that acquiring skills can help broaden an individual’s prospects. But in the aggregate, there are convincing signs that the demand for skills has cooled.

If that is the case, it will be difficult to meaningfully increase intergenerational mobility and rebuild the middle class without also rebuilding unions or some comparable worker based organizations.” The decline of labor unions and the ascendance of at-will employment arrangements neatly coincided with the rise in the knowledge economy, in which workers are expected to negotiate for individual advantage rather than to bargain collectively toward common goals. The IT sector in particular seemed to consider unions a special threat. In the 1970s, Intel cofounder Robert Noyce declared, “Remaining non-union is an essential for survival for most of our companies” and “a very high priority for management.”


pages: 420 words: 124,202

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

Albert Einstein, All science is either physics or stamp collecting, barriers to entry, Charles Babbage, collective bargaining, computer age, Copley Medal, creative destruction, David Ricardo: comparative advantage, decarbonisation, delayed gratification, Fellow of the Royal Society, flying shuttle, Flynn Effect, fudge factor, full employment, Higgs boson, independent contractor, invisible hand, Isaac Newton, Islamic Golden Age, iterative process, James Hargreaves, James Watt: steam engine, John Harrison: Longitude, Joseph Schumpeter, Joseph-Marie Jacquard, knowledge economy, language acquisition, Lewis Mumford, moral hazard, Network effects, Panopticon Jeremy Bentham, Paul Samuelson, Peace of Westphalia, Peter Singer: altruism, QWERTY keyboard, Ralph Waldo Emerson, rent-seeking, Robert Solow, Ronald Coase, Simon Kuznets, spinning jenny, tacit knowledge, the scientific method, The Wealth of Nations by Adam Smith, Thomas Malthus, three-masted sailing ship, 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.

., 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: 50 words: 15,155

Women & Power: A Manifesto by Mary Beard

Bernie Sanders, Black Lives Matter, Boris Johnson, Donald Trump, feminist movement, glass ceiling, knowledge economy, Saturday Night Live, wikimedia commons

(To give just one figure, around 4 per cent of UK MPs were women in the 1970s; around 30 per cent are now.) But my basic premise is that our mental, cultural template for a powerful person remains resolutely male. If we close our eyes and try to conjure up the image of a president or – to move into the knowledge economy – a professor, what most of us see is not a woman. And that is just as true even if you are a woman professor: the cultural stereotype is so strong that, at the level of those close-your-eyes fantasies, it is still hard for me to imagine me, or someone like me, in my role. I put the phrase ‘cartoon professor’ into Google UK Images: ‘cartoon professor’ to make sure that I was targeting the imaginary ones, the cultural template, not the real ones; and ‘UK’ to exclude the slightly different definition of ‘professor’ in the USA.


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

agricultural Revolution, Alan Greenspan, Big bang: deregulation of the City of London, Bob Noyce, Bretton Woods, business cycle, capital controls, commoditize, Corn Laws, creative destruction, David Ricardo: comparative advantage, deindustrialization, distributed generation, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, Ford Model T, full employment, Hyman Minsky, informal economy, joint-stock company, Joseph Schumpeter, junk bonds, knowledge economy, late capitalism, market fundamentalism, military-industrial complex, new economy, nuclear winter, offshore financial centre, post-industrial society, profit motive, railway mania, Robert Shiller, Sand Hill Road, satellite internet, scientific management, Silicon Valley, Simon Kuznets, South Sea Bubble, Suez canal 1869, technological determinism, The Theory of the Leisure Class by Thorstein Veblen, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, trade route, tulip mania, Upton Sinclair, vertical integration, 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: 265 words: 74,941

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

"World Economic Forum" Davos, Alan Greenspan, banking crisis, big-box store, bike sharing, blue-collar work, business cycle, car-free, carbon footprint, collapse of Lehman Brothers, company town, congestion charging, congestion pricing, creative destruction, deskilling, edge city, Edward Glaeser, falling living standards, financial engineering, financial innovation, Ford paid five dollars a day, high net worth, high-speed rail, 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, Lewis Mumford, low skilled workers, manufacturing employment, McMansion, megaproject, 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, scientific management, secular stagnation, Silicon Valley, Silicon Valley startup, social intelligence, sovereign wealth fund, starchitect, 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

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.

.: 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.


pages: 255 words: 75,172

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

affirmative action, Affordable Care Act / Obamacare, always be closing, American ideology, antiwork, battle of ideas, big-box store, Black Lives Matter, 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, gentrification, immigration reform, income inequality, independent contractor, invisible hand, job satisfaction, knowledge economy, knowledge worker, low skilled workers, machine readable, mass incarceration, minimum wage unemployment, mortgage tax deduction, new economy, obamacare, occupational segregation, payday loans, pink-collar, plutocrats, Powell Memorandum, profit motive, public intellectual, race to the bottom, Ralph Nader, rent-seeking, rising living standards, Ronald Reagan, shared worldview, stock buybacks, TED Talk, 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.

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: 269 words: 77,876

Brilliant, Crazy, Cocky: How the Top 1% of Entrepreneurs Profit From Global Chaos by Sarah Lacy

Asian financial crisis, barriers to entry, Benchmark Capital, BRICs, clean tech, clean water, cloud computing, Deng Xiaoping, digital divide, Donald Trump, Elon Musk, fear of failure, Firefox, Great Leap Forward, Huaqiangbei: the electronics market of Shenzhen, China, income per capita, intangible asset, Jeff Bezos, knowledge economy, knowledge worker, M-Pesa, Mahatma Gandhi, Marc Andreessen, Mark Zuckerberg, Max Levchin, McMansion, megacity, Network effects, off-the-grid, One Laptop per Child (OLPC), paypal mafia, QWERTY keyboard, risk tolerance, Salesforce, Skype, social web, Steve Jobs, Tony Hsieh, urban planning, web application, women in the workforce, working-age population, zero-sum game

And thanks to that vast buildout of communications, computers, and the Internet, people argued that a global y flung, outsourced company could function as one tight organization. The United States was lauded as something even greater than a place that could make things. It was becoming a so-cal ed knowledge economy. The United States was the place that would dream up the big ideas, like iPods, smartphones, and eBook readers, and send them off for someone else to actual y build. Business professors like David B. Yoffie of Harvard Business School argued that we weren’t outsourcing anything of value, as the United States was becoming more of a high-margin service economy.

See Muslims Israel: entrepreneurship in Erel Margalit story Gilad Japhet story innovative spirit military ethos strengths versus weaknesses venture capital boom Japhet, Gilad Jardim, Francisco Jerusalem Venture Partners Jobs, Steve John F. Kennedy School, Columbia Justdial Kagabo, Jean de Dieu Kagame, Paul Kaskus Kauffman Foundation KFC Khosla, Vinod Kidder, Tracy Kingstone, Peter R. Kinzer, Stephen Klein, Saul Knowledge economy: India as U.S. as Koni restaurants Koogle, Tim Krugman, Paul Ku, Victor Lal, Lakhan Last.fm Late Show with David Letterman, The Levchin, Max Levensohn, Pascal Levensohn Venture Partners Li, Robin Li, Song Limman, Selina LinkedIn Li Peng Luce, Edward Lula. See Silva, Luiz Inácio Lula da Ma, Jack Ma Huateng Mail.ru Group Mamuaya, Rama Mani, VSS Mao Zedong Margalit, Erel McDonald’s, in Brazil Mehrotra, Rajiv Meiloo Mendes, Nivea mercadoLibre MetaCafe Microsoft: as competitor as innovator in Israel Miranda, Marcelo MIT Mitra, Sugata MixIt Mobile World Congress Monster.com Montgomery Securities Moore‘s Law M-Pesa Murambi Genocide Memorial Murangira, Emmanuel Murthy, Narayana Musk, Elon Muslims: in India in Indonesia in Pakistan MyHeritage MySQL Napster NASDAQ: Infosys IPO Israeli participation Latin America listing 1990s boom Silicon Val ey and volatility of Naspers National Venture Capital Association Nayak, Sanjay Negri, Heraldo Negroponte, Nicholas Nehru, Jawaharlal Nelson, Wil ie New Yorker, The New York Stock Exchange New York Times Magazine Nexus Ventures NIT Noff, Ayelet Nokia Nova, Dan Obama, Barack Olympics (2016) Omidyar, Pierre O’Neil , Jim One Laptop Per Child Oracle Oriental Fashion Driving School Ourivio, Eduardo Outsourcing: to China to India in Israel in U.S.


pages: 290 words: 76,216

What's Wrong With Economics: A Primer for the Perplexed by Robert Skidelsky

additive manufacturing, agricultural Revolution, behavioural economics, Black Swan, Bretton Woods, business cycle, carbon tax, Cass Sunstein, central bank independence, cognitive bias, conceptual framework, Corn Laws, corporate social responsibility, correlation does not imply causation, creative destruction, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, degrowth, disruptive innovation, Donald Trump, Dr. Strangelove, full employment, George Akerlof, George Santayana, global supply chain, global village, Gunnar Myrdal, happiness index / gross national happiness, hindsight bias, Hyman Minsky, income inequality, index fund, inflation targeting, information asymmetry, Internet Archive, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Arrow, knowledge economy, labour market flexibility, loss aversion, Mahbub ul Haq, Mark Zuckerberg, market clearing, market friction, market fundamentalism, Martin Wolf, means of production, Modern Monetary Theory, moral hazard, paradox of thrift, Pareto efficiency, Paul Samuelson, Philip Mirowski, Phillips curve, precariat, price anchoring, principal–agent problem, rent-seeking, Richard Thaler, road to serfdom, Robert Shiller, Robert Solow, Ronald Coase, shareholder value, Silicon Valley, Simon Kuznets, sunk-cost fallacy, survivorship bias, technoutopianism, The Chicago School, The Market for Lemons, The Nature of the Firm, the scientific method, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, Thorstein Veblen, Tragedy of the Commons, transaction costs, transfer pricing, Vilfredo Pareto, Washington Consensus, Wolfgang Streeck, zero-sum game

Big data and computer technology have lowered information costs so much that billions of individuals can now transact with each other directly ‘on line’ without the need for institutional intermediaries. Institutions recede before the invasion of social media and on-line shopping. ‘All that is solid melts into air’, as Marx put it. Radical sociologists, like the Brazilian Roberto Unger, believe that the ‘knowledge economy’ is bound to generate a decentralised world of small firms wired into global networks.10 However, the new individualist perspective is premature. The institutions thrown up by digital technology are less visible than their predecessors, their activities more ‘virtual’, but this does not mean that they do not exist, or that they are not even larger and more powerful.

Administrative Behavior: A Study of Decision-making Processes in Administrative Organization, New York: Free Press. Simon, Herbert (1991). ‘Organizations and Markets’, Journal of Economic Perspectives, Vol. 5 (2): 25–44. Standing, Guy (2014 [2011]). The Precariat: The New Dangerous Class, London: Bloomsbury Academic. Unger, Roberto Mangabeira (2019). The Knowledge Economy, London: Verso. Chapter 9 Cartwright, Nancy (1999). The Dappled World: A Study of the Boundaries of Science, Cambridge: Cambridge University Press. Cherrier, Beatrice (2011). ‘The Lucky Consistency of Milton Friedman’s Science and Politics, 1933–1963’, in R. Van Horn, P. Mirowski and T. Stapleford (eds.), Building Chicago Economics: New Perspectives on the History of America’s Most Powerful Economics Program (Historical Perspectives on Modern Economics), Cambridge: Cambridge University Press.


pages: 258 words: 79,503

The Genius Within: Unlocking Your Brain's Potential by David Adam

Albert Einstein, business intelligence, cognitive bias, CRISPR, Flynn Effect, Gregor Mendel, job automation, John Conway, knowledge economy, lateral thinking, Mark Zuckerberg, meta-analysis, placebo effect, randomized controlled trial, SimCity, Skype, Stephen Hawking, The Bell Curve by Richard Herrnstein and Charles Murray

The ground becomes even less solid when the human improvements to be introduced – by both therapy and enhancement – are cognitive as well as physical, because ‘normal’ is much harder to define and because the likely benefits could have more day-to-day impact. As politicians are constantly telling us, we live in a knowledge economy. Knowledge is power. And a little knowledge remains a dangerous thing, especially if a political, military or economic rival has a little more. Or if they are just a little quicker on the buzzer. In autumn 2012, I got an email out of the blue inviting me to appear on a special Christmas series of the television quiz show University Challenge for graduates.

Clearly there were always some high achievers who caught the eye (and built bridges, cracked trigonometry, predicted celestial mechanics, wrote the US constitution, invented the bicycle) but were our great-grandparents and people further back generally, well, just a bit thick? Intelligence, recall, is using what you’ve got to do what you want. Or to get what you need. And 150 years ago, before remote controls and tube lines and having to go to school and having to work in the knowledge economy and having other people want to know what you know and how much, people wanted and needed different things from their brains. James Flynn has looked at all the records he can find from as many places as kept them and suggests that, prior to industrialization, humans focused on concrete objects and as modernity shaped their lives, so their brains learned to grapple with abstract concepts.


pages: 305 words: 75,697

Cogs and Monsters: What Economics Is, and What It Should Be by Diane Coyle

3D printing, additive manufacturing, Airbnb, Al Roth, Alan Greenspan, algorithmic management, Amazon Web Services, autonomous vehicles, banking crisis, barriers to entry, behavioural economics, Big bang: deregulation of the City of London, biodiversity loss, bitcoin, Black Lives Matter, Boston Dynamics, Bretton Woods, Brexit referendum, business cycle, call centre, Carmen Reinhart, central bank independence, choice architecture, Chuck Templeton: OpenTable:, cloud computing, complexity theory, computer age, conceptual framework, congestion charging, constrained optimization, coronavirus, COVID-19, creative destruction, credit crunch, data science, DeepMind, deglobalization, deindustrialization, Diane Coyle, discounted cash flows, disintermediation, Donald Trump, Edward Glaeser, en.wikipedia.org, endogenous growth, endowment effect, Erik Brynjolfsson, eurozone crisis, everywhere but in the productivity statistics, Evgeny Morozov, experimental subject, financial deregulation, financial innovation, financial intermediation, Flash crash, framing effect, general purpose technology, George Akerlof, global supply chain, Goodhart's law, Google bus, haute cuisine, High speed trading, hockey-stick growth, Ida Tarbell, information asymmetry, intangible asset, Internet of things, invisible hand, Jaron Lanier, Jean Tirole, job automation, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, knowledge economy, knowledge worker, Les Trente Glorieuses, libertarian paternalism, linear programming, lockdown, Long Term Capital Management, loss aversion, low earth orbit, lump of labour, machine readable, market bubble, market design, Menlo Park, millennium bug, Modern Monetary Theory, Mont Pelerin Society, multi-sided market, Myron Scholes, Nash equilibrium, Nate Silver, Network effects, Occupy movement, Pareto efficiency, payday loans, payment for order flow, Phillips curve, post-industrial society, price mechanism, Productivity paradox, quantitative easing, randomized controlled trial, rent control, rent-seeking, ride hailing / ride sharing, road to serfdom, Robert Gordon, Robert Shiller, Robert Solow, Robinhood: mobile stock trading app, Ronald Coase, Ronald Reagan, San Francisco homelessness, savings glut, school vouchers, sharing economy, Silicon Valley, software is eating the world, spectrum auction, statistical model, Steven Pinker, tacit knowledge, The Chicago School, The Future of Employment, The Great Moderation, the map is not the territory, The Rise and Fall of American Growth, the scientific method, The Signal and the Noise by Nate Silver, the strength of weak ties, The Wealth of Nations by Adam Smith, total factor productivity, transaction costs, Uber for X, urban planning, winner-take-all economy, Winter of Discontent, women in the workforce, Y2K

Public goods often require public provision because they need up-front financing, but once paid for there is no additional (marginal) cost to their use so extracting payment for use may be practically difficult and will be economically inefficient. Increasing returns to scale, externalities, and non-rival goods are pervasive in modern knowledge economies. When there is rapid technical change and rapid diffusion of new goods and services, as now, fixed preferences are even less likely to exist than in stable times when it is simply fashion or social influence or learning that changes individual preferences. Government co-ordination in terms of public-good research, technical standards, skills and so on is essential for markets to come into existence.

The economy of mass production reached its apogee by the 1960s, and the turning point became evident with the economic crises of the 1970s. By the mid-1980s Paul Romer had started publishing his work on the role of knowledge in economic growth (for which he was later awarded the Nobel memorial prize), underlining the way it changes economic phenomena (Romer 1986a, b). In the knowledge economy, growth is like a snowball gathering ever-greater mass as it rolls downhill. Increasing returns to scale are pervasive in leading sectors such as information technology or biotechnology. Small changes in policy or other decisions lead to very large difference in outcomes. There are tipping points as things that start small, like a digital platform, suddenly become very big indeed.


pages: 742 words: 137,937

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

23andMe, 3D printing, Abraham Maslow, additive manufacturing, AI winter, Albert Einstein, Amazon Mechanical Turk, Amazon Robotics, 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, Blue Ocean Strategy, 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, Computing Machinery and Intelligence, conceptual framework, corporate governance, creative destruction, crowdsourcing, Daniel Kahneman / Amos Tversky, data science, death of newspapers, disintermediation, Douglas Hofstadter, driverless car, en.wikipedia.org, Erik Brynjolfsson, Evgeny Morozov, Filter Bubble, full employment, future of work, Garrett Hardin, 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, Large Hadron Collider, lifelogging, lump of labour, machine translation, Marshall McLuhan, Metcalfe’s law, Narrative Science, natural language processing, Network effects, Nick Bostrom, optical character recognition, Paul Samuelson, personalized medicine, planned obsolescence, pre–internet, Ray Kurzweil, Richard Feynman, Second Machine Age, self-driving car, semantic web, Shoshana Zuboff, Skype, social web, speech recognition, spinning jenny, strong AI, supply-chain management, Susan Wojcicki, tacit knowledge, TED Talk, telepresence, The Future of Employment, the market place, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Tragedy of the Commons, transaction costs, Turing test, Two Sigma, warehouse robotics, Watson beat the top human players on Jeopardy!, WikiLeaks, world market for maybe five computers, Yochai Benkler, young professional

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.

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: 460 words: 131,579

Masters of Management: How the Business Gurus and Their Ideas Have Changed the World—for Better and for Worse by Adrian Wooldridge

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, affirmative action, Alan Greenspan, barriers to entry, behavioural economics, Black Swan, blood diamond, borderless world, business climate, business cycle, business intelligence, business process, carbon footprint, Cass Sunstein, Clayton Christensen, clean tech, cloud computing, collaborative consumption, collapse of Lehman Brothers, collateralized debt obligation, commoditize, company town, corporate governance, corporate social responsibility, creative destruction, credit crunch, crowdsourcing, David Brooks, David Ricardo: comparative advantage, disintermediation, disruptive innovation, do well by doing good, don't be evil, Donald Trump, Edward Glaeser, Exxon Valdez, financial deregulation, Ford Model T, Frederick Winslow Taylor, future of work, George Gilder, global supply chain, Golden arches theory, hobby farmer, industrial cluster, intangible asset, It's morning again in America, job satisfaction, job-hopping, joint-stock company, Joseph Schumpeter, junk bonds, Just-in-time delivery, Kickstarter, knowledge economy, knowledge worker, lake wobegon effect, Long Term Capital Management, low skilled workers, Mark Zuckerberg, McMansion, means of production, Menlo Park, meritocracy, Michael Milken, military-industrial complex, mobile money, Naomi Klein, Netflix Prize, Network effects, new economy, Nick Leeson, Norman Macrae, open immigration, patent troll, Ponzi scheme, popular capitalism, post-industrial society, profit motive, purchasing power parity, radical decentralization, Ralph Nader, recommendation engine, Richard Florida, Richard Thaler, risk tolerance, Ronald Reagan, science of happiness, scientific management, shareholder value, Silicon Valley, Silicon Valley startup, Skype, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, Steven Levy, supply-chain management, tacit knowledge, technoutopianism, the long tail, The Soul of a New Machine, The Wealth of Nations by Adam Smith, Thomas Davenport, Tony Hsieh, too big to fail, vertical integration, wealth creators, women in the workforce, young professional, Zipcar

The tragedy for GM was that it rejected Drucker’s advice about using teams in the 1940s—only to have the same lesson rammed down its throat by the Japanese in the 1970s. Drucker’s enthusiasm for empowerment was reinforced by his belief that the old industrial proletariat was being replaced by knowledge workers. He believed that the advanced world was moving from “an economy of goods” to “a knowledge economy,” and that management was changing as a result: managers needed to learn how to engage the minds, rather than simply control the hands, of their workers. This softer approach was a direct challenge to Taylor’s stopwatch theories and their fans in business. But the idea of a “knowledge worker” (a term that Drucker coined in 1959) also posed questions for politicians.

University research departments have helped to drive innovation in everything from design to entertainment. The second is openness to outsiders. Émigrés have always been more entrepreneurial than their stick-in-the-mud cousins: the three most entrepreneurial “countries” in modern history have been the ones inhabited by the Jewish, Chinese, and Indian diasporas. In today’s knowledge economy, educated émigrés are at the cutting edge of innovation. They create more firms than other people, as Silicon Valley demonstrates; circulate ideas, money, and skills; fill skills gaps; and mix and match knowledge from different parts of the world. A third thing that policymakers need to do is free their mind of one of Schumpeter’s most bewitching phrases: creative destruction.

This disparity is likely to intensify as countries simultaneously woo educated workers and build up barriers to less-educated immigrants. Most developed countries are already struggling to find enough doctors and teachers, and are wondering how they will manage when the baby-boomer generation retires. Developing countries, for their part, realize that they will not be able to plug into the global knowledge economy unless they give their people the freedom to move around. A powerful array of interests, from multinationals to city politicians, supports the idea of a global market for the best people. Countries cut themselves off from it at their peril—particularly as hunger for talent is no longer confined to a handful of elite companies.


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

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

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.

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: 83 words: 26,097

Payoff: The Hidden Logic That Shapes Our Motivations by Dan Ariely

Affordable Care Act / Obamacare, always be closing, behavioural economics, David Brooks, en.wikipedia.org, IKEA effect, knowledge economy, knowledge worker, science of happiness, Snapchat, TED Talk, 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.


pages: 101 words: 24,949

The London Problem: What Britain Gets Wrong About Its Capital City by Jack Brown

Big bang: deregulation of the City of London, Black Lives Matter, Boris Johnson, coronavirus, COVID-19, Crossrail, deindustrialization, Dominic Cummings, Donald Trump, Edward Glaeser, Etonian, gentrification, gig economy, Gordon Gekko, knowledge economy, lockdown, New Urbanism, Northern Rock, post-war consensus, quantitative easing, remote working, Richard Florida, sceptred isle, superstar cities, working-age population, zero-sum game

In the final months of 2020, however, a new strain of the virus emerged in London and the south-east, and the capital’s fate changed once again. It is likely that there will be more twists and turns to follow. But while the idea that the capital had acquired immunity seems to have proven fanciful, the secto-ral make-up of London’s economy and the prevalence of ‘knowledge economy’ jobs remain an asset. It is for this reason, among others, that the post-pandemic era is likely to see regional inequalities increase rather than reduce. In November 2020, Centre for London found that the capital’s economy had been hit harder, and its recovery had been slower, than the rest of the UK.15 But there is good reason to think that once people are able to travel to work once more and tourism returns, London’s economy, with its sizeable talent pool, infrastructure, and built environment, will be in a better position to ‘switch back on’ than other parts of the country.16 The capital’s economy will take a major medium-term hit at the very least.


words: 49,604

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

Alan Greenspan, barriers to entry, Berlin Wall, Big bang: deregulation of the City of London, blue-collar work, Bretton Woods, business cycle, clean water, company town, 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, flying shuttle, full employment, George Santayana, global village, Great Leap Forward, hiring and firing, Howard Rheingold, income inequality, informal economy, invention of the sewing machine, invisible hand, Jane Jacobs, Joseph Schumpeter, Kickstarter, knowledge economy, labour market flexibility, laissez-faire capitalism, lump of labour, Mahbub ul Haq, Marshall McLuhan, mass immigration, McJob, Meghnad Desai, microcredit, moral panic, Neal Stephenson, Network effects, new economy, Nick Leeson, night-watchman state, North Sea oil, offshore financial centre, pension reform, pension time bomb, pensions crisis, Robert Solow, Ronald Reagan, Silicon Valley, Snow Crash, spinning jenny, The Death and Life of Great American Cities, the market place, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tobin tax, Tragedy of the Commons, two tier labour market, very high income, War on Poverty, winner-take-all economy, working-age population

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.


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

active measures, Affordable Care Act / Obamacare, Alan Greenspan, barriers to entry, book value, business cycle, business process, buy and hold, carbon tax, Claude Shannon: information theory, Clayton Christensen, commoditize, conceptual framework, corporate governance, creative destruction, Daniel Kahneman / Amos Tversky, discounted cash flows, disruptive innovation, diversified portfolio, double entry bookkeeping, Exxon Valdez, financial engineering, financial innovation, fixed income, geopolitical risk, hydraulic fracturing, index fund, information asymmetry, intangible asset, inventory management, Joseph Schumpeter, junk bonds, 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, Salesforce, shareholder value, Steve Jobs, tacit knowledge, 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 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.


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The Fourth Revolution: The Global Race to Reinvent the State by John Micklethwait, Adrian Wooldridge

"World Economic Forum" Davos, Admiral Zheng, affirmative action, Affordable Care Act / Obamacare, Asian financial crisis, assortative mating, banking crisis, barriers to entry, battle of ideas, Berlin Wall, Bernie Madoff, bike sharing, Boris Johnson, Bretton Woods, British Empire, cashless society, central bank independence, Chelsea Manning, circulation of elites, classic study, Clayton Christensen, Corn Laws, corporate governance, credit crunch, crony capitalism, Deng Xiaoping, Detroit bankruptcy, disintermediation, Disneyland with the Death Penalty, driverless car, Edward Snowden, Etonian, failed state, Francis Fukuyama: the end of history, full employment, Gunnar Myrdal, income inequality, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", junk bonds, Khan Academy, Kickstarter, knowledge economy, Kodak vs Instagram, labor-force participation, laissez-faire capitalism, land reform, Les Trente Glorieuses, liberal capitalism, Martin Wolf, means of production, Michael Milken, minimum wage unemployment, mittelstand, mobile money, Mont Pelerin Society, Nelson Mandela, night-watchman state, Norman Macrae, obamacare, oil shale / tar sands, old age dependency ratio, open economy, Parag Khanna, Peace of Westphalia, pension reform, pensions crisis, personalized medicine, Peter Thiel, plutocrats, popular capitalism, profit maximization, public intellectual, rent control, rent-seeking, ride hailing / ride sharing, road to serfdom, Ronald Coase, Ronald Reagan, school choice, school vouchers, Shenzhen special economic zone , Silicon Valley, Skype, special economic zone, TED Talk, the long tail, three-martini lunch, too big to fail, total factor productivity, vertical integration, War on Poverty, Washington Consensus, Winter of Discontent, working-age population, zero-sum game

Lee has always made it clear that Singapore is open for business: There are few places where it is easier for a big multinational to set up shop, where tariff barriers are lower, and where taxes are more manageable. But at the same time the state guides the economy. It chivies local businesses up the “value chain”—betting first on manufacturing, then on services, and now on the knowledge economy. It also owns shares in the island’s biggest companies, such as Singapore Airlines and Singapore Telecommunications. Lee’s bossiness is even more noticeable in politics. To begin with, his authoritarianism was rather unsubtle: Suspected communists were locked up and elections rigged. In every election from 1968 to 1984 his People’s Action Party won all the seats.

It could reach 75 percent in 2050: In the developing world more than one million people move to cities every five days. Some cities are veritable behemoths: Chongqing, where Bo Xilai had his power base, sits at the heart of a region of thirty million people, six times the population of Denmark and about the same as the population of Canada. Cities are also the locus of the knowledge-economy: Parag Khanna of the New America Foundation, a think tank, calculates that forty city-regions produce two-thirds of the world’s economic output and an even higher share of its innovations. Gerald Carlino of the Federal Reserve Bank of Philadelphia notes that the denser the city, the more inventive: The number of patents per head rises by an average of 20 percent to 30 percent for each doubling of the number of employed people per square kilometer.


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

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, data science, discrete time, disruptive innovation, George Gilder, Google Earth, hype cycle, Infrastructure as a Service, Internet Archive, Internet of things, invisible hand, knowledge economy, Large Hadron Collider, late capitalism, lifelogging, linked data, longitudinal study, machine readable, Masdar, means of production, Nate Silver, natural language processing, openstreetmap, pattern recognition, platform as a service, recommendation engine, RFID, semantic web, sentiment analysis, SimCity, 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, technological solutionism, 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: 297 words: 103,910

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

Brewster Kahle, Cass Sunstein, content marketing, creative destruction, digital divide, Free Software Foundation, future of journalism, George Akerlof, Innovator's Dilemma, Internet Archive, invention of the printing press, Joi Ito, Kenneth Arrow, Kevin Kelly, knowledge economy, Louis Daguerre, machine readable, 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, synthetic biology, transaction costs

" [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.

[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.


Data and the City by Rob Kitchin,Tracey P. Lauriault,Gavin McArdle

A Declaration of the Independence of Cyberspace, algorithmic management, bike sharing, bitcoin, blockchain, Bretton Woods, Chelsea Manning, citizen journalism, Claude Shannon: information theory, clean water, cloud computing, complexity theory, conceptual framework, corporate governance, correlation does not imply causation, create, read, update, delete, crowdsourcing, cryptocurrency, data science, dematerialisation, digital divide, digital map, digital rights, distributed ledger, Evgeny Morozov, fault tolerance, fiat currency, Filter Bubble, floating exchange rates, folksonomy, functional programming, global value chain, Google Earth, Hacker News, hive mind, information security, Internet of things, Kickstarter, knowledge economy, Lewis Mumford, lifelogging, linked data, loose coupling, machine readable, new economy, New Urbanism, Nicholas Carr, nowcasting, open economy, openstreetmap, OSI model, packet switching, pattern recognition, performance metric, place-making, power law, quantum entanglement, RAND corporation, RFID, Richard Florida, ride hailing / ride sharing, semantic web, sentiment analysis, sharing economy, Silicon Valley, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, smart contracts, smart grid, smart meter, social graph, software studies, statistical model, tacit knowledge, TaskRabbit, technological determinism, technological solutionism, text mining, The Chicago School, The Death and Life of Great American Cities, the long tail, the market place, the medium is the message, the scientific method, Toyota Production System, urban planning, urban sprawl, web application

Richardson and Chang Woon Nam 70 Cities, State and Globalization City-regional governance Tassilo Herrschel 69 The Creative Class Goes Global Edited by Charlotta Mellander, Richard Florida, Bjørn Asheim and Meric Gertler 68 Entrepreneurial Knowledge, Technology and the Transformation of Regions Edited by Charlie Karlsson, Börje Johansson and Roger Stough 67 The Economic Geography of the IT Industry in the Asia Pacific Region Edited by Philip Cooke, Glen Searle and Kevin O’Connor 66 Working Regions Reconnecting innovation and production in the knowledge economy Jennifer Clark 65 Europe’s Changing Geography The impact of inter-regional networks Edited by Nicola Bellini and Ulrich Hilpert 64 The Value of Arts and Culture for Regional Development A Scandinavian perspective Edited by Lisbeth Lindeborg and Lars Lindkvist 63 The University and the City John Goddard and Paul Vallance 62 Re-framing Regional Development Evolution, innovation and transition Edited by Philip Cooke 61 Networking Regionalised Innovative Labour Markets Edited by Ulrich Hilpert and Helen Lawton Smith 60 Leadership and Change in Sustainable Regional Development Edited by Markku Sotarauta, Ina Horlings and Joyce Liddle 59 Regional Development Agencies: The Next Generation?

Edited by Andy Pike 33 Geographies of the New Economy Critical reflections Edited by Peter W. Daniels, Andrew Leyshon, Michael J. Bradshaw and Jonathan Beaverstock 32 The Rise of the English Regions? Edited by Irene Hardill, Paul Benneworth, Mark Baker and Leslie Budd 31 Regional Development in the Knowledge Economy Edited by Philip Cooke and Andrea Piccaluga 30 Regional Competitiveness Edited by Ron Martin, Michael Kitson and Peter Tyler 37 Intelligent Cities and Globalisation of Innovation Networks Nicos Komninos 29 Clusters and Regional Development Critical reflections and explorations Edited by Bjørn Asheim, Philip Cooke and Ron Martin 36 Devolution, Regionalism and Regional Development The UK experience Edited by Jonathan Bradbury 28 Regions, Spatial Strategies and Sustainable Development David Counsell and Graham Haughton 35 Creative Regions Technology, culture and knowledge entrepreneurship Edited by Philip Cooke and Dafna Schwartz 27 Sustainable Cities Graham Haughton and Colin Hunter 34 European Cohesion Policy Willem Molle 26 Geographies of Labour Market Inequality Edited by Ron Martin and Philip S.


pages: 307 words: 96,543

Tightrope: Americans Reaching for Hope by Nicholas D. Kristof, Sheryl Wudunn

Affordable Care Act / Obamacare, air traffic controllers' union, basic income, benefit corporation, Bernie Sanders, carried interest, correlation does not imply causation, creative destruction, David Brooks, Donald Trump, dumpster diving, Edward Glaeser, Elon Musk, epigenetics, full employment, Home mortgage interest deduction, housing crisis, impulse control, income inequality, Jeff Bezos, job automation, jobless men, knowledge economy, labor-force participation, low skilled workers, mandatory minimum, Martin Wolf, mass incarceration, Mikhail Gorbachev, offshore financial centre, opioid epidemic / opioid crisis, randomized controlled trial, rent control, Robert Shiller, Ronald Reagan, Savings and loan crisis, Shai Danziger, single-payer health, Steven Pinker, The Spirit Level, universal basic income, upwardly mobile, Vanguard fund, War on Poverty, working poor

One study found that for each percentage point increase in the unemployment rate in a county, the incidence of child neglect rose by 20 percent. Disappearing jobs is a problem that varies greatly by region. Economists debate whether the American economy overall is at full employment, but it certainly isn’t in Flint, Michigan, where 35 percent of men of prime working age were not employed in 2018. Hubs of the “knowledge economy,” based on technology and education, have prospered, while rural areas and industrial regions continue to struggle. Half of all zip codes have less employment today than they did in 2007, while San Francisco, Seattle, Boston and New York are flourishing. Even more jobs may disappear in the coming years with the spread of artificial intelligence and machine learning.

There has been a growing premium in the labor market for educated workers, but Mississippi and other southern states have underinvested in education and other forms of human capital, particularly for blacks but also for whites. The South’s strategy was to cut taxes, on the theory that low taxes would attract businesses and boost the economic growth rate, but this was not terribly effective in the age of the knowledge economy. High-paying, high-technology employers want low tax rates, of course, but above all they require a pool of educated workers, so they often end up investing in high-tax, high-education states like California, Massachusetts and New York. This is amplified when right-wing politicians in the South defend Confederate statues or demonize gays or transgender people, and the result is further economic backwardness and frustration.


pages: 346 words: 97,330

Ghost Work: How to Stop Silicon Valley From Building a New Global Underclass by Mary L. Gray, Siddharth Suri

"World Economic Forum" Davos, Affordable Care Act / Obamacare, AlphaGo, Amazon Mechanical Turk, Apollo 13, augmented reality, autonomous vehicles, barriers to entry, basic income, benefit corporation, Big Tech, big-box store, bitcoin, blue-collar work, business process, business process outsourcing, call centre, Capital in the Twenty-First Century by Thomas Piketty, cloud computing, cognitive load, collaborative consumption, collective bargaining, computer vision, corporate social responsibility, cotton gin, crowdsourcing, data is the new oil, data science, deep learning, DeepMind, deindustrialization, deskilling, digital divide, do well by doing good, do what you love, don't be evil, Donald Trump, Elon Musk, employer provided health coverage, en.wikipedia.org, equal pay for equal work, Erik Brynjolfsson, fake news, financial independence, Frank Levy and Richard Murnane: The New Division of Labor, fulfillment center, future of work, gig economy, glass ceiling, global supply chain, hiring and firing, ImageNet competition, independent contractor, industrial robot, informal economy, information asymmetry, Jeff Bezos, job automation, knowledge economy, low skilled workers, low-wage service sector, machine translation, market friction, Mars Rover, natural language processing, new economy, operational security, passive income, pattern recognition, post-materialism, post-work, power law, race to the bottom, Rana Plaza, recommendation engine, ride hailing / ride sharing, Ronald Coase, scientific management, search costs, Second Machine Age, sentiment analysis, sharing economy, Shoshana Zuboff, side project, Silicon Valley, Silicon Valley startup, Skype, software as a service, speech recognition, spinning jenny, Stephen Hawking, TED Talk, The Future of Employment, The Nature of the Firm, Tragedy of the Commons, transaction costs, two-sided market, union organizing, universal basic income, Vilfredo Pareto, Wayback Machine, women in the workforce, work culture , Works Progress Administration, Y Combinator, Yochai Benkler

Oxford, England: Oxford University Press, 2013. Greenhouse, S. “Equal Work, Less-Equal Perks: Microsoft Leads the Way in Filling Jobs with ‘Permatemps.’” New York Times, March 30, 1998. Gregg, Melissa. Work’s Intimacy. Cambridge, England: Polity, 2011. ———. Counterproductive: Time Management in the Knowledge Economy. Durham, NC: Duke University Press, 2018. Grier, David Allen. When Computers Were Human. Princeton, NJ: Princeton University Press, 2005. Grossman, Jonathan. “Fair Labor Standards Act of 1938: Maximum Struggle for a Minimum Wage.” Office of the Assistant Secretary for Administration and Management, United States Department of Labor website.

For generative, pivotal critiques of this framing, see Ilana Gershon, Down and Out in the New Economy: How People Find (or Don’t Find) Work Today (Chicago: University of Chicago Press, 2017); Melissa Gregg, Work’s Intimacy (Cambridge, England: Polity, 2011); Melissa Gregg, Counterproductive: Time Management in the Knowledge Economy (Durham, NC: Duke University Press, 2018); Gina Neff, Venture Labor: Work and the Burden of Risk in Innovative Industries (Cambridge, MA: MIT Press, 2012); Trebor Scholz, Uberworked and Underpaid: How Workers Are Disrupting the Digital Economy (Cambridge, England: Polity, 2016). [back] 6. Our results show that many workers share lucrative tasks and information about reputable requesters with their network connections.


pages: 116 words: 31,356

Platform Capitalism by Nick Srnicek

"World Economic Forum" Davos, 3D printing, additive manufacturing, Airbnb, Amazon Mechanical Turk, Amazon Web Services, Big Tech, Californian Ideology, Capital in the Twenty-First Century by Thomas Piketty, cloud computing, collaborative economy, collective bargaining, data science, deindustrialization, deskilling, Didi Chuxing, digital capitalism, digital divide, disintermediation, driverless car, Ford Model T, future of work, gig economy, independent contractor, Infrastructure as a Service, Internet of things, Jean Tirole, Jeff Bezos, knowledge economy, knowledge worker, liquidity trap, low interest rates, low skilled workers, Lyft, Mark Zuckerberg, means of production, mittelstand, multi-sided market, natural language processing, Network effects, new economy, Oculus Rift, offshore financial centre, pattern recognition, platform as a service, quantitative easing, RFID, ride hailing / ride sharing, Robert Gordon, Salesforce, self-driving car, sharing economy, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, software as a service, surveillance capitalism, TaskRabbit, the built environment, total factor productivity, two-sided market, Uber and Lyft, Uber for X, uber lyft, unconventional monetary instruments, unorthodox policies, vertical integration, warehouse robotics, Zipcar

These changes have received labels such as ‘paradigm shift’ from McKinsey1 and ‘fourth industrial revolution’ from the executive chairman of the World Economic Forum and, in more ridiculous formulations, have been compared in importance to the Renaissance and the Enlightenment.2 We have witnessed a massive proliferation of new terms: the gig economy, the sharing economy, the on-demand economy, the next industrial revolution, the surveillance economy, the app economy, the attention economy, and so on. The task of this chapter is to examine these changes. Numerous theorists have argued that these changes mean we live in a cognitive, or informational, or immaterial, or knowledge economy. But what does this mean? Here we can find a number of interconnected but distinct claims. In Italian autonomism, this would be a claim about the ‘general intellect’, where collective cooperation and knowledge become a source of value.3 Such an argument also entails that the labour process is increasingly immaterial, oriented towards the use and manipulation of symbols and affects.


pages: 471 words: 109,267

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

Alan Greenspan, An Inconvenient Truth, banking crisis, Big bang: deregulation of the City of London, blood diamond, Bob Geldof, Boris Johnson, call centre, central bank independence, congestion charging, Corn Laws, Credit Default Swap, Crossrail, 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, military-industrial complex, millennium bug, moral panic, North Sea oil, Northern Rock, offshore financial centre, pension reform, plutocrats, Ponzi scheme, profit maximization, purchasing power parity, Right to Buy, shareholder value, Skype, smart meter, social distancing, 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.

., 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.


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

3D printing, additive manufacturing, agricultural Revolution, Albert Einstein, Anthropocene, Asilomar, autonomous vehicles, biodiversity loss, business cycle, carbon tax, Cass Sunstein, Climatic Research Unit, commodity super cycle, conceptual framework, corporate governance, creative destruction, credit crunch, David Attenborough, decarbonisation, dematerialisation, demographic transition, disinformation, disruptive innovation, diversified portfolio, double helix, energy security, failed state, financial independence, Ford Model T, Garrett Hardin, Gary Taubes, Great Leap Forward, hydraulic fracturing, income inequality, Induced demand, Intergovernmental Panel on Climate Change (IPCC), invisible hand, knowledge economy, meta-analysis, Naomi Klein, negative emissions, Neolithic agricultural revolution, ocean acidification, oil shale / tar sands, oil shock, pattern recognition, peak oil, Peter Calthorpe, phenotype, planetary scale, precautionary principle, price stability, profit motive, purchasing power parity, race to the bottom, RAND corporation, Recombinant DNA, rent-seeking, rewilding, Stewart Brand, synthetic biology, systematic bias, Tesla Model S, trade liberalization, Tragedy of the Commons, two and twenty, 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.”

“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.


pages: 518 words: 107,836

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

Albert Einstein, American ideology, Andrei Shleifer, Anthropocene, Benoit Mandelbrot, bitcoin, Brownian motion, Charles Babbage, Claude Shannon: information theory, cloud computing, cognitive dissonance, commons-based peer production, computer age, conceptual framework, continuation of politics by other means, crony capitalism, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, David Graeber, disinformation, 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, Gabriella Coleman, hive mind, index card, informal economy, information asymmetry, invisible hand, Jacquard loom, John von Neumann, Kevin Kelly, knowledge economy, knowledge worker, Lewis Mumford, linear programming, mandelbrot fractal, Marshall McLuhan, means of production, megaproject, Menlo Park, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Network effects, Norbert Wiener, packet switching, Pareto efficiency, pattern recognition, Paul Erdős, Peter Thiel, Philip Mirowski, power law, RAND corporation, rent-seeking, road to serfdom, Ronald Coase, scientific mainstream, scientific management, Steve Jobs, Stewart Brand, stochastic process, surveillance capitalism, systems thinking, technoutopianism, the Cathedral and the Bazaar, the strength of weak ties, The Structural Transformation of the Public Sphere, transaction costs, Turing machine, work culture , Yochai Benkler

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.


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Were You Born on the Wrong Continent? by Thomas Geoghegan

Alan Greenspan, Albert Einstein, American Society of Civil Engineers: Report Card, An Inconvenient Truth, banking crisis, Bear Stearns, Berlin Wall, Bob Geldof, business logic, collective bargaining, corporate governance, cross-subsidies, dark matter, David Brooks, declining real wages, deindustrialization, disinformation, Easter island, ending welfare as we know it, facts on the ground, Gini coefficient, Glass-Steagall Act, haute cuisine, high-speed rail, income inequality, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge economy, knowledge worker, laissez-faire capitalism, low skilled workers, Martin Wolf, McJob, military-industrial complex, minimum wage unemployment, mittelstand, offshore financial centre, Paul Samuelson, payday loans, pensions crisis, plutocrats, Prenzlauer Berg, purchasing power parity, Ralph Waldo Emerson, Robert Gordon, Ronald Reagan: Tear down this wall, Saturday Night Live, Silicon Valley, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, union organizing, Wolfgang Streeck, women in the workforce

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.

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

activist lawyer, Benjamin Mako Hill, commoditize, Computer Lib, crowdsourcing, Debian, disinformation, Donald Knuth, dumpster diving, Eben Moglen, en.wikipedia.org, financial independence, Free Software Foundation, Gabriella Coleman, ghettoisation, GnuPG, Hacker Conference 1984, Hacker Ethic, Hacker News, Herbert Marcuse, informal economy, information security, Jacob Appelbaum, Jaron Lanier, Jason Scott: textfiles.com, Jean Tirole, knowledge economy, laissez-faire capitalism, Larry Wall, Louis Pasteur, machine readable, means of production, Multics, Neal Stephenson, 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, tacit knowledge, technological determinism, Ted Nelson, the Cathedral and the Bazaar, The Hackers Conference, the scientific method, The Soul of a New Machine, The Structural Transformation of the Public Sphere, web application, web of trust, Yochai Benkler

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).

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.


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Break Through: Why We Can't Leave Saving the Planet to Environmentalists by Michael Shellenberger, Ted Nordhaus

"World Economic Forum" Davos, Abraham Maslow, affirmative action, An Inconvenient Truth, anti-communist, Berlin Wall, bread and circuses, carbon credits, carbon tax, clean water, conceptual framework, David Brooks, deindustrialization, Easter island, facts on the ground, falling living standards, Francis Fukuyama: the end of history, full employment, Great Leap Forward, Herbert Marcuse, illegal immigration, Indoor air pollution, insecure affluence, Intergovernmental Panel on Climate Change (IPCC), invisible hand, knowledge economy, land reform, loss aversion, market fundamentalism, McMansion, means of production, meta-analysis, Michael Shellenberger, microcredit, new economy, oil shock, postindustrial economy, Ralph Waldo Emerson, Richard Florida, science of happiness, seminal paper, Silicon Valley, Stewart Brand, Ted Nordhaus, the strength of weak ties, Thomas Kuhn: the structure of scientific revolutions, trade liberalization, War on Poverty, We are as Gods, winner-take-all economy, World Values Survey, zero-sum game

The person you worked next to on the assembly line also likely lived in your neighborhood, worshipped at your church, and sat on the stool next to you when you drank at the local union hall. The industrial economy provided a stability that helped create and maintain strong ties. Affluence, modernization, and the demands of the new service and knowledge economies also brought a concomitant decline in orientations toward traditional forms of authority and social norms and institutions. Whether in the workplace, houses of worship, or politics, Americans increasingly demanded more unmediated relationships with power and authority and became less willing to accept traditional social norms inherited from their parents and grandparents.

What we have been pointing to is not a recipe for creating a movement but rather a set of trends that could become the raw material of a new politics: the continuing importance of association and affiliation in American life; the rising importance and strength of weak ties; greater flexibility in work, family, political, and community life; and the rising importance of creativity to the knowledge economy. What we are arguing against is the thin notion of politics which has taken hold of liberals and environmentalists: the notion that social and economic transformation can occur through better policies and marketing alone. Many environmental leaders today believe that they can advance a resonant politics on global warming if they use words like stewardship and quote relevant passages of Genesis.


Small Change: Why Business Won't Save the World by Michael Edwards

"Friedman doctrine" OR "shareholder theory", Bernie Madoff, clean water, corporate governance, corporate social responsibility, different worldview, high net worth, invisible hand, knowledge economy, Larry Ellison, light touch regulation, Mahatma Gandhi, Mark Shuttleworth, market bubble, microcredit, Nelson Mandela, New Journalism, One Laptop per Child (OLPC), Ponzi scheme, profit motive, public intellectual, Robert Shiller, shareholder value, Silicon Valley, Silicon Valley startup, Social Responsibility of Business Is to Increase Its Profits, subprime mortgage crisis, The Fortune at the Bottom of the Pyramid, The Spirit Level, The Wealth of Nations by Adam Smith, transaction costs

The best answer to all these questions is for you and me to get involved in a broad-based movement in support of citizen philanthropy, and to become philanthropists ourselves but do so in a way that does not reinforce or replicate the unhealthy patterns of the past; to ask the difficult questions about philanthropy and social change, and not to be brushed aside when we are told that we have no right to question foundations that belong to others; to accept the obligation to hold ourselves accountable to more than a board of close friends and acquaintances; and to see ourselves as partners in a common project of social transformation that places disadvantaged people at the center of their own story. the difference that makes the difference 103 Philanthrocapitalism is the product of a particular era of industrial change that has brought about temporary monopolies in the systems required to operate the knowledge economy, often controlled by individuals who are able to accumulate spectacular amounts of wealth. That same era has produced great inequalities and social dislocations, and experience suggests that such wealth will be politically unsustainable unless much of it is given away, just as in earlier decades when Ford, Rockefeller, and Carnegie found themselves in much the same position.


pages: 401 words: 115,959

Philanthrocapitalism by Matthew Bishop, Michael Green, Bill Clinton

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, Abraham Maslow, Albert Einstein, An Inconvenient Truth, anti-communist, AOL-Time Warner, barriers to entry, battle of ideas, Bernie Madoff, Big Tech, Bob Geldof, Bonfire of the Vanities, business process, business process outsourcing, Charles Lindbergh, clean tech, clean water, corporate governance, corporate social responsibility, Dava Sobel, David Ricardo: comparative advantage, digital divide, do well by doing good, don't be evil, family office, financial innovation, full employment, global pandemic, global village, Global Witness, God and Mammon, Hernando de Soto, high net worth, Ida Tarbell, Intergovernmental Panel on Climate Change (IPCC), invisible hand, James Dyson, John Elkington, John Harrison: Longitude, joint-stock company, junk bonds, knowledge economy, knowledge worker, Larry Ellison, Live Aid, lone genius, Marc Andreessen, Marc Benioff, market bubble, mass affluent, Michael Milken, microcredit, Mikhail Gorbachev, Neil Armstrong, Nelson Mandela, new economy, offshore financial centre, old-boy network, PalmPilot, peer-to-peer lending, performance metric, Peter Singer: altruism, plutocrats, profit maximization, profit motive, Richard Feynman, risk tolerance, risk-adjusted returns, Ronald Coase, Ronald Reagan, Salesforce, scientific management, seminal paper, shareholder value, Silicon Valley, Slavoj Žižek, South Sea Bubble, sovereign wealth fund, SpaceShipOne, stem cell, Steve Jobs, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Malthus, Thorstein Veblen, trade liberalization, transaction costs, trickle-down economics, Tyler Cowen, wealth creators, winner-take-all economy, working poor, World Values Survey, X Prize

Drucker wrote thirty-nine books, among them The Concept of the Corporation, The Practice of Management, The Future of Industrial Man, and Post-Capitalist Society. An advocate of “scientific management” and “management by objective,” he made famous the term “knowledge worker,” reflecting his fascination with the growing importance in the modern “knowledge economy” of people who work with their minds, rather than their hands. In his later years, the Austrian-born Drucker became increasingly focused on the nonprofit sector, which he saw as having a crucial role in building community and gluing society together, yet needing better management. As well as being one of the first writers to spot the rise of social entrepreneurship, he worried about the lack of ethical leadership provided by many top business executives and other wealthy people.

Gates has not exploited his workers—many of whom have become millionaires—let alone put their lives in peril. While Microsoft may have enjoyed some monopoly power, it has always been exposed to dynamic competitors, from Apple to Google, which meant it had to keep innovating, reducing prices, and generally seeking to please its customers. The rise of the knowledge economy means that a growing number of the new rich can plausibly claim to have made their fortunes without exploiting anyone—the Google guys being perhaps the example par excellence. In principle, that ought to make it easier for society to applaud them and any philanthropy they do. However, not all of today’s new rich can brush off s critique so easily.


pages: 523 words: 111,615

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

accounting loophole / creative accounting, affirmative action, Alan Greenspan, An Inconvenient Truth, bank run, banking crisis, behavioural economics, Berlin Wall, bonus culture, Branko Milanovic, BRICs, business cycle, call centre, carbon tax, Cass Sunstein, central bank independence, classic study, collapse of Lehman Brothers, conceptual framework, corporate governance, correlation does not imply causation, Credit Default Swap, deindustrialization, demographic transition, Diane Coyle, different worldview, 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, general purpose technology, George Akerlof, Gini coefficient, global supply chain, Gordon Gekko, greed is good, happiness index / gross national happiness, hedonic treadmill, 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, light touch regulation, low skilled workers, market bubble, market design, market fundamentalism, megacity, Network effects, new economy, night-watchman state, Northern Rock, oil shock, Paradox of Choice, Pareto efficiency, principal–agent problem, profit motive, purchasing power parity, railway mania, rising living standards, Robert Solow, Ronald Reagan, selective serotonin reuptake inhibitor (SSRI), Silicon Valley, social contagion, South Sea Bubble, Steven Pinker, tacit knowledge, 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, the strength of weak ties, Tragedy of the Commons, transaction costs, transfer pricing, tulip mania, ultimatum game, University of East Anglia, vertical integration, web application, web of trust, winner-take-all economy, World Values Survey, zero-sum game

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.


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

8-hour work day, Albert Einstein, An Inconvenient Truth, AOL-Time Warner, Asperger Syndrome, autism spectrum disorder, Bill Gates: Altair 8800, call centre, crowdsourcing, David Brooks, delayed gratification, deliberate practice, emotional labour, game design, hive mind, index card, indoor plumbing, Isaac Newton, knowledge economy, knowledge worker, longitudinal study, Mahatma Gandhi, mass immigration, Menlo Park, meta-analysis, Mikhail Gorbachev, Nelson Mandela, 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, twin studies, 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.

(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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Why Europe Will Run the 21st Century by Mark Leonard

Berlin Wall, Celtic Tiger, continuous integration, cuban missile crisis, different worldview, European colonialism, facts on the ground, failed state, global reserve currency, Global Witness, invisible hand, knowledge economy, mass immigration, non-tariff barriers, North Sea oil, one-China policy, Panopticon Jeremy Bentham, pension reform, reserve currency, Robert Gordon, shareholder value, South China Sea, The Wealth of Nations by Adam Smith, Thomas Malthus, trade liberalization, Washington Consensus

All European countries today are reforming their economies for an age of economic interdependence, while trying to keep the best features of the European social model intact. They could be said to converging around a ‘Stockholm Consensus’, as the Swedish state has pioneered so many of these new approaches. The ‘Stockholm Consensus’ amounts to nothing less than a new social contract in which a strong and flexible state underpins an innovative, open, knowledge economy. This contract means that the state provides the resources for educating its citizens, treating their illnesses, providing childcare so they can work, and integration lessons for newcomers. In exchange, citizens take training, are more flexible, and newcomers integrate themselves. The ‘Stockholm Consensus’ stands in opposition to much of the waste of the ‘Washington Consensus’: low levels of inequality allow Europeans to save on crime and prison; energy-efficient economies protect them from hikes in oil prices; the social contract gives people leisure and a helping hand back into work if they lose their jobs; while the European single market and the euro will allow European countries to benefit from economies of scale in a global market without giving up on the adaptability and dynamism that come from being small.


Innovation and Its Enemies by Calestous Juma

3D printing, additive manufacturing, agricultural Revolution, Asilomar, Asilomar Conference on Recombinant DNA, autonomous vehicles, behavioural economics, big-box store, biodiversity loss, business cycle, Cass Sunstein, classic study, clean water, collective bargaining, colonial rule, computer age, creative destruction, CRISPR, Daniel Kahneman / Amos Tversky, deskilling, disruptive innovation, driverless car, electricity market, energy transition, Erik Brynjolfsson, fail fast, financial innovation, global value chain, Honoré de Balzac, illegal immigration, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invention of movable type, invention of the printing press, Joseph Schumpeter, knowledge economy, loss aversion, Marc Andreessen, means of production, Menlo Park, mobile money, New Urbanism, Nicholas Carr, pensions crisis, phenotype, precautionary principle, Ray Kurzweil, Recombinant DNA, refrigerator car, Second Machine Age, self-driving car, smart grid, smart meter, stem cell, Steve Jobs, synthetic biology, systems thinking, tacit knowledge, technological singularity, The Future of Employment, Thomas Kuhn: the structure of scientific revolutions, Travis Kalanick

Schiffer, Studying Technological Change: A Behavioral Approach (Salt Lake City: University of Utah Press, 2011). 107. Shane Greenstein, How the Internet Became Commercial: Innovation, Privatization, and the Birth of a New Network (Princeton, NJ: Princeton University Press, 2015). 108. Joel Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton, NJ: Princeton University Press, 2002), 257–258. 109. Tali Kristal, “The Capitalist Machine: Computerization, Workers’ Power, and the Decline in Labor’s Share within U.S. Industries,” American Sociological Review 78, no. 3 (2013): 361–389. 110. Kjell Erik Lommerud, Frode Meland, and Odd Rune Straume, “Globalisation and Union Opposition to Technological Change,” Journal of International Economics 68, no. 1 (2006): 1–23. 111.

Elizabeth Fones-Wolf, “Sound Comes to the Movies: The Philadelphia Musicians’ Struggle against Recorded Music,” Pennsylvania Magazine of History and Biography 118, nos. 1–2 (1994): 14. 15. Mark Katz, Capturing Sound: How Technology Has Changed Music (Berkeley: University of California Press, 2004), 9. 16. Katz, Capturing Sound, 24. 17. Anderson, “Buried under the Fecundity,” 246. 18. Joel Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton, NJ: Princeton University Press), 277–278. 19. Randal C. Picker, “From Edison to the Broadcast Flag: Mechanisms of Consent and Refusal and the Propertization of Copyright,” University of Chicago Law Review 70, no. 1 (2003): 281–296. 20. Lunde, “American Federation of Musicians,” 49. 21.


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

1960s counterculture, Abraham Maslow, affirmative action, American Legislative Exchange Council, An Inconvenient Truth, 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, longitudinal study, Maslow's hierarchy, mass immigration, meta-analysis, Milgram experiment, music of the spheres, New Urbanism, post-industrial society, post-materialism, Ralph Nader, Recombinant DNA, Richard Florida, Robert Solow, Ronald Reagan, Silicon Valley, stem cell, Steve Jobs, superstar cities, The Death and Life of Great American Cities, the long tail, the strength of weak ties, 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.

"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."


World Cities and Nation States by Greg Clark, Tim Moonen

active transport: walking or cycling, Asian financial crisis, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, business climate, clean tech, congestion charging, corporate governance, Crossrail, deindustrialization, Deng Xiaoping, driverless car, financial independence, financial intermediation, Francis Fukuyama: the end of history, full employment, gentrification, global supply chain, global value chain, high net worth, high-speed rail, housing crisis, immigration reform, income inequality, informal economy, Kickstarter, knowledge economy, low skilled workers, managed futures, megacity, megaproject, new economy, New Urbanism, Norman Mailer, open economy, Pearl River Delta, rent control, Richard Florida, Shenzhen special economic zone , Silicon Valley, smart cities, sovereign wealth fund, special economic zone, stem cell, supply-chain management, tacit knowledge, The Wealth of Nations by Adam Smith, trade route, transaction costs, transit-oriented development, upwardly mobile, urban planning, urban renewal, urban sprawl, War on Poverty, zero-sum game

Economic growth nearly doubled and unemployment fell to around 4% by the mid‐1970s. From 1964 to 1979 the share of manufacturing in employment quadrupled (Huff, 1995; Centre for Liveable Cities and Civil Service College Singapore, 2014). Co‐ordinated monitoring and appraisal of the emerging knowledge economy has helped the EDB. Economic Review Committees have directed citywide ­transitions towards a more knowledge‐intensive economy, in partnership with educational establishments. Spatial contiguity and unitary government make cross‐departmental reviews and economic development policy implementation considerably easier than the equivalent exercises in large, multi‐layered states (Centre for Liveable Cities and Civil Service College Singapore, 2014).

A recent tightening of Singapore’s foreign worker and immigration policy leaves Singapore vulnerable to shortages of qualified manpower in lower‐end and high‐end industries. How judiciously and flexibly the government selects and integrates immigrants will shape Singapore’ status as a forward‐looking and inclusive city (Bin, 2013; Chan, 2014). Singapore continues to take steps to adapt its education system to the knowledge economy, but it is unclear what role the government can play to ensure a strong supply of middle‐income jobs for those with mid‐tier skills. A two‐tier model of highly paid and low‐skilled jobs that resembles other world cities has begun to raise questions about the future spectrum of employment. The capacity of local businesses to grow by reducing overhead and land costs will be one factor that shapes Singapore’s ability to grow middle‐income jobs in the future (Centre for Liveable Cities and Civil Service College Singapore, 2014).


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The End of Work: Why Your Passion Can Become Your Job by John Tamny

Albert Einstein, Andy Kessler, Apollo 13, asset allocation, barriers to entry, basic income, Bernie Sanders, cloud computing, commoditize, David Ricardo: comparative advantage, do what you love, Downton Abbey, future of work, George Gilder, haute cuisine, income inequality, Jeff Bezos, knowledge economy, Larry Ellison, Mark Zuckerberg, Palm Treo, Peter Thiel, profit motive, Saturday Night Live, Silicon Valley, Stephen Hawking, Steve Ballmer, Steve Jobs, There's no reason for any individual to have a computer in his home - Ken Olsen, trickle-down economics, universal basic income, upwardly mobile, Yogi Berra

In his classic book Wealth and Poverty, George Gilder notes that while education and credentials are most important in government, “elsewhere most skills are learned on the job.”54 It’s not that people should avoid education, but education has little to do with success in the working world. It’s said that we live in a “knowledge economy,” but most people don’t understand what that means. Precisely because the economy is evolving faster and faster, classroom teaching can’t keep up. The “knowledge” that wins is gained by doing the work that corresponds with your skills. We’re all intelligent, but in different ways. A prosperous economy means more of us will get to express our intelligence regardless of whether an impressive degree is attached to our name.


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

addicted to oil, Affordable Care Act / Obamacare, Alan Greenspan, Albert Einstein, Amazon Web Services, American Society of Civil Engineers: Report Card, Andy Kessler, Ayatollah Khomeini, bank run, barriers to entry, Bear Stearns, Berlin Wall, blue-collar work, Bretton Woods, business process, call centre, carbon footprint, carbon tax, Carmen Reinhart, Cass Sunstein, centre right, Climatic Research Unit, cloud computing, collective bargaining, corporate social responsibility, cotton gin, creative destruction, Credit Default Swap, crowdsourcing, delayed gratification, drop ship, 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 interest rates, low skilled workers, Mark Zuckerberg, market design, mass immigration, more computing power than Apollo, Network effects, Nixon triggered the end of the Bretton Woods system, obamacare, oil shock, PalmPilot, pension reform, precautionary principle, proprietary trading, 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 long tail, the scientific method, Thomas L Friedman, too big to fail, University of East Anglia, vertical integration, WikiLeaks

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.

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.”


pages: 477 words: 135,607

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

air freight, anti-communist, barriers to entry, Bay Area Rapid Transit, British Empire, business cycle, call centre, collective bargaining, conceptual framework, David Ricardo: comparative advantage, deindustrialization, deskilling, Edward Glaeser, Erik Brynjolfsson, flag carrier, full employment, global supply chain, intermodal, Isaac Newton, job automation, Jones Act, 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, Robert Solow, South China Sea, trade route, vertical integration, Works Progress Administration, Yom Kippur War, zero-sum game

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.

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.


pages: 515 words: 142,354

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

"there is no alternative" (TINA), "World Economic Forum" Davos, Alan Greenspan, bank run, banking crisis, barriers to entry, battle of ideas, behavioural economics, Berlin Wall, Bretton Woods, business cycle, buy and hold, capital controls, carbon tax, 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, Great Leap Forward, 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, light touch regulation, low interest rates, 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 Shiller, Ronald Reagan, Savings and loan crisis, savings glut, secular stagnation, Silicon Valley, sovereign wealth fund, the payments system, The Rise and Fall of American Growth, 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.


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The Flat White Economy by Douglas McWilliams

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


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Clock of the Long Now by Stewart Brand

Albert Einstein, Brewster Kahle, Buckminster Fuller, Charles Babbage, Colonization of Mars, complexity theory, Danny Hillis, Eratosthenes, Extropian, fault tolerance, George Santayana, Herman Kahn, Internet Archive, Jaron Lanier, Kevin Kelly, Kim Stanley Robinson, knowledge economy, Lewis Mumford, life extension, longitudinal study, low earth orbit, Metcalfe’s law, Mitch Kapor, nuclear winter, pensions crisis, phenotype, Ray Kurzweil, Robert Metcalfe, Stephen Hawking, Stewart Brand, technological singularity, Ted Kaczynski, Thomas Malthus, Tragedy of the Commons, 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.”


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

"World Economic Forum" Davos, Alan Greenspan, Bonfire of the Vanities, Bretton Woods, business cycle, carbon tax, 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, It's morning again in America, Kenneth Arrow, knowledge economy, life extension, new economy, Nick Leeson, paradox of thrift, Paul Samuelson, plutocrats, price stability, rent control, Robert Solow, Ronald Reagan, Silicon Valley, trade route, very high income, working poor, zero-sum game

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: 172 words: 50,777

The Nowhere Office: Reinventing Work and the Workplace of the Future by Julia Hobsbawm

8-hour work day, Airbnb, augmented reality, Bertrand Russell: In Praise of Idleness, Black Lives Matter, blockchain, Cal Newport, call centre, Cass Sunstein, collective bargaining, coronavirus, corporate governance, corporate social responsibility, COVID-19, David Graeber, death from overwork, Diane Coyle, digital capitalism, digital nomad, driverless car, emotional labour, future of work, George Floyd, gig economy, glass ceiling, global pandemic, Google Hangouts, Greensill Capital, job satisfaction, karōshi / gwarosa / guolaosi, knowledge economy, knowledge worker, lockdown, Mark Zuckerberg, Martin Wolf, means of production, megacity, Neal Stephenson, Ocado, pensions crisis, remote working, San Francisco homelessness, Second Machine Age, shareholder value, Sheryl Sandberg, Silicon Valley, Skype, Snow Crash, social distancing, solopreneur, Steve Jobs, systems thinking, TED Talk, The Great Resignation, the long tail, the strength of weak ties, TikTok, Tim Cook: Apple, Upton Sinclair, WeWork, work culture

., The Textures of Time: Agency and Temporal Experience (Temple University Press, 2011) Garfield, Simon, Timekeepers: How the World Became Obsessed with Time (Canongate, 2016) Gratton, Lynda, and Andrew Scott, The 100-Year Life: Living and Working in an Age of Longevity (Bloomsbury, 2020) Gregg, Melissa, Work’s Intimacy (Polity Press, 2011) ——, Counterproductive: Time Management in the Knowledge Economy (Duke University Press, 2018) Hochschild, Arlie Russell, The Second Shift: Working Families and the Revolution at Home (Penguin, 2012 [1989]) ——, The Time Bind: When Work Becomes Home and Home Becomes Work (Holt Paperbacks, 2001 [1997]) Hunnicutt, Benjamin Kline, Kellogg’s Six-Hour Day (Temple University Press, 1996) Johnson, Elsbeth, Step Up, Step Back: How to Really Deliver Strategic Change in Your Organisation (Bloomsbury Business, 2020) Kane, Chris, Where is My Office?


pages: 209 words: 53,236

The Scandal of Money by George Gilder

Affordable Care Act / Obamacare, Alan Greenspan, bank run, behavioural economics, Bernie Sanders, bitcoin, blockchain, borderless world, Bretton Woods, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, Claude Shannon: information theory, Clayton Christensen, cloud computing, corporate governance, cryptocurrency, currency manipulation / currency intervention, currency risk, Daniel Kahneman / Amos Tversky, decentralized internet, Deng Xiaoping, disintermediation, Donald Trump, fiat currency, financial innovation, Fractional reserve banking, full employment, George Gilder, glass ceiling, guns versus butter model, Home mortgage interest deduction, impact investing, index fund, indoor plumbing, industrial robot, inflation targeting, informal economy, Innovator's Dilemma, Internet of things, invisible hand, Isaac Newton, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Jeff Bezos, John Bogle, John von Neumann, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, Law of Accelerating Returns, low interest rates, Marc Andreessen, Mark Spitznagel, Mark Zuckerberg, Menlo Park, Metcalfe’s law, Money creation, money: store of value / unit of account / medium of exchange, mortgage tax deduction, Nixon triggered the end of the Bretton Woods system, obamacare, OSI model, Paul Samuelson, Peter Thiel, Ponzi scheme, price stability, Productivity paradox, proprietary trading, purchasing power parity, quantitative easing, quantitative trading / quantitative finance, Ray Kurzweil, reality distortion field, reserve currency, road to serfdom, Robert Gordon, Robert Metcalfe, Ronald Reagan, Sand Hill Road, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, secular stagnation, seigniorage, Silicon Valley, Skinner box, smart grid, Solyndra, South China Sea, special drawing rights, The Great Moderation, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, time value of money, too big to fail, transaction costs, trickle-down economics, Turing machine, winner-take-all economy, yield curve, zero-sum game

Only large companies can master the demands of the game, the need for foreign exchange hedges, transnational holding companies, legal specialists, complex securitizations, intellectual property swaps, private equity inversions, multiple stock classes, alternative energy entanglements, audit committees, double cross-checking accountant teams, diversity mandates, sexual harassment backside protectors, and other pettifoggery all crowding out the entrepreneurs. The test of an entrepreneurial idea is its experimental and empirical truth, affirmed by profitability. In a knowledge economy, cash is valuable only if it is validated by real learning. That is the moral foundation of capitalist wealth and the only source of growth. “Flooding the system with cash” is bad for the economy because it falsifies price signals and demoralizes capitalists by misrepresenting the outcomes of entrepreneurial experiments.


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, An Inconvenient Truth, 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, longitudinal study, meritocracy, mortgage tax deduction, obamacare, Occupy movement, plutocrats, positional goods, precautionary principle, race to the bottom, randomized controlled trial, restrictive zoning, unpaid internship, upwardly mobile, W. E. B. Du Bois, War on Poverty, We are the 99%, working-age population, zero-sum game

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.


pages: 173 words: 53,564

Fair Shot: Rethinking Inequality and How We Earn by Chris Hughes

"World Economic Forum" Davos, basic income, Donald Trump, effective altruism, Elon Musk, end world poverty, full employment, future of journalism, gig economy, high net worth, hockey-stick growth, income inequality, invisible hand, Jeff Bezos, job automation, knowledge economy, labor-force participation, Lyft, M-Pesa, Mark Zuckerberg, meta-analysis, new economy, oil rush, payday loans, Peter Singer: altruism, Potemkin village, precariat, randomized controlled trial, ride hailing / ride sharing, Ronald Reagan, Rutger Bregman, Second Machine Age, self-driving car, side hustle, side project, Silicon Valley, TaskRabbit, TED Talk, The Bell Curve by Richard Herrnstein and Charles Murray, traveling salesman, trickle-down economics, uber lyft, universal basic income, winner-take-all economy, working poor, working-age population, zero-sum game

I had sought out and benefited from a world-class education, and it had indeed worked for me—so it surely must be the most important tool to help everyone else. “Give a man a fish,” goes the old proverb, “and you will feed him for a day. Teach him to fish, and you will feed him for a lifetime.” The transition to a knowledge economy has only intensified this faith. If we’re creating fewer manual jobs that pay living wages, then the clear answer, it would seem, is to help people learn the skills and smarts for the high-skill, high-pay “jobs of the future.” We tell ourselves that if we provide everyone with the strong foundation of a good education and make college more accessible and affordable, then anyone who has a bit of initiative will be able to enjoy a secure economic future.


pages: 196 words: 54,339

Team Human by Douglas Rushkoff

1960s counterculture, Abraham Maslow, Adam Curtis, autonomous vehicles, basic income, Berlin Wall, big-box store, bitcoin, blockchain, Burning Man, carbon footprint, circular economy, clean water, clockwork universe, cloud computing, collective bargaining, Computing Machinery and Intelligence, corporate personhood, digital capitalism, disintermediation, Donald Trump, drone strike, European colonialism, fake news, Filter Bubble, full employment, future of work, game design, gamification, gig economy, Google bus, Gödel, Escher, Bach, hockey-stick growth, Internet of things, invention of the printing press, invention of writing, invisible hand, iterative process, John Perry Barlow, Kevin Kelly, Kevin Roose, knowledge economy, Larry Ellison, Lewis Mumford, life extension, lifelogging, Mark Zuckerberg, Marshall McLuhan, means of production, mirror neurons, multilevel marketing, new economy, patient HM, pattern recognition, peer-to-peer, Peter Thiel, planned obsolescence, power law, prosperity theology / prosperity gospel / gospel of success, Ray Kurzweil, recommendation engine, ride hailing / ride sharing, Ronald Reagan, Ronald Reagan: Tear down this wall, shareholder value, sharing economy, Silicon Valley, Silicon Valley billionaire, social intelligence, sovereign wealth fund, Steve Jobs, Steven Pinker, Stewart Brand, tech billionaire, technoutopianism, TED Talk, theory of mind, trade route, Travis Kalanick, Turing test, universal basic income, Vannevar Bush, We are as Gods, winner-take-all economy, zero-sum game

Enthusiasts still associated the net with education and political power. They pushed for technology in schools and laptops in Africa, even though the digital society’s essential values had been left behind in the era of 2400-baud modems. The primary purpose of the internet had changed from supporting a knowledge economy to growing an attention economy. Instead of helping us leverage time to our intellectual advantage, the internet was converted to an “always on” medium, configured to the advantage of those who wanted to market to us or track our activities. Going online went from an active choice to a constant state of being.


pages: 173 words: 55,328

Last Best Hope: America in Crisis and Renewal by George Packer

affirmative action, Affordable Care Act / Obamacare, Alan Greenspan, anti-bias training, anti-communist, Berlin Wall, Bernie Sanders, Big Tech, BIPOC, Black Lives Matter, blue-collar work, Branko Milanovic, British Empire, business cycle, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, coronavirus, COVID-19, crony capitalism, defund the police, deindustrialization, desegregation, disinformation, Donald Trump, failed state, fake news, Fall of the Berlin Wall, Ferguson, Missouri, fulfillment center, full employment, George Floyd, ghettoisation, gig economy, glass ceiling, informal economy, Jeff Bezos, knowledge economy, liberal capitalism, lockdown, Lyft, Mark Zuckerberg, mass immigration, meritocracy, minimum wage unemployment, new economy, Norman Mailer, obamacare, off-the-grid, postindustrial economy, prosperity theology / prosperity gospel / gospel of success, QAnon, ride hailing / ride sharing, road to serfdom, Ronald Reagan, school vouchers, self-driving car, Silicon Valley, social distancing, Social Justice Warrior, Steve Bannon, too big to fail, Triangle Shirtwaist Factory, Uber and Lyft, uber lyft, Upton Sinclair, white flight, working poor, young professional

Palin was a working-class hockey mom who strutted onstage at campaign events to Gretchen Wilson’s anthem “Redneck Woman.” The women at Bonnie’s weren’t bothered at all by Palin’s obvious ignorance. They weren’t interested in her policy views or professional experience. What drew them to her was identity. She was the future. 2. The new knowledge economy created a new class of Americans: men and women with college degrees (at the very least), skilled with symbols and numbers, salaried professionals in information technology, scientific research, design, management consulting, the upper civil service, financial analysis, medicine, law, journalism, the arts, higher education.


pages: 339 words: 57,031

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

"World Economic Forum" Davos, 1960s counterculture, A Declaration of the Independence of Cyberspace, Alan Greenspan, Alvin Toffler, Apple's 1984 Super Bowl advert, back-to-the-land, Bill Atkinson, bioinformatics, Biosphere 2, book value, Buckminster Fuller, business cycle, Californian Ideology, classic study, Claude Shannon: information theory, complexity theory, computer age, Computer Lib, conceptual framework, Danny Hillis, dematerialisation, distributed generation, Douglas Engelbart, Douglas Engelbart, Dr. Strangelove, Dynabook, Electric Kool-Aid Acid Test, Fairchild Semiconductor, Ford Model T, From Mathematics to the Technologies of Life and Death, future of work, Future Shock, game design, George Gilder, global village, Golden Gate Park, Hacker Conference 1984, Hacker Ethic, Haight Ashbury, Herbert Marcuse, Herman Kahn, hive mind, Howard Rheingold, informal economy, intentional community, invisible hand, Ivan Sutherland, Jaron Lanier, John Gilmore, John Markoff, John Perry Barlow, John von Neumann, Kevin Kelly, knowledge economy, knowledge worker, Lewis Mumford, market bubble, Marshall McLuhan, mass immigration, means of production, Menlo Park, military-industrial complex, Mitch Kapor, Mondo 2000, 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, reality distortion field, Richard Stallman, Robert Shiller, Ronald Reagan, Shoshana Zuboff, Silicon Valley, Silicon Valley ideology, South of Market, San Francisco, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, systems thinking, technoutopianism, Ted Nelson, Telecommunications Act of 1996, The Hackers Conference, the strength of weak ties, theory of mind, urban renewal, Vannevar Bush, We are as Gods, 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.

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. ———.


pages: 717 words: 150,288

Cities Under Siege: The New Military Urbanism by Stephen Graham

"hyperreality Baudrillard"~20 OR "Baudrillard hyperreality", addicted to oil, airport security, Alan Greenspan, Anthropocene, anti-communist, autonomous vehicles, Berlin Wall, call centre, carbon footprint, clean tech, clean water, congestion charging, creative destruction, credit crunch, DARPA: Urban Challenge, defense in depth, deindustrialization, digital map, disinformation, Dr. Strangelove, driverless car, edge city, energy security, European colonialism, export processing zone, failed state, Food sovereignty, gentrification, Gini coefficient, global supply chain, Global Witness, Google Earth, illegal immigration, income inequality, knowledge economy, late capitalism, Lewis Mumford, loose coupling, machine readable, market fundamentalism, mass incarceration, McMansion, megacity, military-industrial complex, moral panic, mutually assured destruction, Naomi Klein, New Urbanism, offshore financial centre, one-state solution, pattern recognition, peak oil, planetary scale, post-Fordism, private military company, Project for a New American Century, RAND corporation, RFID, Richard Florida, Scramble for Africa, Seymour Hersh, Silicon Valley, SimCity, 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: 187 words: 55,801

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

Atul Gawande, business cycle, call centre, computer age, Computer Numeric Control, correlation does not imply causation, David Ricardo: comparative advantage, deskilling, digital divide, 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, PalmPilot, pattern recognition, profit motive, Robert Shiller, Ronald Reagan, Salesforce, speech recognition, tacit knowledge, talking drums, telemarketer, The Wealth of Nations by Adam Smith, working poor

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.


pages: 207 words: 57,959

Little Bets: How Breakthrough Ideas Emerge From Small Discoveries by Peter Sims

Alan Greenspan, Amazon Web Services, Black Swan, Clayton Christensen, complexity theory, David Heinemeier Hansson, deliberate practice, discovery of penicillin, endowment effect, fail fast, fear of failure, Frank Gehry, Guggenheim Bilbao, Jeff Bezos, knowledge economy, lateral thinking, Lean Startup, longitudinal study, loss aversion, meta-analysis, PageRank, Richard Florida, Richard Thaler, Ruby on Rails, Salesforce, scientific management, Silicon Valley, statistical model, Steve Ballmer, Steve Jobs, Steve Wozniak, systems thinking, TED Talk, theory of mind, Toyota Production System, urban planning, Wall-E

Is it to impart knowledge and facts or is it to nurture curiosity, effortful problem solving, and the capacity for lifelong learning? Educational historians have repeatedly shown that today’s schools were designed during the first half of the twentieth century to meet the demands of the industrial era, not an innovative knowledge economy. “Very few schools teach students how to create knowledge,” says Professor Keith Sawyer of Washington University, a leading education and innovation researcher. “Instead, students are taught that knowledge is static and complete, and they become experts at consuming knowledge rather than producing knowledge.”


pages: 196 words: 57,974

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

affirmative action, AOL-Time Warner, barriers to entry, Bear Stearns, Bonfire of the Vanities, book value, borderless world, business process, Carl Icahn, Charles Lindbergh, classic study, company town, Corn Laws, Cornelius Vanderbilt, corporate governance, corporate raider, corporate social responsibility, creative destruction, credit crunch, crony capitalism, double entry bookkeeping, Etonian, Fairchild Semiconductor, financial engineering, Great Leap Forward, hiring and firing, Ida Tarbell, industrial cluster, invisible hand, James Watt: steam engine, John Perry Barlow, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, junk bonds, knowledge economy, knowledge worker, laissez-faire capitalism, manufacturing employment, market bubble, Michael Milken, military-industrial complex, mittelstand, new economy, North Sea oil, pneumatic tube, race to the bottom, railway mania, Ronald Coase, scientific management, 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, Triangle Shirtwaist Factory, tulip mania, wage slave, William Shockley: the traitorous eight

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.


pages: 207 words: 59,298

The Gig Economy: A Critical Introduction by Jamie Woodcock, Mark Graham

Airbnb, algorithmic management, Amazon Mechanical Turk, autonomous vehicles, barriers to entry, British Empire, business process, business process outsourcing, Californian Ideology, call centre, collective bargaining, commoditize, corporate social responsibility, crowdsourcing, data science, David Graeber, deindustrialization, Didi Chuxing, digital divide, disintermediation, emotional labour, en.wikipedia.org, full employment, future of work, gamification, gender pay gap, gig economy, global value chain, Greyball, independent contractor, informal economy, information asymmetry, inventory management, Jaron Lanier, Jeff Bezos, job automation, knowledge economy, low interest rates, Lyft, mass immigration, means of production, Network effects, new economy, Panopticon Jeremy Bentham, planetary scale, precariat, rent-seeking, RFID, ride hailing / ride sharing, Ronald Reagan, scientific management, self-driving car, sentiment analysis, sharing economy, Silicon Valley, Silicon Valley ideology, TaskRabbit, The Future of Employment, transaction costs, Travis Kalanick, two-sided market, Uber and Lyft, Uber for X, uber lyft, union organizing, women in the workforce, working poor, young professional

Transfer: European Review of Labour and Research, 23(2): 135–162. Graham, M., Lehdonvirta, V., Wood, A., Barnard, H., Hjorth, I. and Simon, D.P. (2017b) The Risks and Rewards of Online Gig Work at the Global Margins. Oxford: Oxford Internet Institute. Graham, M., Ojanpera, S., Anwar, M.A. and Friederici, N. (2017c) Digital connectivity and African knowledge economies. Questions de Communication, 32: 345–60. Gray, M.L. and Suri, S. (2019) Ghost Work: How to Stop Silicon Valley from Building a New Global Underclass. New York: Houghton Mifflin Harcourt. Gray, M.L., Suri, S., Ali, S.S. and Kulkarni, D. (2016), The crowd is a collaborative network. In CSCW’16: Proceedings of the 19th ACM Conference on Computer-Supported Cooperative Work & Social Computing, San Francisco, CA, 27 February–2 March.


pages: 243 words: 59,662

Free to Focus: A Total Productivity System to Achieve More by Doing Less by Michael Hyatt

Atul Gawande, Cal Newport, Checklist Manifesto, death from overwork, Donald Trump, Elon Musk, Frederick Winslow Taylor, informal economy, invention of the telegraph, Jeff Bezos, job automation, karōshi / gwarosa / guolaosi, knowledge economy, knowledge worker, lock screen, microdosing, Parkinson's law, remote work: asynchronous communication, remote working, side hustle, solopreneur, Steve Jobs, zero-sum game

While twentieth-century factory workers did the same set of tasks all day every day throughout the week, we are constantly surprised by new challenges, opportunities, and problems. All these things require a tremendous amount of mental energy not only to figure out solutions but sometimes just to keep up. Taylor’s goal was to find ways to work faster. When you apply that to the knowledge economy, however, the work never seems to end. There’s always a new idea to consider or problem to solve, and when we do a good job and complete our work, we’re rewarded with—you guessed it—more work. We’re stuck in the proverbial hamster’s wheel, running as hard and fast as we can but never making any real progress on our ever-growing list of projects and tasks.


pages: 247 words: 60,543

The Currency Cold War: Cash and Cryptography, Hash Rates and Hegemony by David G. W. Birch

"World Economic Forum" Davos, Alan Greenspan, algorithmic management, AlphaGo, bank run, Big Tech, bitcoin, blockchain, Bretton Woods, BRICs, British Empire, business cycle, capital controls, cashless society, central bank independence, COVID-19, cross-border payments, cryptocurrency, Diane Coyle, disintermediation, distributed ledger, Donald Trump, driverless car, Elon Musk, Ethereum, ethereum blockchain, facts on the ground, fault tolerance, fiat currency, financial exclusion, financial innovation, financial intermediation, floating exchange rates, forward guidance, Fractional reserve banking, global reserve currency, global supply chain, global village, Hyman Minsky, information security, initial coin offering, Internet of things, Jaron Lanier, Kenneth Rogoff, knowledge economy, M-Pesa, Mark Zuckerberg, market clearing, market design, Marshall McLuhan, mobile money, Money creation, money: store of value / unit of account / medium of exchange, moral hazard, Network effects, new economy, Northern Rock, one-China policy, Overton Window, PalmPilot, pattern recognition, Pingit, QR code, quantum cryptography, race to the bottom, railway mania, ransomware, Real Time Gross Settlement, reserve currency, Satoshi Nakamoto, seigniorage, Silicon Valley, smart contracts, social distancing, sovereign wealth fund, special drawing rights, subscription business, the payments system, too big to fail, transaction costs, Vitalik Buterin, Washington Consensus

During his adventures in this new world, our time-travelling protagonist, who doubles as the narrator, is told by his host in the modern era (the good Doctor Edward Leete) that cash no longer exists. Instead, Dr Leete informs him, the populace uses ‘credit cards’ for retail transactions.28 While the author does not talk about the telephone, laser beams or the knowledge economy, he does make insightful predictions about the evolution of money. When talking about an American going to visit Berlin, Dr Leete notes how convenient it is for international travellers to use these ‘credit cards’ instead of foreign currency: ‘An American credit card,’ says Dr Leete, ‘is just as good as American gold used to be.’


pages: 533

Future Politics: Living Together in a World Transformed by Tech by Jamie Susskind

3D printing, additive manufacturing, affirmative action, agricultural Revolution, Airbnb, airport security, algorithmic bias, AlphaGo, Amazon Robotics, Andrew Keen, Apollo Guidance Computer, artificial general intelligence, augmented reality, automated trading system, autonomous vehicles, basic income, Bertrand Russell: In Praise of Idleness, Big Tech, bitcoin, Bletchley Park, blockchain, Boeing 747, brain emulation, Brexit referendum, British Empire, business process, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, cashless society, Cass Sunstein, cellular automata, Citizen Lab, cloud computing, commons-based peer production, computer age, computer vision, continuation of politics by other means, correlation does not imply causation, CRISPR, crowdsourcing, cryptocurrency, data science, deep learning, DeepMind, digital divide, digital map, disinformation, distributed ledger, Donald Trump, driverless car, easy for humans, difficult for computers, Edward Snowden, Elon Musk, en.wikipedia.org, end-to-end encryption, Erik Brynjolfsson, Ethereum, ethereum blockchain, Evgeny Morozov, fake news, Filter Bubble, future of work, Future Shock, Gabriella Coleman, Google bus, Google X / Alphabet X, Googley, industrial robot, informal economy, intangible asset, Internet of things, invention of the printing press, invention of writing, Isaac Newton, Jaron Lanier, John Markoff, Joseph Schumpeter, Kevin Kelly, knowledge economy, Large Hadron Collider, Lewis Mumford, lifelogging, machine translation, Metcalfe’s law, mittelstand, more computing power than Apollo, move fast and break things, natural language processing, Neil Armstrong, Network effects, new economy, Nick Bostrom, night-watchman state, Oculus Rift, Panopticon Jeremy Bentham, pattern recognition, payday loans, Philippa Foot, post-truth, power law, price discrimination, price mechanism, RAND corporation, ransomware, Ray Kurzweil, Richard Stallman, ride hailing / ride sharing, road to serfdom, Robert Mercer, Satoshi Nakamoto, Second Machine Age, selection bias, self-driving car, sexual politics, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, smart contracts, Snapchat, speech recognition, Steve Bannon, Steve Jobs, Steve Wozniak, Steven Levy, tech bro, technological determinism, technological singularity, technological solutionism, the built environment, the Cathedral and the Bazaar, The Structural Transformation of the Public Sphere, The Wisdom of Crowds, Thomas L Friedman, Tragedy of the Commons, trolley problem, universal basic income, urban planning, Watson beat the top human players on Jeopardy!, work culture , working-age population, Yochai Benkler

Yochai Benkler, The Wealth of Networks: How Social Production Transforms Markets and Freedom (New Haven and London:Yale University Press, 2006), 96. 66. Benkler, Wealth of Networks, 49. 67. Boyle, Public Domain, 50; Perzanowksi and Schultz, End of Ownership, 135; see also Peter Drahos with John Braithwaite, Information Feudalism: Who Owns the Knowledge Economy? (London: Earthscan, 2002). 68. Brynjolfsson, McAfee, and Spence, ‘New World Order’. 69. Susskind and Susskind, Future of the Professions, 1. 70. Susskind and Susskind, Future of the Professions, 307. 71. Arun Sundararajan, The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism (Cambridge, Mass: MIT Press, 2017), 3–5. 72.

Coding Regulation: Essays on the Normative Role of Information Technology. The Hague: TMC Asser, 2006. Dourish, Paul, and Genevieve Bell. Divining a Digital Future: Mess and Mythology in Ubiquitous Computing. Cambridge, Mass: MIT Press, 2011. Drahos, Peter with John Braithwaite. Information Feudalism:Who Owns the Knowledge Economy? London: Earthscan, 2002. Dredge, Stuart. ‘30 Things Being 3D Printed Right Now (and None of them Are Guns)’. The Guardian, 29 Jan. 2014 <https://www.theguardian. com/technology/2014/jan/29/3d-printing-limbs-cars-selfies> (accessed 30 Nov. 2017). Dryzek, John S., Bonnie Honig, and Anne Phillips, eds.


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The Upswing: How America Came Together a Century Ago and How We Can Do It Again by Robert D. Putnam

affirmative action, Affordable Care Act / Obamacare, Alan Greenspan, Alvin Toffler, Arthur Marwick, classic study, clean water, collective bargaining, correlation does not imply causation, David Brooks, demographic transition, desegregation, different worldview, Donald Trump, Edward Glaeser, en.wikipedia.org, equal pay for equal work, financial deregulation, gender pay gap, ghettoisation, Gordon Gekko, greed is good, Gunnar Myrdal, guns versus butter model, Herbert Marcuse, Ida Tarbell, immigration reform, income inequality, Kenneth Arrow, knowledge economy, labor-force participation, laissez-faire capitalism, low skilled workers, Mark Zuckerberg, market fundamentalism, mass immigration, mega-rich, meta-analysis, minimum wage unemployment, MITM: man-in-the-middle, obamacare, occupational segregation, open economy, opioid epidemic / opioid crisis, Overton Window, plutocrats, post-industrial society, Powell Memorandum, prosperity theology / prosperity gospel / gospel of success, public intellectual, road to serfdom, Robert Shiller, Ronald Reagan, Scientific racism, Second Machine Age, shareholder value, Silicon Valley, Steve Jobs, Steven Pinker, strikebreaker, The Rise and Fall of American Growth, The Spirit Level, trade liberalization, Travis Kalanick, Triangle Shirtwaist Factory, Tyler Cowen, Tyler Cowen: Great Stagnation, union organizing, Upton Sinclair, upwardly mobile, W. E. B. Du Bois, War on Poverty, white flight, women in the workforce, working poor, Works Progress Administration, yellow journalism

The single most important driver of this regional convergence was the South’s long, steady catching up with the rest of the country, partly because of a natural convergence among different parts of a single economic unit and partly because of explicit federal policies to help the South.59 It is also broadly agreed that that regional convergence halted in the late 1970s, just about the same time that the Great Convergence in individual incomes was ending, though researchers differ on whether regional convergence at that point actually reversed, leading to growing regional inequality. Much of that disagreement turns on measurement differences that are too arcane to describe here, but those who think that regional divergence is growing typically point to the emergence of the “knowledge economy” and its concentration in a few high-tech meccas, especially on the two coasts. During the Trump years these regional disparities have become a central issue in the national public debate, as our politics become increasingly polarized regarding what to do about regions that have been “left behind.”

., 130–31, 232 assassination (1968), 237, 238, 307, 308 “beloved community,” 180, 244 Birmingham Letter (1963), 178–79 “I Have a Dream” speech (1963), 177, 236 Kirkpatrick, Rob, 304 Kiwanis, 114, 117, 118 Kloos, Karina, 237–38, 243 Kloppenberg, James, 167, 173 Knights of Columbus, 115, 118, 119, 323 Knights of Labor, 49 knowledge economy, 44 Korean War, 81 Kroc, Ray, 117 Krugman, Paul, 65 Ku Klux Klan, 218 Kurlansky, Mark, 304 La Follette, Robert, 327 Lancet, The, 42–43 Landon, Alf, 76–77 La Rochefoucauld, François de, 236 Lasch, Christopher, 194 Latinos, 410n1 gender pay equity, 259 and I-we-I curve, 14 religious engagement, 140, 393nn85–86 see also immigrants and immigration; racial equality/inequality Lavender Scare (1950s), 180 League of Women Voters, 119, 120 Lennon, John, 306 Leo XIII, Pope, 132, 168 lesbian rights, 279 Levin, Yuval, 437–38n16 Levitsky, Steven, 106 libertarianism, 437n9 collective norms vs., 46 New Right (1960s), 62, 81, 186–91 see also cultural individualism vs. community needs; first Gilded Age (late 1800s); Great Divergence (mid-1970s–); second Gilded Age (late 1900s); social solidarity vs. isolation life expectancy, 27–28 “deaths of despair,” 43–44 in the first Gilded Age (late 1800s), 7 Great Divergence (mid-1970s–) and, 42–44 racial equality/inequality and, 202, 204–5, 240 Lilla, Mark, 299 Lincoln, Abraham: assassination, 166 Republican Party and, 78, 201 Whig communitarianism and, 166, 171, 197 see also Civil War Lindert, Peter H., 33, 35, 40, 42, 202, 209 Lions Club, 114, 117, 120 Lippmann, Walter, 110, 317–18, 329, 330, 339 literature: New Left, 188–89 New Right, 186–88 Ngram analysis of books, 169–70, 172–73, 175–76, 190–95, 197–98, 402–3nn18–23, 439n27 1920s/“Lost Generation,” 174 1950s, 182–84, 186–87, 188, 308, 442n55 1960s, 188–89, 302–4, 305 Lonely Crowd, The (Riesman), 182 Looking Backward (Bellamy), 315–16, 317 Lord of the Flies (Golding), 182, 308, 442n55 MacKinnon, Catharine, 264 macrohistory, 19, 245–46, 286, see also I-we-I curve(s) Madison, James, 69, 102 “makers” and “takers” meme, 187 Maloney, Thomas N., 210–11 Manduca, Robert, 211 Man in the Gray Flannel Suit, The (Wilson), 182 Manson, Charles, 308–9 March for Our Lives (2018), 328 March on Washington: of 1963, 177, 227, 232 Women’s March (2017), 333 Marcuse, Herbert, 188 Mare, Robert, 154 Margo, Robert A., 207, 211–12 Margolis, John, 304 marriage, 145–54, 157–58 average age of, 146–51 cohabitation vs., 152–53 “companionate,” 150–52, 274 divorce and, 152, 253, 278, 280 economic equality/inequality and, 153–54, 156–57 education and, 154 gender equality/inequality and, 246, 252, 254–57, 259–60, 262–65 generational differences and, 146–48, 152 I-we-I curves, 147–50 politics and, 98, 381n90 racial intermarriage, 218 religion and, 134 singletons vs., 146–47, 153, 157 social class and, 153–54 Marshall, Thurgood, 231–32, 233 Marxism, 172, 287 Masons, 115, 116, 121 Massey, Douglas, 39 McAdam, Doug, 237–38, 243 McCall’s magazine, 151 McCarthy, Joseph, 81, 180, 307–8 McCarty, Nolan, 86, 100, 102 McClure’s Magazine, 327 McDonald’s, 117 McGovern, George, 83 McKinley, William, 72, 74, 372–73n17 Mead, Margaret, 282 “Me Decade” (Wolfe), 197–98, 301, 311 media/communication: advertising in, 6–7, 25, 177, 278, 310 in the first Gilded Age (late 1800s), 2–3, 5, 6–7 internet, see internet; social media political polarization and, 101 Progressive Era muckrakers, 129, 167, 325, 327 racism in, 218, 417n64 television, 52, 151 see also literature Medicare, 59, 82 #MeToo movement, 277, 328 Millennials, 134, 141, 148, 156, 273–77, 314 Miller, Arthur, 184 Miller, William, 144 Mills, C.


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

An Inconvenient Truth, antiwork, 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: 204 words: 66,619

Think Like an Engineer: Use Systematic Thinking to Solve Everyday Challenges & Unlock the Inherent Values in Them by Mushtak Al-Atabi

3D printing, agricultural Revolution, Albert Einstein, Barry Marshall: ulcers, Black Swan, Blue Ocean Strategy, business climate, call centre, Clayton Christensen, clean water, cognitive bias, corporate social responsibility, dematerialisation, disruptive innovation, Elon Musk, follow your passion, global supply chain, Great Leap Forward, happiness index / gross national happiness, invention of the wheel, iterative process, James Dyson, Kickstarter, knowledge economy, Lao Tzu, Lean Startup, mirror neurons, On the Revolutions of the Heavenly Spheres, remote working, shareholder value, six sigma, Steve Jobs, Steven Pinker, systems thinking

Knowledge Revolution The oversupply of huge amounts of information free of charge and on demand is changing the world beyond recognition. This is especially true in areas of education where education systems are evolving to reflect the reality that education is about constructing knowledge rather than just remembering facts. The knowledge revolution is correlated with the rise of knowledge economy where information is constructed and organised into knowledge that can be utilised to create economic value. Knowledge management is also allowing us to gradually use machines to perform tasks that need complex decision making. 9. Green Revolution The colour of the 21st Century is green. As sustainability takes centre stage, the green economy and green development are moving towards the mainstream of the political, cultural, technological and educational debate.


pages: 281 words: 71,242

World Without Mind: The Existential Threat of Big Tech by Franklin Foer

artificial general intelligence, back-to-the-land, Berlin Wall, big data - Walmart - Pop Tarts, Big Tech, big-box store, Buckminster Fuller, citizen journalism, Colonization of Mars, computer age, creative destruction, crowdsourcing, data is the new oil, data science, deep learning, DeepMind, don't be evil, Donald Trump, Double Irish / Dutch Sandwich, Douglas Engelbart, driverless car, Edward Snowden, Electric Kool-Aid Acid Test, Elon Musk, Evgeny Morozov, Fall of the Berlin Wall, Filter Bubble, Geoffrey Hinton, global village, Google Glasses, Haight Ashbury, hive mind, income inequality, intangible asset, Jeff Bezos, job automation, John Markoff, Kevin Kelly, knowledge economy, Law of Accelerating Returns, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, means of production, move fast and break things, new economy, New Journalism, Norbert Wiener, off-the-grid, offshore financial centre, PageRank, Peace of Westphalia, Peter Thiel, planetary scale, Ray Kurzweil, scientific management, self-driving car, Silicon Valley, Singularitarianism, software is eating the world, Steve Jobs, Steven Levy, Stewart Brand, strong AI, supply-chain management, TED Talk, the medium is the message, the scientific method, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas L Friedman, Thorstein Veblen, Upton Sinclair, Vernor Vinge, vertical integration, We are as Gods, Whole Earth Catalog, yellow journalism

In the industrial age, utilities were infrastructure that the public deemed essential to the functioning of everyday life—electricity and gas, water and sewage. In the end, the country couldn’t function without them, and the government removed these companies from the vicissitudes of the market, leashing them to publicly appointed commissions that set their prices. In the knowledge economy, the essential pieces of infrastructure are intellectual. With the inexhaustible choice made possible by the Internet comes a new imperative—the need for new tools capable of navigating the vastness. The world’s digital trove of knowledge isn’t terribly useful without mechanisms for searching and sorting the ethereal holdings.


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Hyperfocus: How to Be More Productive in a World of Distraction by Chris Bailey

Albert Einstein, Any sufficiently advanced technology is indistinguishable from magic, Bluma Zeigarnik, Cal Newport, Chuck Templeton: OpenTable:, Clayton Christensen, correlation does not imply causation, deliberate practice, functional fixedness, game design, imposter syndrome, knowledge economy, knowledge worker, Parkinson's law, randomized controlled trial, Richard Feynman, side hustle, SimCity, Skype, TED Talk, twin studies, Zipcar

Before you buy another device, ask yourself: What jobs am I hiring it to do that the devices I already own can’t? Thinking about your devices this way forces you to consider why you really own them and, perhaps even more important, enables you to bring devices into your life only with intention. Email In the knowledge economy, email is one of the largest distractions we face every day—it’s usually the largest pain point for the people I speak to and coach (with meetings being a close second). One of the best strategies to tame email is to limit how many email notifications you receive, which limits how frequently you’re interrupted.


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The Metric Society: On the Quantification of the Social by Steffen Mau

Airbnb, cognitive bias, cognitive load, collaborative consumption, connected car, crowdsourcing, digital capitalism, double entry bookkeeping, future of work, gamification, income inequality, informal economy, invisible hand, knowledge economy, labour market flexibility, lifelogging, Mark Zuckerberg, meritocracy, mittelstand, moral hazard, personalized medicine, positional goods, principal–agent problem, profit motive, QR code, reserve currency, school choice, selection bias, sharing economy, smart cities, subprime mortgage crisis, the scientific method, the strength of weak ties, Uber for X, vertical integration, web of trust, Wolfgang Streeck

Thanks to a steady stream of new indicators, rating procedures, performance measurements and polling instruments, the last corners of social life are now being illuminated and numerically encoded, a process which also places ever greater demands on us in terms of data literacy. The strong momentum in this domain is partly attributable to the process of digitalization, which makes the collection, storage and analysis of data substantially quicker and easier. Data have advanced to become the ultimate raw material of the information and knowledge economy, and the increasing datafication of society is causing ever new business areas to spring up now that the relevant information can be used to win customers, determine people's commercial utility or steer their decisions. Even the most private things, such as hobbies, family relationships, emotional states or behavioural habits have suddenly become measurable.


pages: 272 words: 64,626

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

23andMe, Abraham Maslow, Alan Greenspan, Andy Kessler, bank run, barriers to entry, Bear Stearns, behavioural economics, Berlin Wall, Bob Noyce, bread and circuses, British Empire, business cycle, business process, California gold rush, carbon credits, carbon footprint, Cass Sunstein, cloud computing, collateralized debt obligation, collective bargaining, commoditize, computer age, Cornelius Vanderbilt, creative destruction, disintermediation, Douglas Engelbart, Dutch auction, 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, junk bonds, Kickstarter, knowledge economy, knowledge worker, Larry Ellison, libertarian paternalism, low skilled workers, Mark Zuckerberg, McMansion, Michael Milken, Money creation, 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, vertical integration, wealth creators, Yogi Berra

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”?


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

Affordable Care Act / Obamacare, Alan Greenspan, Atul Gawande, barriers to entry, Clayton Christensen, commoditize, data science, informal economy, inventory management, job automation, knowledge economy, lifelogging, obamacare, personalized medicine, ride hailing / ride sharing, Ronald Reagan, Salesforce, 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!


Work in the Future The Automation Revolution-Palgrave MacMillan (2019) by Robert Skidelsky Nan Craig

3D printing, Airbnb, algorithmic trading, AlphaGo, Alvin Toffler, Amazon Web Services, anti-work, antiwork, artificial general intelligence, asset light, autonomous vehicles, basic income, behavioural economics, business cycle, cloud computing, collective bargaining, Computing Machinery and Intelligence, correlation does not imply causation, creative destruction, data is the new oil, data science, David Graeber, David Ricardo: comparative advantage, deep learning, DeepMind, deindustrialization, Demis Hassabis, deskilling, disintermediation, do what you love, Donald Trump, driverless car, Erik Brynjolfsson, fake news, feminist movement, Ford Model T, Frederick Winslow Taylor, future of work, Future Shock, general purpose technology, gig economy, global supply chain, income inequality, independent contractor, informal economy, Internet of things, Jarndyce and Jarndyce, Jarndyce and Jarndyce, job automation, job polarisation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, knowledge economy, Loebner Prize, low skilled workers, Lyft, Mark Zuckerberg, means of production, moral panic, Network effects, new economy, Nick Bostrom, off grid, pattern recognition, post-work, Ronald Coase, scientific management, Second Machine Age, self-driving car, sharing economy, SoftBank, Steve Jobs, strong AI, tacit knowledge, technological determinism, technoutopianism, TED Talk, The Chicago School, The Future of Employment, the market place, The Nature of the Firm, The Wealth of Nations by Adam Smith, Thorstein Veblen, Turing test, Uber for X, uber lyft, universal basic income, wealth creators, working poor

The major weakness of the compensation theory is that it wrongly assumes that meaning in life given by traditional work can be adequately compensated by an increased flow of consumer goods—a typical economistic argument. The flaw in the theory of complements lies in its vast over-estimation of human capacity. There is no reason why human mental capacity in general should increase at the same rate as machine mental capacity. A minority will be able to race with the machines in the knowledge economy. But a substantial fraction will be ‘left behind’. What is to happen to them? Already, the ‘left behind’ symptoms, and reactions to them, can be seen in increasingly precarious employment, stagnant or even falling wages, and populist protests against both automation and one of its chief agents, globalisation.


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The Rare Metals War by Guillaume Pitron

Albert Einstein, Berlin Wall, carbon footprint, circular economy, clean tech, cloud computing, collapse of Lehman Brothers, commodity super cycle, connected car, David Attenborough, decarbonisation, degrowth, deindustrialization, dematerialisation, Deng Xiaoping, Donald Trump, driverless car, dual-use technology, Elon Musk, energy transition, Fairphone, full employment, green new deal, green transition, industrial robot, Internet of things, invisible hand, Jeff Bezos, Kickstarter, knowledge economy, Lyft, mittelstand, offshore financial centre, oil shale / tar sands, planetary scale, planned obsolescence, Silicon Valley, smart cities, smart grid, smart meter, South China Sea, spinning jenny, Tesla Model S, Yom Kippur War

., making the Chinese company the official supplier of the F-35.43 The United States cannot do without Chinese magnets, and so, to this day, Anthony Marchese explained, the Pentagon continues to grant the waiver. ‘The manufacturers of the F-35 still buy rare earths in China. Period.’ CHAPTER EIGHT Mining goes global DIGITAL TECHNOLOGIES, THE KNOWLEDGE ECONOMY, GREEN ENERGIES, electricity logistics and storage, and the new industries of space and defence are diversifying and expanding our need for rare metals exponentially. Not a day goes by that we don’t discover a new miracle property of a rare metal, or unprecedented ways of applying it. Indeed, our technological ambitions and dreams of a greener world are limited only by the bounds of our imagination.


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

Andrei Shleifer, barriers to entry, Berlin Wall, business cycle, classic study, clockwork universe, cognitive dissonance, Copley Medal, creative destruction, David Ricardo: comparative advantage, delayed gratification, deliberate practice, Deng Xiaoping, Edmond Halley, Edward Jenner, epigenetics, Fellow of the Royal Society, financial independence, flying shuttle, framing effect, germ theory of disease, Haber-Bosch Process, Herbert Marcuse, hindsight bias, income inequality, information asymmetry, invention of movable type, invention of the printing press, invisible hand, Isaac Newton, Jacquard loom, Jacques de Vaucanson, James Watt: steam engine, Johannes Kepler, 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, Robert Solow, Ronald Reagan, seminal paper, South Sea Bubble, statistical model, survivorship bias, tacit knowledge, the market place, the strength of weak ties, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, transaction costs, ultimatum game, World Values Survey, Wunderkammern

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.”

“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.


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

"there is no alternative" (TINA), Adam Curtis, Alan Greenspan, Alvin Roth, An Inconvenient Truth, Andrei Shleifer, asset-backed security, bank run, barriers to entry, Basel III, Bear Stearns, behavioural economics, Berlin Wall, Bernie Madoff, Bernie Sanders, Black Swan, blue-collar work, bond market vigilante , bread and circuses, Bretton Woods, Brownian motion, business cycle, capital controls, carbon credits, 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, democratizing finance, disinformation, do-ocracy, Edward Glaeser, Eugene Fama: efficient market hypothesis, experimental economics, facts on the ground, Fall of the Berlin Wall, financial deregulation, financial engineering, financial innovation, Flash crash, full employment, George Akerlof, Glass-Steagall Act, Goldman Sachs: Vampire Squid, Greenspan put, Hernando de Soto, housing crisis, Hyman Minsky, illegal immigration, income inequality, incomplete markets, information asymmetry, invisible hand, Jean Tirole, joint-stock company, junk bonds, Kenneth Arrow, Kenneth Rogoff, Kickstarter, 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, Phillips curve, Ponzi scheme, Post-Keynesian economics, precariat, prediction markets, price mechanism, profit motive, public intellectual, quantitative easing, race to the bottom, random walk, rent-seeking, Richard Thaler, road to serfdom, Robert Shiller, Robert Solow, Ronald Coase, Ronald Reagan, Savings and loan crisis, savings glut, school choice, sealed-bid auction, search costs, Silicon Valley, South Sea Bubble, Steven Levy, subprime mortgage crisis, tail risk, technoutopianism, The Chicago School, The Great Moderation, the map is not the territory, The Myth of the Rational Market, the scientific method, The Theory of the Leisure Class by Thorstein Veblen, The Wisdom of Crowds, theory of mind, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, Tobin tax, tontine, too big to fail, transaction costs, Tyler Cowen, vertical integration, 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: 1,197 words: 304,245

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

agricultural Revolution, Albert Einstein, book value, British Empire, classic study, 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, Johannes Kepler, John Harrison: Longitude, knowledge economy, Large Hadron Collider, lateral thinking, lone genius, Mercator projection, On the Revolutions of the Heavenly Spheres, Philip Mirowski, placebo effect, QWERTY keyboard, Republic of Letters, social intelligence, spice trade, spinning jenny, Suez canal 1869, tacit knowledge, technological determinism, 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?

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.

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.


Global Governance and Financial Crises by Meghnad Desai, Yahia Said

Asian financial crisis, bank run, banking crisis, Bretton Woods, business cycle, 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, Japanese asset price bubble, knowledge economy, liberal capitalism, liberal world order, Long Term Capital Management, low interest rates, market bubble, Meghnad Desai, Mexican peso crisis / tequila crisis, moral hazard, Nick Leeson, Nixon triggered the end of the Bretton Woods system, oil shock, open economy, Post-Keynesian economics, 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.


pages: 300 words: 78,475

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

Alan Greenspan, American Society of Civil Engineers: Report Card, Apollo 13, Bear Stearns, Bernie Madoff, Bernie Sanders, call centre, carried interest, citizen journalism, clean water, collateralized debt obligation, Cornelius Vanderbilt, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, David Brooks, do what you love, extreme commuting, Exxon Valdez, full employment, Glass-Steagall Act, greed is good, Greenspan put, guns versus butter model, high-speed rail, housing crisis, immigration reform, invisible hand, knowledge economy, laissez-faire capitalism, late fees, low interest rates, market bubble, market fundamentalism, Martin Wolf, medical bankruptcy, microcredit, military-industrial complex, Neil Armstrong, new economy, New Journalism, offshore financial centre, Ponzi scheme, post-work, proprietary trading, Report Card for America’s Infrastructure, Richard Florida, Ronald Reagan, Rosa Parks, Savings and loan crisis, single-payer health, smart grid, The Wealth of Nations by Adam Smith, Timothy McVeigh, 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: 297 words: 77,362

The Nature of Technology by W. Brian Arthur

Andrew Wiles, Boeing 747, business process, Charles Babbage, cognitive dissonance, computer age, creative destruction, double helix, endogenous growth, financial engineering, 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, power law, punch-card reader, railway mania, Recombinant DNA, Silicon Valley, Simon Singh, sorting algorithm, speech recognition, Stuart Kauffman, technological determinism, technological singularity, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions

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.


pages: 252 words: 79,452

To Be a Machine: Adventures Among Cyborgs, Utopians, Hackers, and the Futurists Solving the Modest Problem of Death by Mark O'Connell

"World Economic Forum" Davos, 3D printing, Ada Lovelace, AI winter, Airbnb, Albert Einstein, AlphaGo, Amazon Picking Challenge, artificial general intelligence, Bletchley Park, Boston Dynamics, brain emulation, Charles Babbage, clean water, cognitive dissonance, computer age, cosmological principle, dark matter, DeepMind, disruptive innovation, double helix, Edward Snowden, effective altruism, Elon Musk, Extropian, friendly AI, global pandemic, Great Leap Forward, Hans Moravec, impulse control, income inequality, invention of the wheel, Jacques de Vaucanson, John von Neumann, knowledge economy, Law of Accelerating Returns, Lewis Mumford, life extension, lifelogging, Lyft, Mars Rover, means of production, military-industrial complex, Nick Bostrom, Norbert Wiener, paperclip maximiser, Peter Thiel, profit motive, radical life extension, Ray Kurzweil, RFID, San Francisco homelessness, self-driving car, sharing economy, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Singularitarianism, Skype, SoftBank, Stephen Hawking, Steve Wozniak, superintelligent machines, tech billionaire, technological singularity, technoutopianism, TED Talk, The Coming Technological Singularity, Travis Kalanick, trickle-down economics, Turing machine, uber lyft, Vernor Vinge

That decision to eat from the tree of knowledge, to heed the serpent’s counsel that doing so would make them as gods: that was the moment when everything got shot to hell. As far as the Judeo-Christian tradition is concerned, the whole human condition is a punishment for an audacious infringement, way back in those early days: that first disruption of the knowledge economy. And it could all have been so different. In the seventeenth century, in the first blush of Enlightenment’s dawn, Adam was a kind of proto-transhumanist ideal. According to the philosopher and clergyman Joseph Glanvill, the first man was blessed, among other things, with superhuman sight: He “needed no Spectacles.


pages: 325 words: 73,035

Who's Your City?: How the Creative Economy Is Making Where to Live the Most Important Decision of Your Life by Richard Florida

Abraham Maslow, active measures, assortative mating, back-to-the-city movement, barriers to entry, big-box store, blue-collar work, borderless world, BRICs, business climate, Celebration, Florida, correlation coefficient, creative destruction, dark matter, David Brooks, David Ricardo: comparative advantage, deindustrialization, demographic transition, edge city, Edward Glaeser, epigenetics, extreme commuting, financial engineering, gentrification, Geoffrey West, Santa Fe Institute, happiness index / gross national happiness, high net worth, income inequality, industrial cluster, invention of the telegraph, Jane Jacobs, job satisfaction, Joseph Schumpeter, knowledge economy, knowledge worker, low skilled workers, megacity, new economy, New Urbanism, Peter Calthorpe, place-making, post-work, power law, Richard Florida, risk tolerance, Robert Gordon, Robert Shiller, Seaside, Florida, Silicon Valley, Silicon Valley startup, superstar cities, The Death and Life of Great American Cities, the strength of weak ties, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tyler Cowen, urban planning, World Values Survey, young professional

., “Bridging and Bonding: A Multi-dimensional Approach to Regional Social Capital,” Carnegie Mellon University, 2005. Robert Putnam, “E Pluribus Unum: Diversity and Community in the Twenty-First Century,” Scandinavian Political Studies 30, 2, 2007, pp. 137-174. Chapter 12 1 See Joseph Cortright and Carol Coletta, “The Young and the Restless in the Knowledge Economy,” CEOs for Cities, December 2005. 2 National Longitudinal Survey of Young Adults, Bureau of Labor Statistics. Available at www.bls.gov/nls. 3 Cortright and Coletta, “The Young and the Restless.” 4 Lena Edlund, “Sex and the City,” Scandinavian Journal of Economics 1, 107, 2005, pp. 26-44. 5 “Singles Map,” National Geographic, February 2007. 6 El Valiente did single men and women with bachelor’s degrees: http://elvaliente.files.wordpress.com/2008/04/creativemappng.png.


pages: 220 words: 73,451

Democratizing innovation by Eric von Hippel

additive manufacturing, correlation coefficient, Debian, disruptive innovation, Free Software Foundation, hacker house, informal economy, information asymmetry, inventory management, iterative process, James Watt: steam engine, knowledge economy, longitudinal study, machine readable, meta-analysis, Network effects, placebo effect, principal–agent problem, Richard Stallman, software patent, systematic bias, the Cathedral and the Bazaar, tragedy of the anticommons, transaction costs, vertical integration, Vickrey auction

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.


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

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

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.


pages: 309 words: 78,361

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

Asian financial crisis, behavioural economics, big-box store, business climate, business cycle, carbon footprint, carbon tax, clean tech, Community Supported Agriculture, creative destruction, credit crunch, Daniel Kahneman / Amos Tversky, decarbonisation, degrowth, dematerialisation, demographic transition, deskilling, Edward Glaeser, en.wikipedia.org, Gini coefficient, global village, Herman Kahn, IKEA effect, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, Jevons paradox, Joseph Schumpeter, Kenneth Arrow, knowledge economy, life extension, McMansion, new economy, ocean acidification, off-the-grid, peak oil, pink-collar, post-industrial society, prediction markets, purchasing power parity, radical decentralization, ride hailing / ride sharing, Robert Shiller, sharing economy, Simon Kuznets, single-payer health, smart grid, systematic bias, systems thinking, The Chicago School, Thomas L Friedman, Thomas Malthus, too big to fail, transaction costs, Yochai Benkler, Zipcar

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: 250 words: 75,151

The New Nomads: How the Migration Revolution Is Making the World a Better Place by Felix Marquardt

"World Economic Forum" Davos, agricultural Revolution, Anthropocene, Black Lives Matter, Black Swan, Boris Johnson, Bretton Woods, Brexit referendum, British Empire, carbon footprint, carbon tax, coronavirus, COVID-19, dark matter, digital nomad, Donald Trump, George Floyd, ghettoisation, glass ceiling, green new deal, Greta Thunberg, Intergovernmental Panel on Climate Change (IPCC), Joi Ito, Kickstarter, knowledge economy, labour market flexibility, Les Trente Glorieuses, out of africa, phenotype, place-making, Ponzi scheme, pre–internet, QAnon, Ray Kurzweil, remote working, Richard Feynman, road to serfdom, Silicon Valley, Skype, Snapchat, social distancing, sustainable-tourism, technological solutionism, technoutopianism, Yogi Berra, young professional

It perhaps comes as no surprise that other forms of privilege are essentials to be packed into the overhead compartment, too. Digital nomads tend to come from wealthy countries, and tend to be from wealthy backgrounds within those countries. The clue is in the ‘digital’ – these workers tend to be highly skilled and part of the knowledge economy. Though it might be technically possible, there are no YouTube channels promoting the benefits of moving around the world working from a factory in China one day, and one in Brazil the next. During the coronavirus pandemic, a new kind of passport privilege has emerged. For most of 2020, as a US citizen, it was very hard to travel out of the country.


pages: 280 words: 76,638

Rebel Ideas: The Power of Diverse Thinking by Matthew Syed

adjacent possible, agricultural Revolution, Alfred Russel Wallace, algorithmic bias, behavioural economics, Bletchley Park, Boeing 747, call centre, Cass Sunstein, classic study, cognitive load, computer age, crowdsourcing, cuban missile crisis, deep learning, delayed gratification, drone strike, Elon Musk, Erik Brynjolfsson, Fairchild Semiconductor, fake news, Ferguson, Missouri, Filter Bubble, Firefox, invention of writing, James Dyson, Jeff Bezos, knowledge economy, lateral thinking, market bubble, mass immigration, microbiome, Mitch Kapor, persistent metabolic adaptation, Peter Thiel, post-truth, Richard Thaler, Ronald Reagan, Second Machine Age, self-driving car, seminal paper, Silicon Valley, social intelligence, Steve Jobs, Steve Wozniak, Stuart Kauffman, tech worker, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, traveling salesman, vertical integration

Various other concerns have been raised by scholars and broadly acknowledged by the CIA. 2: Rebels Versus Clones 1 See http://aris.ss.uci.edu/~lin/52.pdf 2 Anthony King and Ivor Crewe, The Blunders of Our Governments (Oneworld, 2013). 3 Anthony King and Ivor Crewe, The Blunders of Our Governments. 4 https://www.linkedin.com/pulse/forget-culture-fit-your-team-needs-add-shane-snow 5 James Surowiecki, The Wisdom of the Crowds: Why the Many Are Smarter Than the Few (Abacus, 2005). 6 https://www.researchgate.net/publication/232513627_The_Differential_Contributions_of_Majority_and_Minority_Influence 7 Scott E. Page, The Diversity Bonus: How Great Teams Pay off in the Knowledge Economy (Princeton University Press, 2017). 8 Scott E. Page, The Difference: How the Power of Diversity Creates Better Groups, Firms, Schools, and Societies (Princeton University Press, 2007). 9 https://www.sciencenews.org/blog/scicurious/women-sports-are-often-underrepresented-science 10 Michael Smith, The Secrets of Station X: How the Bletchley Park Codebreakers Helped Win the War (Biteback, 2011). 11 Michael Smith, The Secrets of Station X. 12 Robin Denniston, Thirty Secret Years, A.


pages: 272 words: 76,154

How Boards Work: And How They Can Work Better in a Chaotic World by Dambisa Moyo

"Friedman doctrine" OR "shareholder theory", activist fund / activist shareholder / activist investor, Airbnb, algorithmic trading, Amazon Web Services, AOL-Time Warner, asset allocation, barriers to entry, Ben Horowitz, Big Tech, bitcoin, Black Lives Matter, blockchain, Boeing 737 MAX, Bretton Woods, business cycle, business process, buy and hold, call centre, capital controls, carbon footprint, collapse of Lehman Brothers, coronavirus, corporate governance, corporate social responsibility, COVID-19, creative destruction, cryptocurrency, deglobalization, don't be evil, Donald Trump, fake news, financial engineering, gender pay gap, geopolitical risk, George Floyd, gig economy, glass ceiling, global pandemic, global supply chain, hiring and firing, income inequality, index fund, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Jeff Bezos, knowledge economy, labor-force participation, long term incentive plan, low interest rates, Lyft, money: store of value / unit of account / medium of exchange, multilevel marketing, Network effects, new economy, old-boy network, Pareto efficiency, passive investing, Pershing Square Capital Management, proprietary trading, remote working, Ronald Coase, Savings and loan crisis, search costs, shareholder value, Shoshana Zuboff, Silicon Valley, social distancing, Social Responsibility of Business Is to Increase Its Profits, SoftBank, sovereign wealth fund, surveillance capitalism, The Nature of the Firm, Tim Cook: Apple, too big to fail, trade route, Travis Kalanick, uber lyft, Vanguard fund, Washington Consensus, WeWork, women in the workforce, work culture

This is unfolding alongside a number of other employment trends that corporate boards should be attuned to, including the development of the information gig economy, the trend of working beyond traditional retirement age, and changes in workplace behavior and dress. Securing top talent is becoming tougher in part because of greater competition for fewer high-quality candidates and rising barriers to immigration. But, perhaps more crucially, it is also becoming harder at precisely the moment when the knowledge economy is taking off. Investment in intangible assets—for example, R&D, strong brands, and intellectual property—has doubled as a share of trade in recent years, from 5.5 percent to 13.1 percent. A 2019 McKinsey report underscored this point, explaining that “value creation is shifting to upstream activities, such as R&D and design, and to downstream activities, such as distribution, marketing, and after-sales services.”


The Smartphone Society by Nicole Aschoff

"Susan Fowler" uber, 4chan, A Declaration of the Independence of Cyberspace, Airbnb, algorithmic bias, algorithmic management, Amazon Web Services, artificial general intelligence, autonomous vehicles, barriers to entry, Bay Area Rapid Transit, Bernie Sanders, Big Tech, Black Lives Matter, blockchain, carbon footprint, Carl Icahn, Cass Sunstein, citizen journalism, cloud computing, correlation does not imply causation, crony capitalism, crowdsourcing, cryptocurrency, data science, deep learning, DeepMind, degrowth, Demis Hassabis, deplatforming, deskilling, digital capitalism, digital divide, do what you love, don't be evil, Donald Trump, Downton Abbey, Edward Snowden, Elon Musk, Evgeny Morozov, fake news, feminist movement, Ferguson, Missouri, Filter Bubble, financial independence, future of work, gamification, gig economy, global value chain, Google Chrome, Google Earth, Googley, green new deal, housing crisis, income inequality, independent contractor, Jaron Lanier, Jeff Bezos, Jessica Bruder, job automation, John Perry Barlow, knowledge economy, late capitalism, low interest rates, Lyft, M-Pesa, Mark Zuckerberg, minimum wage unemployment, mobile money, moral panic, move fast and break things, Naomi Klein, Network effects, new economy, Nicholas Carr, Nomadland, occupational segregation, Occupy movement, off-the-grid, offshore financial centre, opioid epidemic / opioid crisis, PageRank, Patri Friedman, peer-to-peer, Peter Thiel, pets.com, planned obsolescence, quantitative easing, Ralph Waldo Emerson, RAND corporation, Ray Kurzweil, RFID, Richard Stallman, ride hailing / ride sharing, Rodney Brooks, Ronald Reagan, Salesforce, Second Machine Age, self-driving car, shareholder value, sharing economy, Sheryl Sandberg, Shoshana Zuboff, Sidewalk Labs, Silicon Valley, single-payer health, Skype, Snapchat, SoftBank, statistical model, Steve Bannon, Steve Jobs, surveillance capitalism, TaskRabbit, tech worker, technological determinism, TED Talk, the scientific method, The Structural Transformation of the Public Sphere, TikTok, transcontinental railway, transportation-network company, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, upwardly mobile, Vision Fund, W. E. B. Du Bois, wages for housework, warehouse robotics, WikiLeaks, women in the workforce, yottabyte

“Neoliberalism”—a model of capitalism emphasizing a reduced state role in regulating markets and providing services, and “free market” competition between countries, companies, and workers as the best way to achieve growth and efficiency—lost its legitimacy.30 In the three decades leading up to the 2008 crisis, advocates of neoliberalism promised to raise all boats through privatizing public services and institutions, shrinking the social safety net, growing the “knowledge economy,” bolstering globalization and free trade, deregulating financial markets, and maximizing shareholder value. Democrats and Republicans reassured skeptics that any pain resulting from these policy objectives would be temporary adjustments as the country shifted gears toward developing a high-tech, skilled workforce guided by efficient capital markets and the carrot and stick of “world-class” competition, which would yield good new jobs and economic growth.


pages: 275 words: 84,980

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

"World Economic Forum" Davos, agricultural Revolution, Airbnb, Alan Greenspan, bank run, banks create money, bitcoin, blockchain, Bretton Woods, British Empire, Broken windows theory, Burning Man, business cycle, capital controls, cashless society, Clayton Christensen, clockwork universe, creative destruction, credit crunch, cross-border payments, cross-subsidies, crowdsourcing, cryptocurrency, David Graeber, dematerialisation, Diane Coyle, disruptive innovation, distributed ledger, Dogecoin, double entry bookkeeping, Ethereum, ethereum blockchain, facts on the ground, fake news, 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, land bank, large denomination, low interest rates, M-Pesa, market clearing, market fundamentalism, Marshall McLuhan, Martin Wolf, mobile money, Money creation, 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, Suez canal 1869, technoutopianism, The future is already here, the payments system, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, wage slave, Washington Consensus, wikimedia commons

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’.


pages: 306 words: 82,765

Skin in the Game: Hidden Asymmetries in Daily Life by Nassim Nicholas Taleb

anti-fragile, availability heuristic, behavioural economics, Benoit Mandelbrot, Bernie Madoff, Black Swan, Brownian motion, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, cellular automata, Claude Shannon: information theory, cognitive dissonance, complexity theory, data science, David Graeber, disintermediation, Donald Trump, Edward Thorp, equity premium, fake news, financial independence, information asymmetry, invisible hand, knowledge economy, loss aversion, mandelbrot fractal, Mark Spitznagel, mental accounting, microbiome, mirror neurons, moral hazard, Murray Gell-Mann, offshore financial centre, p-value, Paradox of Choice, Paul Samuelson, Ponzi scheme, power law, precautionary principle, price mechanism, principal–agent problem, public intellectual, Ralph Nader, random walk, rent-seeking, Richard Feynman, Richard Thaler, Ronald Coase, Ronald Reagan, Rory Sutherland, Rupert Read, Silicon Valley, Social Justice Warrior, Steven Pinker, stochastic process, survivorship bias, systematic bias, tail risk, TED Talk, The Nature of the Firm, Tragedy of the Commons, transaction costs, urban planning, Yogi Berra

The book, Capital in the Twenty-first Century, makes aggressive claims about the alarming rise of inequality, adding to it a theory of why capital tends to command too much return in relation to labor and how the absence of redistribution and dispossession might make the world collapse. Piketty’s theory about the increase in the return of capital in relation to labor is patently wrong, as anyone who has witnessed the rise of what is called the “knowledge economy” (or anyone who has had investments in general) knows. Clearly, when you say that inequality changes from year one to year two, you need to show that those who are at the top are the same people—something Piketty doesn’t do (remember that he is an economist and has trouble with things that move).


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

Alvin Toffler, An Inconvenient Truth, Andrew Keen, Charles Babbage, computer age, corporate governance, Dennis Ritchie, deskilling, Douglas Engelbart, Douglas Engelbart, East Village, en.wikipedia.org, information retrieval, Internet Archive, invention of movable type, Ivan Sutherland, Jaron Lanier, Ken Thompson, knowledge economy, Lewis Mumford, machine translation, Marshall McLuhan, Mikhail Gorbachev, military-industrial complex, national security letter, Neal Stephenson, On the Economy of Machinery and Manufactures, optical character recognition, profit motive, QR code, RAND corporation, RFC: Request For Comment, scientific management, Shoshana Zuboff, Silicon Valley, Steve Jobs, tacit knowledge, technological determinism, The Structural Transformation of the Public Sphere, Turing test, WikiLeaks, Works Progress Administration

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.


pages: 309 words: 86,909

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

"Hurricane Katrina" Superdome, basic income, Berlin Wall, classic study, 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, longitudinal study, Louis Pasteur, meta-analysis, Milgram experiment, mirror neurons, moral panic, Murray Bookchin, offshore financial centre, phenotype, 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.


pages: 310 words: 85,995

The Future of Capitalism: Facing the New Anxieties by Paul Collier

"Friedman doctrine" OR "shareholder theory", accounting loophole / creative accounting, Airbnb, An Inconvenient Truth, assortative mating, bank run, Bear Stearns, behavioural economics, Berlin Wall, Bernie Sanders, bitcoin, Bob Geldof, bonus culture, business cycle, call centre, central bank independence, centre right, commodity super cycle, computerized trading, corporate governance, creative destruction, cuban missile crisis, David Brooks, delayed gratification, deskilling, Donald Trump, eurozone crisis, fake news, financial deregulation, full employment, George Akerlof, Goldman Sachs: Vampire Squid, greed is good, income inequality, industrial cluster, information asymmetry, intangible asset, Jean Tirole, Jeremy Corbyn, job satisfaction, John Perry Barlow, Joseph Schumpeter, knowledge economy, late capitalism, loss aversion, Mark Zuckerberg, minimum wage unemployment, moral hazard, negative equity, New Urbanism, Northern Rock, offshore financial centre, out of africa, Peace of Westphalia, principal–agent problem, race to the bottom, rent control, rent-seeking, rising living standards, Robert Shiller, Robert Solow, Ronald Reagan, shareholder value, Silicon Valley, Silicon Valley ideology, sovereign wealth fund, The Wealth of Nations by Adam Smith, theory of mind, too big to fail, trade liberalization, urban planning, web of trust, zero-sum game

The explosion in knowledge turbo-charged the old relationship between specialization and urbanization, leading to spectacular growth in the largest cities. Globalization opened up new possibilities for harnessing the gains from scale, but also exposed the established clusters to new competition, sometimes leading to their demise. The knowledge revolution and the rise of the metropolis Since the 1980s the knowledge economy has expanded exponentially. This has been driven partly by unprecedented growth in the fundamental research conducted in universities and partly by a complementary expansion in the applied research conducted in firms. The potential to harness matter to human advantage is limited only by the fundamental laws of physics.


pages: 313 words: 84,312

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

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 divide, digital Maoism, disruptive innovation, double helix, Douglas Engelbart, Edward Lloyd's coffeehouse, folksonomy, frictionless, frictionless market, future of work, game design, Garrett Hardin, Google Earth, Google X / Alphabet X, Hacker Ethic, Herbert Marcuse, Hernando de Soto, hive mind, Howard Rheingold, interchangeable parts, Isaac Newton, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jean Tirole, jimmy wales, Johannes Kepler, John Markoff, John von Neumann, Joi Ito, Kevin Kelly, knowledge economy, knowledge worker, lateral thinking, lone genius, M-Pesa, Mark Shuttleworth, Mark Zuckerberg, Marshall McLuhan, Menlo Park, microcredit, Mitch Kapor, new economy, Nicholas Carr, online collectivism, Paradox of Choice, planetary scale, post scarcity, public intellectual, Recombinant DNA, Richard Stallman, Shoshana Zuboff, Silicon Valley, slashdot, social web, software patent, Steven Levy, Stewart Brand, supply-chain management, synthetic biology, the Cathedral and the Bazaar, The Death and Life of Great American Cities, the long tail, the market place, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Tragedy of the Commons, Whole Earth Catalog, work culture , Yochai Benkler, 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.


pages: 353 words: 81,436

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

"there is no alternative" (TINA), "World Economic Forum" Davos, activist fund / activist shareholder / activist investor, air traffic controllers' union, Alan Greenspan, banking crisis, basic income, Bretton Woods, business cycle, capital controls, Carmen Reinhart, central bank independence, collective bargaining, corporate governance, creative destruction, currency risk, David Graeber, deindustrialization, Deng Xiaoping, Eugene Fama: efficient market hypothesis, financial deregulation, financial engineering, financial repression, fixed income, full employment, Garrett Hardin, Gini coefficient, Growth in a Time of Debt, income inequality, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, knowledge economy, labour market flexibility, labour mobility, late capitalism, liberal capitalism, low interest rates, 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, Tragedy of the Commons, 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.


pages: 317 words: 84,400

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

23andMe, Ada Lovelace, airport security, Al Roth, algorithmic trading, Apollo 13, backtesting, Bear Stearns, big-box store, Black Monday: stock market crash in 1987, Black-Scholes formula, call centre, Charles Babbage, cloud computing, collateralized debt obligation, commoditize, Credit Default Swap, credit default swaps / collateralized debt obligations, delta neutral, Donald Trump, Douglas Hofstadter, dumpster diving, financial engineering, Flash crash, G4S, Gödel, Escher, Bach, Hacker News, High speed trading, Howard Rheingold, index fund, Isaac Newton, Jim Simons, John Markoff, John Maynard Keynes: technological unemployment, knowledge economy, late fees, machine translation, Marc Andreessen, Mark Zuckerberg, market bubble, Max Levchin, medical residency, money market fund, Myron Scholes, Narrative Science, PageRank, pattern recognition, Paul Graham, Pierre-Simon Laplace, prediction markets, proprietary trading, quantitative hedge fund, Renaissance Technologies, ride hailing / ride sharing, risk tolerance, Robert Mercer, 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.


pages: 223 words: 10,010

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

"World Economic Forum" Davos, Adam Curtis, air traffic controllers' union, Alan Greenspan, AOL-Time Warner, 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 cycle, 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, Everybody Ought to Be Rich, falling living standards, financial deregulation, financial engineering, 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, job polarisation, John Meriwether, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, laissez-faire capitalism, Larry Ellison, light touch regulation, Londongrad, Long Term Capital Management, low interest rates, low skilled workers, manufacturing employment, market bubble, Martin Wolf, Mary Meeker, mittelstand, mobile money, Mont Pelerin Society, Myron Scholes, new economy, Nick Leeson, North Sea oil, Northern Rock, offshore financial centre, oil shock, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, proprietary trading, Right to Buy, rising living standards, Robert Shiller, Robert Solow, 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, 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.


pages: 247 words: 81,135

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

3D printing, additive manufacturing, Airbnb, augmented reality, barriers to entry, behavioural economics, Bill Gates: Altair 8800, bitcoin, BRICs, Buckminster Fuller, citizen journalism, collaborative consumption, cryptocurrency, data science, David Heinemeier Hansson, deep learning, disruptive innovation, driverless car, Dunbar number, Elon Musk, fiat currency, Frederick Winslow Taylor, game design, gamification, Google X / Alphabet X, haute couture, helicopter parent, hype cycle, illegal immigration, index fund, Jeff Bezos, jimmy wales, Kickstarter, knowledge economy, Law of Accelerating Returns, lifelogging, market design, Mary Meeker, Metcalfe's law, Minecraft, minimum viable product, Network effects, new economy, peer-to-peer, planned obsolescence, post scarcity, prediction markets, pre–internet, profit motive, race to the bottom, random walk, Ray Kurzweil, recommendation engine, remote working, RFID, Rubik’s Cube, scientific management, 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, subscription business, survivorship bias, The Home Computer Revolution, the long tail, too big to fail, US Airways Flight 1549, vertical integration, 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: 297 words: 83,651

The Twittering Machine by Richard Seymour

4chan, anti-communist, augmented reality, behavioural economics, Bernie Sanders, Big Tech, Black Lives Matter, Cal Newport, Californian Ideology, Cass Sunstein, Chelsea Manning, citizen journalism, classic study, colonial rule, Comet Ping Pong, correlation does not imply causation, credit crunch, crisis actor, crowdsourcing, dark triade / dark tetrad, disinformation, don't be evil, Donald Trump, Elon Musk, Erik Brynjolfsson, Evgeny Morozov, fake news, false flag, Filter Bubble, Gabriella Coleman, gamification, Google Chrome, Google Earth, hive mind, informal economy, Internet of things, invention of movable type, invention of writing, James Bridle, Jaron Lanier, Jeremy Corbyn, Jon Ronson, Jony Ive, Kevin Kelly, Kevin Roose, knowledge economy, late capitalism, Lewis Mumford, liberal capitalism, Mark Zuckerberg, Marshall McLuhan, meta-analysis, Mohammed Bouazizi, moral panic, move fast and break things, Network effects, new economy, packet switching, patent troll, Philip Mirowski, post scarcity, post-industrial society, post-truth, RAND corporation, Rat Park, rent-seeking, replication crisis, sentiment analysis, Shoshana Zuboff, Silicon Valley, Silicon Valley ideology, Skinner box, smart cities, Snapchat, Social Justice Warrior, Steve Bannon, Steve Jobs, Stewart Brand, Stuxnet, surveillance capitalism, TaskRabbit, technological determinism, technoutopianism, TED Talk, the scientific method, Tim Cook: Apple, Timothy McVeigh, Twitter Arab Spring, undersea cable, upwardly mobile, white flight, Whole Earth Catalog, WikiLeaks

For the ex-Marxists among the postmodernists, this was clearly an attempt at sublimating their historical defeat. Nonetheless, the identification of a postmodern era was an attempt to describe something that had happened to capitalism. That something – whether it went under the name of the post-industrial society, the knowledge economy or informational capitalism – was the growing importance of images and signs in everyday life. The rise of information technologies and whole industries based around communications, signs and images, altered not only the economy but the structure of meaning. The growth of information economies fits well with the inherent and ever-increasing celerity of capitalism.


pages: 308 words: 85,880

How to Fix the Future: Staying Human in the Digital Age by Andrew Keen

"World Economic Forum" Davos, 23andMe, Ada Lovelace, Affordable Care Act / Obamacare, Airbnb, Albert Einstein, AlphaGo, Andrew Keen, Apple's 1984 Super Bowl advert, augmented reality, autonomous vehicles, basic income, Bernie Sanders, Big Tech, bitcoin, Black Swan, blockchain, Brewster Kahle, British Empire, carbon tax, Charles Babbage, computer age, Cornelius Vanderbilt, creative destruction, crowdsourcing, data is the new oil, death from overwork, DeepMind, Demis Hassabis, Didi Chuxing, digital capitalism, digital map, digital rights, disinformation, don't be evil, Donald Trump, driverless car, Edward Snowden, Elon Musk, Erik Brynjolfsson, European colonialism, fake news, Filter Bubble, Firefox, fulfillment center, full employment, future of work, gig economy, global village, income inequality, independent contractor, informal economy, Internet Archive, Internet of things, invisible hand, Isaac Newton, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jeff Bezos, jimmy wales, job automation, Joi Ito, Kevin Kelly, knowledge economy, Lyft, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Marshall McLuhan, Menlo Park, Mitch Kapor, move fast and break things, Network effects, new economy, Nicholas Carr, Norbert Wiener, OpenAI, Parag Khanna, peer-to-peer, Peter Thiel, plutocrats, post-truth, postindustrial economy, precariat, Ralph Nader, Ray Kurzweil, Recombinant DNA, rent-seeking, ride hailing / ride sharing, Rutger Bregman, Salesforce, Sam Altman, Sand Hill Road, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Silicon Valley startup, Skype, smart cities, Snapchat, social graph, software is eating the world, Stephen Hawking, Steve Jobs, Steve Wozniak, subscription business, surveillance capitalism, Susan Wojcicki, tech baron, tech billionaire, tech worker, technological determinism, technoutopianism, The Future of Employment, the High Line, the new new thing, Thomas L Friedman, Tim Cook: Apple, Travis Kalanick, Triangle Shirtwaist Factory, Uber and Lyft, Uber for X, uber lyft, universal basic income, Unsafe at Any Speed, Upton Sinclair, urban planning, WikiLeaks, winner-take-all economy, Y Combinator, Yogi Berra, Zipcar

Friedman, Thanks You for Being Late: An Optimist’s Guide to Thriving in the Age of Acceleration (Farrar, Straus and Giroux, 2016), 27. 7. Ibid., 28. 8. Joi Ito and Jeff Howe, Whiplash: How to Survive Our Faster Future (Grand Central Publishing, 2016). 9. Friedman, Thank You for Being Late, 4. 10. Dov Seidman, “From the Knowledge Economy to the Human Economy,” Harvard Review, November 12, 2014. 11. “2017 Edelman TRUST BAROMETER Reveals Global Implosion of Trust,” Edelman.com, January 15, 2017. 12. Akash Kapur, “Utopia Makes a Comeback,” New Yorker, October 3, 2016. 13. Oscar Wilde, “The Soul of Man Under Socialism” (1891), in Wilde, The Soul of Man Under Socialism and Selected Critical Prose, ed., Linda C.


pages: 278 words: 82,771

Built on a Lie: The Rise and Fall of Neil Woodford and the Fate of Middle England’s Money by Owen Walker

activist fund / activist shareholder / activist investor, bank run, banking crisis, barriers to entry, Big bang: deregulation of the City of London, Black Monday: stock market crash in 1987, Brexit referendum, British Empire, buy and hold, call centre, carbon footprint, clean water, coronavirus, corporate governance, COVID-19, fixed income, G4S, Kickstarter, knowledge economy, liquidity trap, lockdown, mass affluent, popular capitalism, profit motive, regulatory arbitrage, shareholder value, short selling, Silicon Valley, sovereign wealth fund, stem cell, Steve Jobs, Winter of Discontent

‘We want Jeremy to get a sense of the quality and depth of British science being developed at our universities, to better understand the challenges early stage businesses face on the road to scaled success, and finally to learn how the government could do more to help grow and develop Britain’s knowledge economy,’ the invitation read. The event was a great success. Just two weeks later, on 21 November, prime minister Theresa May announced the launch of a Treasury-led review to identify how best the government could help fledgling companies raise money. In a sign of the influence Woodford had over the review, not only was he named on the contributing panel, but also the title of the review was lifted from his recently launched investment trust: Patient Capital.


pages: 291 words: 80,068

Framers: Human Advantage in an Age of Technology and Turmoil by Kenneth Cukier, Viktor Mayer-Schönberger, Francis de Véricourt

Albert Einstein, Andrew Wiles, Apollo 11, autonomous vehicles, Ben Bernanke: helicopter money, Berlin Wall, bitcoin, Black Lives Matter, blockchain, Blue Ocean Strategy, circular economy, Claude Shannon: information theory, cognitive dissonance, cognitive load, contact tracing, coronavirus, correlation does not imply causation, COVID-19, credit crunch, CRISPR, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, deep learning, DeepMind, defund the police, Demis Hassabis, discovery of DNA, Donald Trump, double helix, Douglas Hofstadter, Elon Musk, en.wikipedia.org, fake news, fiat currency, framing effect, Francis Fukuyama: the end of history, Frank Gehry, game design, George Floyd, George Gilder, global pandemic, global village, Gödel, Escher, Bach, Higgs boson, Ignaz Semmelweis: hand washing, informal economy, Isaac Newton, Jaron Lanier, Jeff Bezos, job-hopping, knowledge economy, Large Hadron Collider, lockdown, Louis Pasteur, Mark Zuckerberg, Mercator projection, meta-analysis, microaggression, Mustafa Suleyman, Neil Armstrong, nudge unit, OpenAI, packet switching, pattern recognition, Peter Thiel, public intellectual, quantitative easing, Ray Kurzweil, Richard Florida, Schrödinger's Cat, scientific management, self-driving car, Silicon Valley, Steve Jobs, Steven Pinker, TED Talk, The Structural Transformation of the Public Sphere, Thomas Kuhn: the structure of scientific revolutions, TikTok, Tim Cook: Apple, too big to fail, transaction costs, Tyler Cowen

., “The Effects of Bilingual Growth on Toddlers’ Executive Function,” Journal of Experimental Child Psychology 141 (January 2016): 121–32. On Lewis Branscomb: Two of the authors have experienced his rigorous intellectual charm firsthand. On diversity dividend: The decision-science expert Scott Page calls it a “diversity bonus.” See Scott E. Page, The Diversity Bonus: How Great Teams Pay Off in the Knowledge Economy, ed. Earl Lewis (Princeton, NJ: Princeton University Press, 2017). On homophily in social networks: Miller McPherson, Lynn Smith-Lovin, and James M. Cook, “Birds of a Feather: Homophily in Social Networks,” Annual Review of Sociology 27 (August 2001): 415–44. Norway’s gender diversity on corporate boards: Kenneth R.


pages: 300 words: 87,374

The Light That Failed: A Reckoning by Ivan Krastev, Stephen Holmes

active measures, Affordable Care Act / Obamacare, Andrei Shleifer, anti-communist, anti-globalists, bank run, Berlin Wall, Black Lives Matter, borderless world, Brexit referendum, corporate governance, David Brooks, deglobalization, deindustrialization, Deng Xiaoping, disinformation, Dissolution of the Soviet Union, Donald Trump, failed state, fake news, Fall of the Berlin Wall, Francis Fukuyama: the end of history, illegal immigration, Kickstarter, knowledge economy, kremlinology, liberal world order, mass immigration, Mikhail Gorbachev, Neil Armstrong, nuclear winter, obamacare, offshore financial centre, open borders, post-truth, postnationalism / post nation state, reserve currency, Ronald Reagan, shared worldview, South China Sea, Steve Bannon, the market place, Thorstein Veblen, too big to fail, Twitter Arab Spring, WikiLeaks

In America, similarly, the populist backlash reflects a transformation of what should have been a working-class party, the Democrats, into the party of educated elites. Both Bill Clinton and Barack Obama seemed to be saying: Imitate us! Get a college education. Or better, a post-graduate one. To white high-school graduates who were already feeling superfluous in the new Knowledge Economy, such an Imitation Imperative felt like an existential reproach. They were in no position to imitate the urban elite and its liberal values. They weren’t going to college and were therefore naturally looking for a politician who would fight back, who would tell them they weren’t lost simply because they didn’t have a college degree, who would assure them that they didn’t have to imitate the well-educated but could just go on being themselves.


pages: 843 words: 223,858

The Rise of the Network Society by Manuel Castells

air traffic controllers' union, Alan Greenspan, Apple II, Asian financial crisis, barriers to entry, Big bang: deregulation of the City of London, Bob Noyce, borderless world, British Empire, business cycle, capital controls, classic study, complexity theory, computer age, Computer Lib, computerized trading, content marketing, creative destruction, Credit Default Swap, declining real wages, deindustrialization, delayed gratification, dematerialisation, deskilling, digital capitalism, digital divide, disintermediation, double helix, Douglas Engelbart, Douglas Engelbart, edge city, experimental subject, export processing zone, Fairchild Semiconductor, financial deregulation, financial independence, floating exchange rates, future of work, gentrification, global village, Gunnar Myrdal, Hacker Ethic, hiring and firing, Howard Rheingold, illegal immigration, income inequality, independent contractor, Induced demand, industrial robot, informal economy, information retrieval, intermodal, invention of the steam engine, invention of the telephone, inventory management, Ivan Sutherland, James Watt: steam engine, job automation, job-hopping, John Markoff, John Perry Barlow, Kanban, knowledge economy, knowledge worker, labor-force participation, laissez-faire capitalism, Leonard Kleinrock, longitudinal study, low skilled workers, manufacturing employment, Marc Andreessen, Marshall McLuhan, means of production, megacity, Menlo Park, military-industrial complex, 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-Fordism, post-industrial society, Post-Keynesian economics, postindustrial economy, prediction markets, Productivity paradox, profit maximization, purchasing power parity, RAND corporation, Recombinant DNA, Robert Gordon, Robert Metcalfe, Robert Solow, seminal paper, Shenzhen special economic zone , 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, Strategic Defense Initiative, tacit knowledge, technological determinism, 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, vertical integration, work culture , zero-sum game

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.

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.


pages: 796 words: 223,275

The WEIRDest People in the World: How the West Became Psychologically Peculiar and Particularly Prosperous by Joseph Henrich

agricultural Revolution, Bartolomé de las Casas, behavioural economics, British Empire, charter city, cognitive dissonance, Columbian Exchange, correlation does not imply causation, cotton gin, Daniel Kahneman / Amos Tversky, dark matter, delayed gratification, discovery of the americas, Edward Glaeser, en.wikipedia.org, endowment effect, epigenetics, European colonialism, experimental economics, financial innovation, Flynn Effect, fundamental attribution error, glass ceiling, income inequality, invention of agriculture, Isaac Newton, James Hargreaves, James Watt: steam engine, Johannes Kepler, John Snow's cholera map, joint-stock company, knowledge economy, land reform, longitudinal study, Menlo Park, mental accounting, meta-analysis, New Urbanism, pattern recognition, Pearl River Delta, profit maximization, randomized controlled trial, Republic of Letters, rolodex, social contagion, social web, sparse data, spinning jenny, Spread Networks laid a new fibre optics cable between New York and Chicago, Stanford marshmallow experiment, tacit knowledge, The Wealth of Nations by Adam Smith, theory of mind, trade route, Tyler Cowen, ultimatum game, wikimedia commons, working-age population, World Values Survey, zero-sum game

Long-term persistence: The free and imperial city experience in Germany. Working paper, ssrn.com/abstract=1616973. Jacob, M. C. (2000). Commerce, industry, and the laws of Newtonian science: Weber revisited and revised. Canadian Journal of History 35 (2), 275–92. Jacob, M. C. (2013). The First Knowledge Economy: Human Capital and the European Economy, 1750–1850. Cambridge: Cambridge University Press. Jaffe, K., Florez, A., Gomes, C. M., Rodriguez, D., and Achury, C. (2014). On the biological and cultural evolution of shame: Using internet search tools to weight values in many cultures. Working paper, arxiv.org/abs/1401.1100.

The Lever of Riches. New York: Oxford University Press. Mokyr, J. (1995). Urbanization, technological progress, and economic history. In H. Giersch (ed.), Urban Agglomeration and Economic Growth (pp. 51–54). Berlin and Heidelberg: Springer. Mokyr, J. (2002). The Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton, NJ: Princeton University Press. Mokyr, J. (2011). The intellectual origins of modern economic growth. Economic History Review 64 (2), 357–84. Mokyr, J. (2013). Cultural entrepreneurs and the origins of modern economic growth. Scandinavian Economic History Review 61 (1), 1–33. Mokyr, J. (2016).


pages: 606 words: 87,358

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

"World Economic Forum" Davos, 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, export processing zone, 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, Kickstarter, 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, Robert Solow, Second Machine Age, Simon Kuznets, Skype, Snapchat, Stephen Hawking, tacit knowledge, telepresence, telerobotics, The Wealth of Nations by Adam Smith, trade liberalization, trade route, Washington Consensus

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.


pages: 327 words: 90,542

The Age of Stagnation: Why Perpetual Growth Is Unattainable and the Global Economy Is in Peril by Satyajit Das

"there is no alternative" (TINA), "World Economic Forum" Davos, 9 dash line, accounting loophole / creative accounting, additive manufacturing, Airbnb, Alan Greenspan, Albert Einstein, Alfred Russel Wallace, Anthropocene, Anton Chekhov, Asian financial crisis, banking crisis, Bear Stearns, Berlin Wall, bitcoin, bond market vigilante , Bretton Woods, BRICs, British Empire, business cycle, business process, business process outsourcing, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, 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, digital divide, disintermediation, disruptive innovation, Downton Abbey, Emanuel Derman, energy security, energy transition, eurozone crisis, financial engineering, financial innovation, financial repression, forward guidance, Francis Fukuyama: the end of history, full employment, geopolitical risk, gig economy, Gini coefficient, global reserve currency, global supply chain, Goldman Sachs: Vampire Squid, Great Leap Forward, Greenspan put, happiness index / gross national happiness, high-speed rail, 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), it is difficult to get a man to understand something, when his salary depends on his not understanding it, It's morning again in America, Jane Jacobs, John Maynard Keynes: technological unemployment, junk bonds, Kenneth Rogoff, Kevin Roose, knowledge economy, knowledge worker, Les Trente Glorieuses, light touch regulation, liquidity trap, Long Term Capital Management, low interest rates, low skilled workers, Lyft, Mahatma Gandhi, margin call, market design, Marshall McLuhan, Martin Wolf, middle-income trap, Mikhail Gorbachev, military-industrial complex, Minsky moment, mortgage debt, mortgage tax deduction, new economy, New Urbanism, offshore financial centre, oil shale / tar sands, oil shock, old age dependency ratio, open economy, PalmPilot, passive income, peak oil, peer-to-peer lending, pension reform, planned obsolescence, 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, Robert Solow, Ronald Reagan, Russell Brand, Satyajit Das, savings glut, secular stagnation, seigniorage, sharing economy, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, sovereign wealth fund, Stephen Fry, systems thinking, 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, uber lyft, 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

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.


pages: 338 words: 92,465

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

active measures, blue-collar work, business cycle, collective bargaining, Computer Numeric Control, deindustrialization, desegregation, factory automation, high-speed rail, information security, intentional community, interchangeable parts, invisible hand, job-hopping, knowledge economy, longitudinal study, low skilled workers, performance metric, proprietary trading, reshoring, Ronald Reagan, Silicon Valley, social intelligence, two tier labour market, union organizing, upwardly mobile, W. E. B. Du Bois, War on Poverty, Wolfgang Streeck, working poor

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: 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

asset allocation, buy and hold, call centre, diversification, estate planning, fixed income, Home mortgage interest deduction, index fund, junk bonds, knowledge economy, low interest rates, 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.


pages: 324 words: 93,175

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

Alvin Roth, An Inconvenient Truth, assortative mating, Bear Stearns, behavioural economics, Burning Man, business process, cognitive dissonance, Cornelius Vanderbilt, corporate governance, Daniel Kahneman / Amos Tversky, Demis Hassabis, end world poverty, endowment effect, Exxon Valdez, first-price auction, Ford Model T, Frederick Winslow Taylor, George Akerlof, happiness index / gross national happiness, hedonic treadmill, IKEA effect, Jean Tirole, job satisfaction, knowledge economy, knowledge worker, loss aversion, name-letter effect, Peter Singer: altruism, placebo effect, Richard Thaler, Saturday Night Live, search costs, second-price auction, Skinner box, software as a service, subprime mortgage crisis, sunk-cost fallacy, 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.


pages: 291 words: 88,879

Going Solo: The Extraordinary Rise and Surprising Appeal of Living Alone by Eric Klinenberg

big-box store, carbon footprint, classic study, David Brooks, deindustrialization, deskilling, employer provided health coverage, equal pay for equal work, estate planning, fear of failure, financial independence, fixed income, Joseph Schumpeter, knowledge economy, longitudinal study, mass incarceration, New Urbanism, public intellectual, Ralph Waldo Emerson, rent control, Richard Florida, San Francisco homelessness, selection bias, Silicon Valley, Skype, speech recognition, women in the workforce, work culture , working poor, young professional

Tenure-track jobs are disappearing everywhere, and teaching jobs that pay the bills are scarce. Relationships are demanding and distracting. They can slow you down or, worse, compromise the quality of your work. What’s more, few of them last. Don’t you owe it to yourself to prioritize work? The so-called “creative class” of those who work in the knowledge economies share a similar ethos. True, the lucky ones can occasionally enjoy a Ping-Pong game or free food in the office, but they also face enormous demands on their time and energy. They are not only vying for market share in fiercely competitive industries, from software to cinema, advertising to art.


pages: 317 words: 98,745

Black Code: Inside the Battle for Cyberspace by Ronald J. Deibert

4chan, air gap, Any sufficiently advanced technology is indistinguishable from magic, Brian Krebs, call centre, citizen journalism, Citizen Lab, cloud computing, connected car, corporate social responsibility, crowdsourcing, cuban missile crisis, data acquisition, digital divide, disinformation, end-to-end encryption, escalation ladder, Evgeny Morozov, failed state, Firefox, Gabriella Coleman, global supply chain, global village, Google Hangouts, Hacker Ethic, Herman Kahn, informal economy, information security, invention of writing, Iridium satellite, jimmy wales, John Gilmore, John Markoff, Kibera, Kickstarter, knowledge economy, Lewis Mumford, low earth orbit, Marshall McLuhan, military-industrial complex, MITM: man-in-the-middle, mobile money, mutually assured destruction, Naomi Klein, new economy, Occupy movement, off-the-grid, Panopticon Jeremy Bentham, planetary scale, rent-seeking, Ronald Reagan, Ronald Reagan: Tear down this wall, Silicon Valley, Silicon Valley startup, Skype, smart grid, South China Sea, Steven Levy, Streisand effect, Stuxnet, Ted Kaczynski, the medium is the message, Turing test, Twitter Arab Spring, undersea cable, unit 8200, We are Anonymous. We are Legion, WikiLeaks, Yochai Benkler, zero day

Rather, it’s deliberately designed to take advantage of information and communications technologies which the Chinese see as critical to their long-term future, while maintaining political stability around one-party rule. Continued economic prosperity is essential to the legitimacy of the Chinese Communist Party, and information and communications technologies are central to a burgeoning knowledge economy. China doesn’t fear the Internet; rather it embraces its own particular version of it. Indeed, the Chinese are building a robust alternative design that may actually be succeeding. • • • Often ignored is the connection between China’s domestic controls and the international dimensions of its cyberspace strategy.


pages: 323 words: 90,868

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

3D printing, Airbnb, American energy revolution, assortative mating, autonomous vehicles, Bakken shale, barriers to entry, basic income, Bernie Sanders, Big Tech, BRICs, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collective bargaining, computer age, creative destruction, currency risk, dark matter, David Ricardo: comparative advantage, deindustrialization, dematerialisation, Deng Xiaoping, deskilling, disruptive innovation, Dissolution of the Soviet Union, Donald Trump, Downton Abbey, driverless car, Edward Glaeser, Erik Brynjolfsson, eurozone crisis, everywhere but in the productivity statistics, falling living standards, financial engineering, 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, general purpose technology, gig economy, global supply chain, global value chain, heat death of the universe, hydraulic fracturing, income inequality, independent contractor, indoor plumbing, industrial robot, intangible asset, interchangeable parts, Internet of things, inventory management, invisible hand, James Watt: steam engine, Jeff Bezos, Jeremy Corbyn, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph-Marie Jacquard, knowledge economy, low interest rates, low skilled workers, lump of labour, Lyft, machine translation, manufacturing employment, Marc Andreessen, mass immigration, means of production, new economy, performance metric, pets.com, post-work, price mechanism, quantitative easing, Ray Kurzweil, rent-seeking, reshoring, rising living standards, Robert Gordon, Robert Solow, 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, tacit knowledge, TaskRabbit, tech billionaire, The Future of Employment, The Nature of the Firm, The Rise and Fall of American Growth, The Spirit Level, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber and Lyft, Uber for X, uber lyft, very high income, warehouse robotics, 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.


pages: 353 words: 91,211

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

agricultural Revolution, anti-communist, British Empire, Computer Numeric Control, conceptual framework, creative destruction, deglobalization, dematerialisation, desegregation, deskilling, Dr. Strangelove, endogenous growth, Fairchild Semiconductor, Ford Model T, general purpose technology, global village, Great Leap Forward, Haber-Bosch Process, interchangeable parts, knowledge economy, Lewis Mumford, Mahatma Gandhi, manufacturing employment, means of production, megacity, microcredit, Neil Armstrong, new economy, post-Fordism, post-industrial society, Productivity paradox, Ronald Reagan, Silicon Valley, spinning jenny, tacit knowledge, technological determinism, the long tail, Upton Sinclair, urban planning

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: 321 words: 92,828

Late Bloomers: The Power of Patience in a World Obsessed With Early Achievement by Rich Karlgaard

Airbnb, Albert Einstein, Amazon Web Services, Apple's 1984 Super Bowl advert, behavioural economics, Bernie Madoff, Bob Noyce, book value, Brownian motion, Captain Sullenberger Hudson, cloud computing, cognitive dissonance, Daniel Kahneman / Amos Tversky, David Sedaris, deliberate practice, Electric Kool-Aid Acid Test, Elon Musk, en.wikipedia.org, experimental economics, Fairchild Semiconductor, fear of failure, financial independence, follow your passion, Ford Model T, Frederick Winslow Taylor, Goodhart's law, hiring and firing, if you see hoof prints, think horses—not zebras, Internet of things, Isaac Newton, Jeff Bezos, job satisfaction, knowledge economy, labor-force participation, Larry Ellison, longitudinal study, low skilled workers, Mark Zuckerberg, meta-analysis, Moneyball by Michael Lewis explains big data, move fast and break things, pattern recognition, Peter Thiel, power law, reality distortion field, Sand Hill Road, science of happiness, scientific management, shareholder value, Silicon Valley, Silicon Valley startup, Snapchat, Steve Jobs, Steve Wozniak, sunk-cost fallacy, tech worker, TED Talk, theory of mind, Tim Cook: Apple, Toyota Production System, unpaid internship, upwardly mobile, women in the workforce, working poor

two contrasting alternatives: Carol S. Dweck and Ellen L. Leggett, “A Social-Cognitive Approach to Motivation and Personality,” Psychological Review 95, no. 2 (1988): 256. effectively reframing challenges: Amy C. Edmondson, Teaming: How Organizations Learn, Innovate, and Compete in the Knowledge Economy (Hoboken, NJ: John Wiley & Sons, 2012); Amy C. Edmondson, Richard M. Bohmer, and Gary P. Pisano, “Disrupted Routines: Team Learning and New Technology Implementation in Hospitals,” Administrative Science Quarterly 46, no. 4 (2001): 685–716; Chris Argyris and Donald A. Schön, “Organizational Learning: A Theory of Action Perspective,” Reis, nos. 77–78 (1997): 345–48.


pages: 474 words: 87,687

Stealth by Peter Westwick

Berlin Wall, centre right, computer age, cuban missile crisis, Dr. Strangelove, fixed-gear, friendly fire, Haight Ashbury, Isaac Newton, John Markoff, knowledge economy, machine translation, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Neil Armstrong, Norman Mailer, RAND corporation, risk tolerance, Ronald Reagan, Silicon Valley, Strategic Defense Initiative, Teledyne, Vladimir Vetrov: Farewell Dossier, white flight

Post, High Performance: The Culture and Performance of Drag Racing, 1950–2000 (Baltimore: Johns Hopkins University Press, 2001), 81–82, 172. 25 On the history of Arrow and Disneyland: Robert Reynolds, Roller Coasters, Flumes and Flying Saucers (Minneapolis: Northern Lights, 1999). 26 Scherrer email. 27 Carey McWilliams, Southern California: An Island on the Land (Salt Lake City: Gibbs Smith, 1946); Starr, Golden Dreams, and other books in Starr’s Americans and the California Dream series; Mike Davis, City of Quartz: Excavating the Future in Los Angeles (New York: Verso, 1992); Avila, Popular Culture in an Age of White Flight, 106–44. 28 Aviation Week quoted in David Beers, Blue Sky Dream: A Memoir of America’s Fall from Grace (New York: Doubleday, 1996), 135; job statistics from fig. 1 in Gavin Wright, “World War II, the Cold War, and the Knowledge Economies of the Pacific Coast,” paper for conference “World War II and the West It Wrought,” Stanford University, April 4–5, 2017. I thank Prof. Wright for permission to cite his paper. 29 Lisa McGirr, Suburban Warriors: The Origins of the New American Right (Princeton, NJ: Princeton University Press, 2001), on 240. 30 Michael Davie, California: The Vanishing Dream (New York: Dodd, Mead, 1972), xi. 31 David De Voss, “Whatever Happened to California?”


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Can't Even: How Millennials Became the Burnout Generation by Anne Helen Petersen

Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, American ideology, big-box store, Cal Newport, call centre, cognitive load, collective bargaining, COVID-19, David Brooks, death from overwork, delayed gratification, do what you love, Donald Trump, financial independence, future of work, gamification, gig economy, Gordon Gekko, helicopter parent, imposter syndrome, Inbox Zero, independent contractor, Jeff Bezos, job satisfaction, karōshi / gwarosa / guolaosi, knowledge economy, knowledge worker, late capitalism, longitudinal study, Lyft, Mark Zuckerberg, McMansion, Minecraft, move fast and break things, precariat, remote working, ride hailing / ride sharing, Ronald Reagan, school choice, sharing economy, side hustle, Silicon Valley, Silicon Valley ideology, Skype, Snapchat, Steve Jobs, TaskRabbit, TikTok, uber lyft, unpaid internship, upwardly mobile, urban planning, Vanguard fund, work culture , working poor, workplace surveillance

The problem with this attitude is that working all the time doesn’t mean producing all the time, but it nonetheless creates a self-satisfying fiction of “productivity.” That ceaseless drive for productivity isn’t a natural human force—and, at least in its current form, is a relatively recent phenomenon. In Counterproductive: Time Management in the Knowledge Economy, the Intel engineer Melissa Gregg examines the history of the “productivity” craze, which she dates to the 1970s, with subsequent spikes in the 1990s and the present. Gregg connects each wave of productivity management guides, self-help books, and, today, apps to periods of anxiety over downsizing and the perceived need to prove oneself as more productive—and, as such, more theoretically valuable—than one’s peers.


The Unknowers: How Strategic Ignorance Rules the World by Linsey McGoey

Alan Greenspan, An Inconvenient Truth, anti-globalists, antiwork, battle of ideas, behavioural economics, Big Tech, Black Lives Matter, Branko Milanovic, British Empire, Cambridge Analytica, carbon tax, Cass Sunstein, Clive Stafford Smith, conceptual framework, Corn Laws, corporate governance, corporate raider, Credit Default Swap, David Ricardo: comparative advantage, Donald Trump, drone strike, en.wikipedia.org, European colonialism, fake news, Frances Oldham Kelsey, hiring and firing, Howard Zinn, income inequality, it is difficult to get a man to understand something, when his salary depends on his not understanding it, joint-stock company, junk bonds, knowledge economy, market fundamentalism, mass incarceration, Michael Milken, minimum wage unemployment, Naomi Klein, new economy, Nick Leeson, p-value, Paul Samuelson, Peter Thiel, plutocrats, post-truth, public intellectual, race to the bottom, randomized controlled trial, rent-seeking, road to serfdom, Robert Mercer, Ronald Reagan, Scientific racism, selective serotonin reuptake inhibitor (SSRI), Social Justice Warrior, Steven Pinker, Suez crisis 1956, The Chicago School, The Wealth of Nations by Adam Smith, union organizing, Upton Sinclair, W. E. B. Du Bois, Washington Consensus, wealth creators

McGoey (Eds), The Routledge International Handbook of Ignorance Studies (London: Routledge, 2015); Michael Smithson, Ignorance and Uncertainty: Emerging Paradigms (New York: Springer, 1989). 11 Andrew Abbott, 2010. ‘Varieties of ignorance.’ American Sociologist 41: 174–189. 12 Robert Proctor and Londa Schiebinger, Agnotology: The Making and Unmaking of Ignorance (Palo Alto, CA: Stanford University Press, 2008). See also Steve Rayner, 2012. ‘Uncomfortable knowledge.’ Economy and Society 41(1): 107–125; Mathias Girel, Science et territoires de l’ignorance (Paris: Quae, 2017); Matthias Gross, Ignorance and Surprise: Science, Society and Ecological Design (Cambridge, MA: MIT Press, 2010). 13 The terms macro-ignorance and micro-ignorance are my coinage, building on earlier work from science and technology studies (STS) and allied disciplines.


pages: 311 words: 90,172

Nothing But Net by Mark Mahaney

Airbnb, AltaVista, Amazon Web Services, AOL-Time Warner, augmented reality, autonomous vehicles, Big Tech, Black Swan, Burning Man, buy and hold, Cambridge Analytica, Chuck Templeton: OpenTable:, cloud computing, COVID-19, cryptocurrency, discounted cash flows, disintermediation, diversification, don't be evil, Donald Trump, Elon Musk, financial engineering, gamification, gig economy, global pandemic, Google Glasses, Jeff Bezos, John Zimmer (Lyft cofounder), knowledge economy, lockdown, low interest rates, Lyft, Marc Andreessen, Mark Zuckerberg, Mary Meeker, medical malpractice, meme stock, Network effects, PageRank, pets.com, ride hailing / ride sharing, Salesforce, Saturday Night Live, shareholder value, short squeeze, Silicon Valley, Skype, Snapchat, social graph, Steve Jobs, stocks for the long run, subscription business, super pumped, the rule of 72, TikTok, Travis Kalanick, Uber and Lyft, uber lyft

Here’s Zuckerberg two calls later: “One of the questions I frequently get asked are what are the big changes we want to make in the world over the next 5 or 12 years? Now that we’ve connected 1 billion people, what is the next big ambition? There are three main goals I would like us to achieve. Connect everyone, understand the world, and help build the knowledge economy” (emphasis added). How many public company CEOs talk about 5- and 12-year plans on their earnings calls? From my experience, very few. But this is exactly what you, as a long-term shareholder, would want a CEO to be talking about. A distinct positive for many earnings calls after that has been Zuckerberg spending time on each call updating investors on the company’s progress against those three goals.


The Rise and Fall of the British Nation: A Twentieth-Century History by David Edgerton

active measures, Arthur Marwick, Berlin Wall, Big bang: deregulation of the City of London, blue-collar work, British Empire, business cycle, call centre, centre right, collective bargaining, colonial exploitation, company town, Corn Laws, corporate governance, deglobalization, deindustrialization, dematerialisation, deskilling, Donald Davies, double helix, Dr. Strangelove, endogenous growth, Etonian, European colonialism, feminist movement, first-past-the-post, full employment, gentrification, imperial preference, James Dyson, knowledge economy, labour mobility, land reform, land value tax, low interest rates, manufacturing employment, means of production, Mikhail Gorbachev, military-industrial complex, Neil Kinnock, new economy, non-tariff barriers, North Sea oil, offshore financial centre, old-boy network, packet switching, Philip Mirowski, Piper Alpha, plutocrats, post-Fordism, post-industrial society, post-truth, post-war consensus, public intellectual, rising living standards, road to serfdom, Ronald Reagan, scientific management, Suez canal 1869, Suez crisis 1956, technological determinism, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, trade liberalization, union organizing, very high income, wages for housework, wealth creators, Winter of Discontent, women in the workforce, working poor

Of all this, politics could take only passing cognisance, by invoking clichéd terms such as ‘globalization’ and ‘neo-liberalism’. The terms ‘entrepreneurship’ and ‘innovation’ were bandied around, implying a transformation in the supply side of the British economy. The economy was now ‘post-industrial’, a creative or ‘knowledge’ economy. Thus a powerful contrast was implied between the post-war settlement, social democracy, consensus, Keynesianism, welfarism and the new neo-liberalism. But what had changed the most was not the capacity of the state to manage the economy or the welfare budget, which grew, but all the things that welfare and Keynesian analysis, or monetarism, did not deign to discuss – the instruments of industrial policy, trade, trade union legislation, taxation and much else.

It was, to be sure, much more consistently pro-European, more socially liberal, more open to constitutional change, to freedom of access to state information, to the minimum wage, than were the Conservatives as a party, though the contrast with the policies of John Major was far less clear. There was talk of something called ‘Cool Britannia’, which effortlessly generated new industries in the bright new knowledge economy. In the 1990s ‘Cool Britannia’ stood for a celebration of a new swinging London and a revitalized pop and art culture – it was lost on New Labour that it was a term of 1960s irony. Neither the art nor the music was original: it was at best a replay of the 1960s, but without any radical or critical edge.


pages: 840 words: 224,391

Goliath: Life and Loathing in Greater Israel by Max Blumenthal

airport security, Albert Einstein, anti-communist, Berlin Wall, Boycotts of Israel, centre right, cognitive dissonance, corporate raider, crony capitalism, European colonialism, facts on the ground, gentrification, ghettoisation, housing crisis, intentional community, knowledge economy, megacity, moral panic, Mount Scopus, nuclear ambiguity, open borders, plutocrats, surplus humans, unit 8200, upwardly mobile, urban planning, WikiLeaks, Yom Kippur War, young professional, zero-sum game

The forty-year-old son of American immigrants from California, Bennett took the reins of the far-right Jewish Home after leading the Yesha Council, the political lobby of the settlement movement. With the millions he earned from running a start-up technology firm, Bennett purchased a home in Ra’anana, a bedroom community near Tel Aviv populated by the denizens of Israel’s knowledge economy. Doing his best to conceal his religious nationalist edge, Bennett campaigned as the start-up success, the savvy impresario reaping the fruits of the modern Israeli dream. Bennett’s attempt to cultivate a moderate image did not stop him from promoting his so-called stability plan at every opportunity.

The single-story storefronts and cobblestone lanes of the old Palestinian market area had been transformed into a conglomeration of trendy bars and upscale apartments under the direction of Tel Aviv Mayor Ron Huldai and the commercial developers who backed him. The market was ground zero of Jaffa’s gentrification project, where the more cultivated denizens of Tel Aviv’s knowledge economy came for arak and spacious new Arabesque condos. With the romantic sound of El Atrache in the air, the sultry feeling of life in the Orient persisted, but without the Arabs who had made it so uncomfortable. Deep inside the market, I arrived at a table at a bar called Pua to find a small international group at a long table.


pages: 976 words: 235,576

The Meritocracy Trap: How America's Foundational Myth Feeds Inequality, Dismantles the Middle Class, and Devours the Elite by Daniel Markovits

8-hour work day, activist fund / activist shareholder / activist investor, affirmative action, algorithmic management, Amazon Robotics, Anton Chekhov, asset-backed security, assortative mating, basic income, Bernie Sanders, big-box store, business cycle, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, Carl Icahn, carried interest, collateralized debt obligation, collective bargaining, compensation consultant, computer age, corporate governance, corporate raider, crony capitalism, David Brooks, deskilling, Detroit bankruptcy, disruptive innovation, Donald Trump, Edward Glaeser, Emanuel Derman, equity premium, European colonialism, everywhere but in the productivity statistics, fear of failure, financial engineering, financial innovation, financial intermediation, fixed income, Ford paid five dollars a day, Frederick Winslow Taylor, fulfillment center, full employment, future of work, gender pay gap, gentrification, George Akerlof, Gini coefficient, glass ceiling, Glass-Steagall Act, Greenspan put, helicopter parent, Herbert Marcuse, high net worth, hiring and firing, income inequality, industrial robot, interchangeable parts, invention of agriculture, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, junk bonds, Kevin Roose, Kiva Systems, knowledge economy, knowledge worker, Kodak vs Instagram, labor-force participation, Larry Ellison, longitudinal study, low interest rates, low skilled workers, machine readable, manufacturing employment, Mark Zuckerberg, Martin Wolf, mass incarceration, medical residency, meritocracy, minimum wage unemployment, Myron Scholes, Nate Silver, New Economic Geography, new economy, offshore financial centre, opioid epidemic / opioid crisis, Paul Samuelson, payday loans, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, precariat, purchasing power parity, rent-seeking, Richard Florida, Robert Gordon, Robert Shiller, Robert Solow, Ronald Reagan, Rutger Bregman, savings glut, school choice, shareholder value, Silicon Valley, Simon Kuznets, six sigma, Skype, stakhanovite, stem cell, Stephen Fry, Steve Jobs, stock buybacks, supply-chain management, telemarketer, The Bell Curve by Richard Herrnstein and Charles Murray, The Theory of the Leisure Class by Thorstein Veblen, Thomas Davenport, Thorstein Veblen, too big to fail, total factor productivity, transaction costs, traveling salesman, universal basic income, unpaid internship, Vanguard fund, War on Poverty, warehouse robotics, Winter of Discontent, women in the workforce, work culture , working poor, Yochai Benkler, young professional, zero-sum game

See Catherine Rampell, “When Cheap Foreign Labor Gets Less Cheap,” New York Times, December 7, 2012, accessed November 18, 2018, https://economix.blogs.nytimes.com/2012/12/07/when-cheap-foreign-labor-gets-less-cheap/?partner=rss&emc=rss&_r=0. increased by over 15 percent: See Harding, “Technology Shakes Up US Economy.” it was sold to Facebook for $1 billion: On Kodak, see Susan Christopherson and Jennifer Clark, Remaking Regional Economies: Power, Labor, and Firm Strategies in the Knowledge Economy (New York: Routledge, 2007), 57–84. On Instagram, see Scott Timberg, “Jaron Lanier: The Internet Destroyed the Middle Class,” Salon, May 12, 2013, accessed November 18, 2018, www.salon.com/2013/05/12/jaron_lanier_the_internet_destroyed_the_middle_class/. Hereafter cited as Timberg, “Internet Destroyed.”

The aristocracy of the ancien régime united economics, politics, and culture around a single organizing ideal: hereditary landedness sustained material production, underwrote political power, and constituted moral and social virtue, all through a single, integrated mechanism. The Industrial Revolution and then the rise of the knowledge economy shattered this unity, producing, for perhaps two centuries, separate, distinct, and competing sources of (and sometimes even freestanding) economic, political, and cultural power. Land remained a significant source of wealth, and breeding remained a significant source of cultural status, well into the twentieth century.


pages: 1,014 words: 237,531

Escape From Rome: The Failure of Empire and the Road to Prosperity by Walter Scheidel

agricultural Revolution, barriers to entry, British Empire, classic study, colonial rule, conceptual framework, creative destruction, currency manipulation / currency intervention, dark matter, disruptive innovation, Easter island, Eratosthenes, European colonialism, financial innovation, financial intermediation, flying shuttle, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, Johann Wolfgang von Goethe, Johannes Kepler, joint-stock company, Joseph Schumpeter, knowledge economy, low interest rates, mandelbrot fractal, means of production, Multics, Network effects, out of africa, Peace of Westphalia, peer-to-peer lending, plutocrats, principal–agent problem, purchasing power parity, rent-seeking, Republic of Letters, secular stagnation, South China Sea, spinning jenny, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, trade route, transaction costs, vertical integration, zero-sum game

“Luther and Suleyman.” Quarterly Journal of Economics 123: 1465–94. Jackson, Peter. 2005. The Mongols and the West, 1221–1410. Harlow: Pearson. Jacob, Margaret C. 1997. Scientific culture and the making of the industrial West. New York: Oxford University Press. Jacob, Margaret C. 2014. The first knowledge economy: Human capital and the European economy, 1750–1850. New York: Cambridge University Press. Jacoby, David. 2008. “Byzantium, the Italian maritime powers, and the Black Sea before 1204.” Byzantinische Zeitschrift 100: 677–99. Jagchid, Sechin and Symons, Van J. 1989. Peace, war, and trade along the Great Wall: Nomadic-Chinese interaction through two millennia.

Governance, growth and global leadership: The role of the state in technological progress, 1750–2000. Aldershot, UK: Ashgate. Mokyr, Joel. 1990. The lever of riches: Technological creativity and economic progress. New York: Oxford University Press. Mokyr, Joel. 2002. The gifts of Athena: Historical origins of the knowledge economy. Princeton, NJ: Princeton University Press. Mokyr, Joel. 2003. “Why was the Industrial Revolution a European phenomenon?” Supreme Court Economic Review 10: 27–63. Mokyr, Joel. 2005. “The intellectual origins of modern economic growth.” Journal of Economic History 65: 285–351. Mokyr, Joel. 2006.


pages: 360 words: 101,038

The Revenge of Analog: Real Things and Why They Matter by David Sax

Airbnb, barriers to entry, big-box store, call centre, cloud computing, creative destruction, death of newspapers, declining real wages, delayed gratification, dematerialisation, deskilling, Detroit bankruptcy, digital capitalism, digital divide, Elon Musk, Erik Brynjolfsson, game design, gentrification, hype cycle, hypertext link, informal economy, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Khan Academy, Kickstarter, knowledge economy, low cost airline, low skilled workers, mandatory minimum, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, military-industrial complex, Minecraft, new economy, Nicholas Carr, off-the-grid, One Laptop per Child (OLPC), PalmPilot, Paradox of Choice, Peter Thiel, Ponzi scheme, quantitative hedge fund, race to the bottom, Rosa Parks, Salesforce, Second Machine Age, self-driving car, Sheryl Sandberg, short selling, Silicon Valley, Silicon Valley startup, Skype, Snapchat, Steve Jobs, technoutopianism, TED Talk, the long tail, Travis Kalanick, Tyler Cowen, upwardly mobile, warehouse robotics, Whole Earth Catalog, work culture

Digital work spreads across pretty much every industry, from computer software and hardware companies to divisions within traditionally analog firms that focus on digital tasks, such as e-commerce and information databases. Other terms have been used as synonyms for the digital economy, including the knowledge economy, information economy, Internet economy, and the utopian-sounding new economy. The core idea is that digital technology is a transformative force that can deliver vastly more efficient products and services to consumers at a lower cost, and with greater ease, across time and space, in ways that traditional analog industries cannot compete with.


pages: 831 words: 98,409

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

"World Economic Forum" Davos, activist fund / activist shareholder / activist investor, Alan Greenspan, Anthropocene, assortative mating, bank run, barriers to entry, Bear Stearns, Bernie Sanders, Black Swan, Blythe Masters, 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, digital divide, diversification, Dunbar number, East Village, eat what you kill, Elon Musk, eurozone crisis, fake it until you make it, family office, financial engineering, financial repression, Gini coefficient, glass ceiling, Glass-Steagall Act, Goldman Sachs: Vampire Squid, Google bus, Gordon Gekko, haute cuisine, high net worth, hindsight bias, income inequality, index fund, intangible asset, Jaron Lanier, Jim Simons, John Meriwether, junk bonds, Kenneth Arrow, Kenneth Rogoff, Kevin Roose, knowledge economy, London Whale, Long Term Capital Management, longitudinal study, Mark Zuckerberg, mass immigration, McMansion, mittelstand, Money creation, money market fund, Myron Scholes, NetJets, Network effects, no-fly zone, offshore financial centre, old-boy network, Parag Khanna, Paul Samuelson, peer-to-peer, performance metric, Peter Thiel, plutocrats, Ponzi scheme, power law, public intellectual, quantitative easing, Renaissance Technologies, rent-seeking, reserve currency, risk tolerance, Robert Gordon, Robert Shiller, rolodex, Satyajit Das, search costs, shareholder value, Sheryl Sandberg, Silicon Valley, social intelligence, sovereign wealth fund, Stephen Hawking, Steve Jobs, subprime mortgage crisis, systems thinking, tech billionaire, The Future of Employment, The Predators' Ball, The Rise and Fall of American Growth, too big to fail, Tyler Cowen, 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.


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

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

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: 370 words: 102,823

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

Alan Greenspan, balance sheet recession, banking crisis, basic income, Bear Stearns, Bernie Sanders, Bretton Woods, business climate, business cycle, carbon tax, Carmen Reinhart, central bank independence, circular economy, 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, degrowth, 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, Ford Model T, forward guidance, full employment, G4S, general purpose technology, 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, Kickstarter, knowledge economy, labour market flexibility, low interest rates, low skilled workers, Martin Wolf, mass incarceration, military-industrial complex, Modern Monetary Theory, Money creation, Mont Pelerin Society, neoliberal agenda, Network effects, new economy, non-tariff barriers, ocean acidification, paradox of thrift, Paul Samuelson, planned obsolescence, Post-Keynesian economics, 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, Solyndra, Steve Jobs, stock buybacks, systems thinking, the built environment, The Great Moderation, The Spirit Level, Thorstein Veblen, too big to fail, total factor productivity, Tragedy of the Commons, transaction costs, trickle-down economics, universal basic income, vertical integration, very high income

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: 322 words: 99,066

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

"World Economic Forum" Davos, 4chan, air gap, banking crisis, centre right, Chelsea Manning, citizen journalism, Climategate, cloud computing, credit crunch, crowdsourcing, Downton Abbey, drone strike, end-to-end encryption, eurozone crisis, Evgeny Morozov, friendly fire, global village, Hacker Ethic, impulse control, Jacob Appelbaum, Julian Assange, knowledge economy, machine readable, military-industrial complex, Mohammed Bouazizi, Nelson Mandela, offshore financial centre, operational security, post-work, rolodex, Seymour Hersh, Silicon Valley, Skype, Steven Levy, sugar pill, uranium enrichment, WikiLeaks

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.


pages: 325 words: 99,983

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

Alistair Cooke, anti-communist, AOL-Time Warner, Berlin Wall, Bletchley Park, British Empire, call centre, Charles Lindbergh, classic study, colonial rule, credit crunch, cuban missile crisis, Deng Xiaoping, Etonian, export processing zone, failed state, Fall of the Berlin Wall, Ford Model T, 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

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!


pages: 289 words: 99,936

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

affirmative action, Alvin Toffler, Berlin Wall, call centre, cognitive dissonance, creative destruction, desegregation, digital divide, 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, low-wage service sector, microcredit, new economy, post-industrial society, race to the bottom, rent control, rent stabilization, Shoshana Zuboff, Silicon Valley, social contagion, South of Market, San Francisco, tech worker, telemarketer, Thomas L Friedman, trickle-down economics, union organizing, urban planning, web application, white flight, women in the workforce, work culture , 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.


pages: 550 words: 89,316

The Sum of Small Things: A Theory of the Aspirational Class by Elizabeth Currid-Halkett

assortative mating, back-to-the-land, barriers to entry, Bernie Sanders, biodiversity loss, BRICs, Capital in the Twenty-First Century by Thomas Piketty, clean water, cognitive dissonance, David Brooks, deindustrialization, Deng Xiaoping, discrete time, disruptive innovation, Downton Abbey, East Village, Edward Glaeser, en.wikipedia.org, Etonian, fixed-gear, food desert, Ford Model T, gentrification, Geoffrey West, Santa Fe Institute, income inequality, iterative process, knowledge economy, longitudinal study, Mason jar, means of production, NetJets, new economy, New Urbanism, plutocrats, post scarcity, post-industrial society, profit maximization, public intellectual, Richard Florida, selection bias, Sheryl Sandberg, Silicon Valley, systems thinking, tacit knowledge, The Design of Experiments, the High Line, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the long tail, the market place, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, Tony Hsieh, Tyler Cowen, Tyler Cowen: Great Stagnation, upwardly mobile, Veblen good, women in the workforce

While the rebirth of cities due to financial activities and what Sassen calls “high level producer services” occurred initially in the aforementioned centers, other cities were also experiencing the exodus of manufacturing and the influx of knowledge and innovation-driven industries, which also included technology (Boston, San Francisco) and creative industries (Los Angeles, New York).7 By the 2000s, cities were back in vogue. Part of what explains this phenomenon is that cities have become the nexus of the new global economic structure that prizes intangible skills, education, innovation, and creativity—Sassen’s high level producer services are the underpinnings of what others have called the “knowledge economy,” “symbolic analysts,” or the “creative class.”8 The restructuring of the global economy from widgets and factories to people and ideas most clearly impacted cities.9 The need for proximity to exchange ideas and the desire for instant access to the immaterial resources of density put a premium on the dense urban geography.


pages: 332 words: 100,601

Rebooting India: Realizing a Billion Aspirations by Nandan Nilekani

Airbnb, Atul Gawande, autonomous vehicles, barriers to entry, bitcoin, call centre, carbon credits, cashless society, clean water, cloud computing, collaborative consumption, congestion charging, DARPA: Urban Challenge, data science, dematerialisation, demographic dividend, digital rights, driverless car, Edward Snowden, en.wikipedia.org, energy security, fail fast, financial exclusion, gamification, Google Hangouts, illegal immigration, informal economy, information security, Khan Academy, Kickstarter, knowledge economy, land reform, law of one price, M-Pesa, machine readable, Mahatma Gandhi, Marc Andreessen, Mark Zuckerberg, mobile money, Mohammed Bouazizi, more computing power than Apollo, Negawatt, Network effects, new economy, off-the-grid, offshore financial centre, price mechanism, price stability, rent-seeking, RFID, Ronald Coase, school choice, school vouchers, self-driving car, sharing economy, Silicon Valley, single source of truth, Skype, smart grid, smart meter, software is eating the world, source of truth, Steve Jobs, systems thinking, The future is already here, The Nature of the Firm, transaction costs, vertical integration, WikiLeaks, work culture

Going completely paperless with e-KYC 1. 26 February 2014. ‘Axis Bank introduces e-KYC, MicroATM facility’. The Hindu Business Line. http://www.thehindubusinessline.com/companies/axis-bank-introduces-ekyc-microatm-facility/article5729216.ece 2. 20 August 2014. ‘Digital India—A programme to transform India into digital empowered society and knowledge economy’. Press Information Bureau, Government of India. http://pib.nic.in/newsite/erelease.aspx?relid=108926 3. Rai, Suyash, Sharma, Smriti, and Sapatnekar, Sanhita. 14 September 2014. ‘A dramatic cost reduction for KYC using the e-KYC API of UIDAI’. Prof. Ajay Shah’s blog. (Professor, National Institute of Public Finance and Policy).


pages: 337 words: 101,440

Revolution Française: Emmanuel Macron and the Quest to Reinvent a Nation by Sophie Pedder

"World Economic Forum" Davos, Airbnb, Berlin Wall, Bernie Sanders, bike sharing, carbon tax, centre right, clean tech, DeepMind, disruptive innovation, Donald Trump, Downton Abbey, driverless car, Erik Brynjolfsson, eurozone crisis, failed state, fake news, Fall of the Berlin Wall, Future Shock, ghettoisation, growth hacking, haute couture, Jean Tirole, knowledge economy, liberal capitalism, mass immigration, mittelstand, new economy, post-industrial society, public intellectual, rent-seeking, ride hailing / ride sharing, Second Machine Age, sharing economy, Sheryl Sandberg, Silicon Valley, Tony Fadell, Travis Kalanick, urban planning, éminence grise

Christophe Piochon, head of the French plant, compares the exquisite craftsmanship that goes into the construction of a Bugatti car to haute couture. ‘Functional parts,’ he told me when I visited, ‘should also be works of art.’ Although France has a reputation for making life difficult for business, and struggles to hold on to low-end industries and jobs, it is in some ways well placed to carve out a competitive niche in the knowledge economy – if it can get its policy mix right. Bugatti may be a commercial indulgence for its parent company: a badge of engineering and design prowess rather than the basis for a profit line. But its manufacture in France hints at some of the country’s fundamental strengths, notably its traditions in luxury and creative industries, as well as in engineering.


pages: 417 words: 103,458

The Intelligence Trap: Revolutionise Your Thinking and Make Wiser Decisions by David Robson

active measures, Affordable Care Act / Obamacare, Albert Einstein, Alfred Russel Wallace, Atul Gawande, autism spectrum disorder, availability heuristic, behavioural economics, classic study, cognitive bias, corporate governance, correlation coefficient, cuban missile crisis, Daniel Kahneman / Amos Tversky, dark matter, deep learning, deliberate practice, dematerialisation, Donald Trump, Dunning–Kruger effect, fake news, Flynn Effect, framing effect, fundamental attribution error, illegal immigration, Isaac Newton, job satisfaction, knowledge economy, Large Hadron Collider, lone genius, meta-analysis, Nelson Mandela, obamacare, Parler "social media", pattern recognition, post-truth, price anchoring, reality distortion field, Richard Feynman, risk tolerance, Silicon Valley, social intelligence, Steve Jobs, sunk-cost fallacy, tacit knowledge, TED Talk, the scientific method, theory of mind, traveling salesman, ultimatum game, Y2K, Yom Kippur War

In their resulting studies, the pair of researchers examined dozens of other examples of organisational stupidity, from the armed forces to IT analysts, newspaper publishers and their own respective universities, to examine whether many institutions really do make the most of their staff’s brains. Their conclusions were deeply depressing. As Alvesson and Spicer wrote in their book, The Stupidity Paradox: ‘Our governments spend billions on trying to create knowledge economies, our firms brag about their superior intelligence, and individuals spend decades of their lives building up fine CVs. Yet all this collective intellect does not seem to be reflected in the many organisations we studied . . . Far from being “knowledge-intensive”, many of our most well-known chief organisations have become engines of stupidity.’6 In parallel with the kinds of biases and errors behind the intelligence trap, Spicer and Alvesson define ‘stupidity’ as a form of narrow thinking lacking three important qualities: reflection about basic underlying assumptions, curiosity about the purpose of your actions, and a consideration of the wider, long-term consequences of your behaviours.7 For many varied reasons, employees simply aren’t being encouraged to think.


pages: 364 words: 102,225

Instant City: Life and Death in Karachi by Steve Inskeep

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.”


pages: 299 words: 19,560

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

1960s counterculture, Alvin Toffler, Apollo 11, biodiversity loss, British Empire, Buckminster Fuller, complexity theory, David Brooks, death of newspapers, dematerialisation, deskilling, energy security, European colonialism, Evgeny Morozov, Ford Model T, Francis Fukuyama: the end of history, full employment, future of journalism, Future Shock, G4S, garden city movement, germ theory of disease, Golden Gate Park, Herbert Marcuse, Herman Kahn, intentional community, invention of the printing press, Isaac Newton, Jeff Bezos, John Markoff, John von Neumann, Kim Stanley Robinson, knowledge economy, Lewis Mumford, liberation theology, Louis Pasteur, Mark Zuckerberg, mass immigration, means of production, megaproject, Nelson Mandela, Nicholas Carr, Nikolai Kondratiev, One Laptop per Child (OLPC), out of africa, pneumatic tube, post-war consensus, public intellectual, Ralph Waldo Emerson, Ray Kurzweil, Ronald Reagan, Silicon Valley, Skype, stem cell, Stephen Hawking, Steve Jobs, Steve Wozniak, Stewart Brand, Strategic Defense Initiative, technological determinism, technoutopianism, Thomas Malthus, Thorstein Veblen, transcontinental railway, traveling salesman, union organizing, urban planning, W. E. B. Du Bois, War on Poverty, warehouse robotics, Whole Earth Catalog

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.


Corbyn by Richard Seymour

anti-communist, banking crisis, battle of ideas, Bernie Sanders, Boris Johnson, Brexit referendum, British Empire, call centre, capital controls, capitalist realism, centre right, collective bargaining, credit crunch, Donald Trump, eurozone crisis, fake news, first-past-the-post, full employment, gender pay gap, gentrification, housing crisis, income inequality, Jeremy Corbyn, knowledge economy, land value tax, liberal world order, mass immigration, means of production, moral panic, Naomi Klein, negative equity, Neil Kinnock, new economy, non-tariff barriers, Northern Rock, Occupy movement, offshore financial centre, pension reform, Philip Mirowski, post-war consensus, precariat, quantitative easing, race to the bottom, rent control, Snapchat, stakhanovite, systematic bias, Washington Consensus, wealth creators, Winter of Discontent, Wolfgang Streeck, working-age population, éminence grise

It was not simply that they hadn’t seen Corbyn coming, either in the leadership election or the general election. They hadn’t foreseen Brexit or Trump’s victory either. One could be charitable to the media, the pundits, and the experts, and argue that very few did ‘spot it’. And why should they? Any knowledge economy is governed by scarcity; there are never enough facts around. The shortfall always has to be made up with a combination of theory, guesswork, ideology, and experience. Psephologists, communications specialists, and political strategists have to make working assumptions about how electoral systems operate, and their assumptions – however ideological, however much they are doctrine mistaken for fact – are usually grounded in some degree of experience.


pages: 341 words: 98,954

Owning the Sun by Alexander Zaitchik

"World Economic Forum" Davos, American Legislative Exchange Council, anti-communist, back-to-the-land, Berlin Wall, business cycle, classic study, colonial rule, coronavirus, corporate personhood, COVID-19, crowdsourcing, desegregation, Donald Trump, energy transition, informal economy, invisible hand, It's morning again in America, knowledge economy, lone genius, Louis Pasteur, Mahatma Gandhi, Menlo Park, Mont Pelerin Society, Nelson Mandela, oil shock, Philip Mirowski, placebo effect, Potemkin village, profit motive, proprietary trading, Ralph Nader, rent-seeking, road to serfdom, Robert Bork, Ronald Reagan, shareholder value, Silicon Valley, Stewart Brand, supercomputer in your pocket, The Chicago School, Unsafe at Any Speed, Upton Sinclair, Whole Earth Catalog

John Toye takes stock of the legacies of UNCTAD and the New International Economic Order in “Assessing the G77: 50 Years After UNCTAD and 40 Years After the NIEO” (2014). Nasir Tyabji examines Jawaharlal Nehru’s ideas about industrialization and self-sufficiency in “Gaining Technical Know-How in an Unequal World: Penicillin Manufacture in Nehru’s India” (2004). Peter Drahos and John Braithwaite’s Information Feudalism: Who Owns the Knowledge Economy? (2002) remains the best study of the Uruguay Round of GATT leading to the founding of the World Trade Organization. For wide-ranging critical examinations of the TRIPS regime from global south perspectives, see Political Journeys in Health: Essays by and for Amit Sengupta (2020) and Carlos Correa, Trends in Drug Patenting: Case Studies (2001) and “Bilateralism in Intellectual Property: Defeating the WTO System for Access to Medicines” (2004).


pages: 309 words: 96,168

Masters of Scale: Surprising Truths From the World's Most Successful Entrepreneurs by Reid Hoffman, June Cohen, Deron Triff

"Susan Fowler" uber, 23andMe, 3D printing, Airbnb, Anne Wojcicki, Ben Horowitz, bitcoin, Blitzscaling, Broken windows theory, Burning Man, call centre, chief data officer, clean water, collaborative consumption, COVID-19, crowdsourcing, data science, desegregation, do well by doing good, Elon Musk, financial independence, fulfillment center, gender pay gap, global macro, growth hacking, hockey-stick growth, Internet of things, knowledge economy, late fees, Lean Startup, lone genius, Marc Benioff, Mark Zuckerberg, minimum viable product, move fast and break things, Network effects, Paul Graham, Peter Thiel, polynesian navigation, race to the bottom, remote working, RFID, Ronald Reagan, Rubik’s Cube, Ruby on Rails, Salesforce, Sam Altman, Sheryl Sandberg, Silicon Valley, Silicon Valley startup, social distancing, Steve Jobs, Susan Wojcicki, TaskRabbit, TechCrunch disrupt, TED Talk, the long tail, the scientific method, Tim Cook: Apple, Travis Kalanick, two and twenty, work culture , Y Combinator, zero day, Zipcar

For former Google CEO Eric Schmidt, the winning combination is persistence and curiosity. “Persistence is the single biggest predictor of future success,” Schmidt says. “And so at Google, we would look for persistence. And the second thing was curiosity—as in, what do you care about? The combination of persistence and curiosity is a very good predictor of employee success in a knowledge economy.” It’s not surprising that kindness heads the list of attributes sought out by Shake Shack’s Danny Meyer, as he strives to build cultures of “enlightened hospitality.” But the list doesn’t end there. Danny also looks for people who are curious; have a strong work ethic; display empathy; are self-aware; and finally, have integrity.


pages: 1,034 words: 241,773

Enlightenment Now: The Case for Reason, Science, Humanism, and Progress by Steven Pinker

3D printing, Abraham Maslow, access to a mobile phone, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Albert Einstein, Alfred Russel Wallace, Alignment Problem, An Inconvenient Truth, anti-communist, Anton Chekhov, Arthur Eddington, artificial general intelligence, availability heuristic, Ayatollah Khomeini, basic income, Berlin Wall, Bernie Sanders, biodiversity loss, Black Swan, Bonfire of the Vanities, Brexit referendum, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, carbon tax, Charlie Hebdo massacre, classic study, clean water, clockwork universe, cognitive bias, cognitive dissonance, Columbine, conceptual framework, confounding variable, correlation does not imply causation, creative destruction, CRISPR, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, dark matter, data science, decarbonisation, degrowth, deindustrialization, dematerialisation, demographic transition, Deng Xiaoping, distributed generation, diversified portfolio, Donald Trump, Doomsday Clock, double helix, Eddington experiment, Edward Jenner, effective altruism, Elon Musk, en.wikipedia.org, end world poverty, endogenous growth, energy transition, European colonialism, experimental subject, Exxon Valdez, facts on the ground, fake news, Fall of the Berlin Wall, first-past-the-post, Flynn Effect, food miles, Francis Fukuyama: the end of history, frictionless, frictionless market, Garrett Hardin, germ theory of disease, Gini coefficient, Great Leap Forward, Hacker Conference 1984, Hans Rosling, hedonic treadmill, helicopter parent, Herbert Marcuse, Herman Kahn, Hobbesian trap, humanitarian revolution, Ignaz Semmelweis: hand washing, income inequality, income per capita, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), invention of writing, Jaron Lanier, Joan Didion, job automation, Johannes Kepler, John Snow's cholera map, Kevin Kelly, Khan Academy, knowledge economy, l'esprit de l'escalier, Laplace demon, launch on warning, life extension, long peace, longitudinal study, Louis Pasteur, Mahbub ul Haq, Martin Wolf, mass incarceration, meta-analysis, Michael Shellenberger, microaggression, Mikhail Gorbachev, minimum wage unemployment, moral hazard, mutually assured destruction, Naomi Klein, Nate Silver, Nathan Meyer Rothschild: antibiotics, negative emissions, Nelson Mandela, New Journalism, Norman Mailer, nuclear taboo, nuclear winter, obamacare, ocean acidification, Oklahoma City bombing, open economy, opioid epidemic / opioid crisis, paperclip maximiser, Paris climate accords, Paul Graham, peak oil, Peter Singer: altruism, Peter Thiel, post-truth, power law, precautionary principle, precision agriculture, prediction markets, public intellectual, purchasing power parity, radical life extension, Ralph Nader, randomized controlled trial, Ray Kurzweil, rent control, Republic of Letters, Richard Feynman, road to serfdom, Robert Gordon, Rodney Brooks, rolodex, Ronald Reagan, Rory Sutherland, Saturday Night Live, science of happiness, Scientific racism, Second Machine Age, secular stagnation, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Simon Kuznets, Skype, smart grid, Social Justice Warrior, sovereign wealth fund, sparse data, stem cell, Stephen Hawking, Steve Bannon, Steven Pinker, Stewart Brand, Stuxnet, supervolcano, synthetic biology, tech billionaire, technological determinism, technological singularity, Ted Kaczynski, Ted Nordhaus, TED Talk, The Rise and Fall of American Growth, the scientific method, The Signal and the Noise by Nate Silver, The Spirit Level, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, total factor productivity, Tragedy of the Commons, union organizing, universal basic income, University of East Anglia, Unsafe at Any Speed, Upton Sinclair, uranium enrichment, urban renewal, W. E. B. Du Bois, War on Poverty, We wanted flying cars, instead we got 140 characters, women in the workforce, working poor, World Values Survey, Y2K

The conscious mind: In search of a fundamental theory. New York: Oxford University Press. Chang, L. T. 2009. Factory girls: From village to city in a changing China. New York: Spiegel & Grau. Chen, D. H. C., & Dahlman, C. J. 2006. The knowledge economy, the KAM methodology and World Bank operations. Washington: World Bank. http://documents.worldbank.org/curated/en/695211468153873436/The-knowledge-economy-the-KAM-methodology-and-World-Bank-operations. Chenoweth, E. 2016. Why is nonviolent resistance on the rise? Diplomatic Courier. http://www.diplomaticourier.com/2016/06/28/nonviolent-resistance-rise/. Chenoweth, E., & Stephan, M.


Growth: From Microorganisms to Megacities by Vaclav Smil

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, agricultural Revolution, air freight, Alan Greenspan, American Society of Civil Engineers: Report Card, Anthropocene, Apollo 11, Apollo Guidance Computer, autonomous vehicles, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Boeing 747, Bretton Woods, British Empire, business cycle, caloric restriction, caloric restriction, carbon tax, circular economy, colonial rule, complexity theory, coronavirus, decarbonisation, degrowth, deindustrialization, dematerialisation, demographic dividend, demographic transition, Deng Xiaoping, disruptive innovation, Dissolution of the Soviet Union, Easter island, endogenous growth, energy transition, epigenetics, Fairchild Semiconductor, Ford Model T, general purpose technology, Gregor Mendel, happiness index / gross national happiness, Helicobacter pylori, high-speed rail, hydraulic fracturing, hydrogen economy, Hyperloop, illegal immigration, income inequality, income per capita, industrial robot, Intergovernmental Panel on Climate Change (IPCC), invention of movable type, Isaac Newton, James Watt: steam engine, knowledge economy, Kondratiev cycle, labor-force participation, Law of Accelerating Returns, longitudinal study, low interest rates, mandelbrot fractal, market bubble, mass immigration, McMansion, megacity, megaproject, megastructure, meta-analysis, microbiome, microplastics / micro fibres, moral hazard, Network effects, new economy, New Urbanism, old age dependency ratio, optical character recognition, out of africa, peak oil, Pearl River Delta, phenotype, Pierre-Simon Laplace, planetary scale, Ponzi scheme, power law, Productivity paradox, profit motive, purchasing power parity, random walk, Ray Kurzweil, Report Card for America’s Infrastructure, Republic of Letters, rolodex, Silicon Valley, Simon Kuznets, social distancing, South China Sea, synthetic biology, techno-determinism, technoutopianism, the market place, The Rise and Fall of American Growth, three-masted sailing ship, total factor productivity, trade liberalization, trade route, urban sprawl, Vilfredo Pareto, yield curve

Agglomeration economies show strong links between population density and high wages, per capita gross economic product and labor productivity (Ciccone and Hall 1996). Links to high housing prices, pronounced in some cities, have not been seen to the same general extent. Urban agglomerations have always had an outsize role in the incubation and transmission of ideas, the process that eventually resulted in the rise of the knowledge economy (Mokyr 2002). As Marshall (1890, 271) noted on the importance of these information spillovers in his classic treatment, in cities “the mysteries of the trade become no mysteries; but are as it were in the air” as firms learns from their collaborators and competitors by introducing better practices and sharing their knowledge.

A hard-science approach to Kondratieff’s economic cycle. Technological Forecasting and Social Change 122:63–70. Mohler, C. L., et al. 1978. Structure and allometry of trees during self-thinning of pure stands. Journal of Ecology 66:599–614. Mokyr, J. 2002. The Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton, NJ: Princeton University Press. Mokyr, J. 2009. The Enlightened Economy: An Economic History of Britain 1700–1850. New Haven, CT: Yale University Press. Mokyr, J. 2014. The next age of invention: Technology’s future is brighter than pessimists allow. City Journal 24:12–21. https://www.city-journal.org/html/next-age-invention-13618.html.


pages: 326 words: 106,053

The Wisdom of Crowds by James Surowiecki

Alan Greenspan, AltaVista, Andrei Shleifer, Apollo 13, asset allocation, behavioural economics, Cass Sunstein, classic study, congestion pricing, coronavirus, Daniel Kahneman / Amos Tversky, experimental economics, Frederick Winslow Taylor, George Akerlof, Great Leap Forward, Gregor Mendel, Howard Rheingold, I think there is a world market for maybe five computers, interchangeable parts, Jeff Bezos, John Bogle, John Meriwether, Joseph Schumpeter, knowledge economy, lone genius, Long Term Capital Management, market bubble, market clearing, market design, Monkeys Reject Unequal Pay, moral hazard, Myron Scholes, new economy, offshore financial centre, Picturephone, prediction markets, profit maximization, Richard Feynman, Richard Feynman: Challenger O-ring, Richard Thaler, Robert Shiller, Ronald Coase, Ronald Reagan, seminal paper, shareholder value, short selling, Silicon Valley, South Sea Bubble, tacit knowledge, The Nature of the Firm, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Toyota Production System, transaction costs, ultimatum game, vertical integration, world market for maybe five computers, 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.


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

"World Economic Forum" Davos, 3D printing, additive manufacturing, Affordable Care Act / Obamacare, benefit corporation, British Empire, business climate, carbon footprint, clean tech, clean water, collapse of Lehman Brothers, company town, congestion pricing, data science, deindustrialization, demographic transition, desegregation, Donald Shoup, double entry bookkeeping, edge city, Edward Glaeser, financial engineering, global supply chain, immigration reform, income inequality, industrial cluster, intermodal, Jane Jacobs, jitney, Kickstarter, knowledge economy, Lewis Mumford, lone genius, longitudinal study, Mark Zuckerberg, Masdar, megacity, megaproject, Menlo Park, Moneyball by Michael Lewis explains big data, Network effects, new economy, New Urbanism, Occupy movement, place-making, postindustrial economy, purchasing power parity, Quicken Loans, race to the bottom, Richard Florida, Shenzhen was a fishing village, Silicon Valley, smart cities, smart grid, sovereign wealth fund, tech worker, TechCrunch disrupt, TED Talk, 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, Yochai Benkler

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.


pages: 343 words: 102,846

Trees on Mars: Our Obsession With the Future by Hal Niedzviecki

"World Economic Forum" Davos, Ada Lovelace, agricultural Revolution, Airbnb, Albert Einstein, Alvin Toffler, Amazon Robotics, anti-communist, big data - Walmart - Pop Tarts, big-box store, business intelligence, Charles Babbage, Colonization of Mars, computer age, crowdsourcing, data science, David Brooks, driverless car, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Evgeny Morozov, Flynn Effect, Ford Model T, Future Shock, Google Glasses, hive mind, Howard Zinn, if you build it, they will come, income inequality, independent contractor, Internet of things, invention of movable type, Jaron Lanier, Jeff Bezos, job automation, John von Neumann, knowledge economy, Kodak vs Instagram, life extension, Lyft, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Marshall McLuhan, Neil Armstrong, One Laptop per Child (OLPC), Peter H. Diamandis: Planetary Resources, Peter Thiel, Pierre-Simon Laplace, Ponzi scheme, precariat, prediction markets, Ralph Nader, randomized controlled trial, Ray Kurzweil, ride hailing / ride sharing, rising living standards, Robert Solow, Ronald Reagan, Salesforce, self-driving car, shareholder value, sharing economy, Silicon Valley, Silicon Valley startup, Skype, Steve Jobs, TaskRabbit, tech worker, technological singularity, technological solutionism, technoutopianism, Ted Kaczynski, TED Talk, Thomas L Friedman, Tyler Cowen, Uber and Lyft, uber lyft, Virgin Galactic, warehouse robotics, working poor

More and more educational institutions are remodeling century-old programs of study to give students the future cred they need. Cornell Tech is reinventing how academic institutions approach science and technology, but they’re hardly alone in doing so. The places where we send our young people are now increasingly concerned with being seen as institutions able to churn out the new creatives of the knowledge economy. “Our CEO mastered social networking 2,000 years before Mark Zuckerberg was born,” proclaims a billboard marketing the Jesuit-founded University of San Francisco.5 “Chapman University,” goes a banner ad, “where innovation and discovery come into focus.”6 The colleges all want to graduate people who will be desired by the gold standard companies like Google and Amazon, not to mention the thousands of other companies and institutions seeking to inject the orthodoxy of change into their corporate DNA.


pages: 605 words: 110,673

Drugs Without the Hot Air by David Nutt

British Empire, double helix, drug harm reduction, en.wikipedia.org, Kickstarter, knowledge economy, longitudinal study, meta-analysis, moral panic, offshore financial centre, precautionary principle, 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.


pages: 367 words: 108,689

Broke: How to Survive the Middle Class Crisis by David Boyle

anti-communist, AOL-Time Warner, banking crisis, Berlin Wall, Big bang: deregulation of the City of London, Bonfire of the Vanities, bonus culture, call centre, collateralized debt obligation, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, delayed gratification, Desert Island Discs, Eugene Fama: efficient market hypothesis, eurozone crisis, Fall of the Berlin Wall, financial deregulation, financial independence, financial innovation, financial intermediation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, gentrification, Goodhart's law, housing crisis, income inequality, Jane Jacobs, job satisfaction, John Bogle, junk bonds, Kickstarter, knowledge economy, knowledge worker, low interest rates, market fundamentalism, Martin Wolf, Mary Meeker, mega-rich, Money creation, mortgage debt, Neil Kinnock, Nelson Mandela, new economy, Nick Leeson, North Sea oil, Northern Rock, Ocado, Occupy movement, off grid, offshore financial centre, pension reform, pensions crisis, Plutonomy: Buying Luxury, Explaining Global Imbalances, Ponzi scheme, positional goods, precariat, quantitative easing, school choice, scientific management, Slavoj Žižek, social intelligence, subprime mortgage crisis, too big to fail, trickle-down economics, Vanguard fund, Walter Mischel, wealth creators, Winter of Discontent, work culture , working poor

He became, rather reluctantly, part of the intellectual underpinnings of a new kind of deregulated ideal, the one that fell to pieces in the banking crash of 2008. These days, he finds himself in rather different company, and has recently begun a defence of the embattled American middle classes.[23] What he described as ‘happy talk about the wonders of the knowledge economy’, hailing a new economy based exclusively on service and finance, was actually a ‘gauzy veil placed over the hard facts of deindustrialization’. The rewards of technological and financial innovation go overwhelmingly to a very narrow group of people, he warned, explaining that: Americans may today benefit from cheap cell phones, inexpensive clothing, and Facebook, but they increasingly cannot afford their own homes, or health insurance, or comfortable pensions when they retire.


pages: 409 words: 105,551

Team of Teams: New Rules of Engagement for a Complex World by General Stanley McChrystal, Tantum Collins, David Silverman, Chris Fussell

Airbus A320, Albert Einstein, Apollo 11, Atul Gawande, autonomous vehicles, bank run, barriers to entry, Black Swan, Boeing 747, butterfly effect, call centre, Captain Sullenberger Hudson, Chelsea Manning, clockwork universe, crew resource management, crowdsourcing, driverless car, Edward Snowden, Flash crash, Frederick Winslow Taylor, global supply chain, Henri Poincaré, high batting average, Ida Tarbell, information security, interchangeable parts, invisible hand, Isaac Newton, Jane Jacobs, job automation, job satisfaction, John Nash: game theory, knowledge economy, Mark Zuckerberg, Mohammed Bouazizi, Nate Silver, Neil Armstrong, Pierre-Simon Laplace, pneumatic tube, radical decentralization, RAND corporation, scientific management, self-driving car, Silicon Valley, Silicon Valley startup, Skype, Steve Jobs, supply-chain management, systems thinking, The Wealth of Nations by Adam Smith, urban sprawl, US Airways Flight 1549, vertical integration, WikiLeaks, zero-sum game

Lizette Alvarez, “Sharks Absent, Swimmer, 64, Strokes from Cuba to Florida,” New York Times, September 2, 2013, http://www.nytimes.com/2013/09/03/sports/nyad-completes-cuba-to-florida-swim.html?_r=1& (accessed July 8, 2014). Diving activities include . . . Interview with Coleman Ruiz, former Navy SEAL. “Great teams consist of” . . . Amy C. Edmondson, Teaming: How Organizations Learn, Innovate, and Compete in the Knowledge Economy (San Francisco: Jossey-Bass, 2012), 11. “that limb is nonviable” . . . Interview with Dr. Matthew Carty and Dr. E. J. Caterson. 70 percent increase . . . “Energy Expenditure of Amputees,” The War Amps, http://www.waramps.ca/nac/health/energy.html (accessed July 8, 2014). news reports played up the drama . . .


pages: 387 words: 110,820

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

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

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.


The Smart Wife: Why Siri, Alexa, and Other Smart Home Devices Need a Feminist Reboot by Yolande Strengers, Jenny Kennedy

active measures, Amazon Robotics, Anthropocene, autonomous vehicles, Big Tech, Boston Dynamics, cloud computing, cognitive load, computer vision, Computing Machinery and Intelligence, crowdsourcing, cyber-physical system, data science, deepfake, Donald Trump, emotional labour, en.wikipedia.org, Evgeny Morozov, fake news, feminist movement, game design, gender pay gap, Grace Hopper, hive mind, Ian Bogost, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Jeff Bezos, John Markoff, Kitchen Debate, knowledge economy, Masayoshi Son, Milgram experiment, Minecraft, natural language processing, Network effects, new economy, pattern recognition, planned obsolescence, precautionary principle, robot derives from the Czech word robota Czech, meaning slave, self-driving car, Shoshana Zuboff, side hustle, side project, Silicon Valley, smart grid, smart meter, social intelligence, SoftBank, Steve Jobs, surveillance capitalism, systems thinking, technological solutionism, technoutopianism, TED Talk, Turing test, Wall-E, Wayback Machine, women in the workforce

Judy Wajcman, Feminism Confronts Technology (Cambridge, UK: Polity, 1991); Ben Panko, “The First Self-Cleaning Home Was Essentially a ‘Floor-to-Ceiling Dishwasher,’” Smithsonian, July 20, 2017, https://www.smithsonianmag.com/smart-news/first-self-cleaning-home-was-essentially-floor-ceiling-dishwasher-180964115/. 41. Wajcman, Feminism Confronts Technology, 102. 42. Melissa Gregg, Counterproductive: Time Management in the Knowledge Economy (Durham, NC: Duke University Press, 2018). 43. Justin McCurry, “South Korean Woman’s Hair ‘Eaten’ by Robot Vacuum Cleaner as She Slept,” Guardian, February 9, 2015, https://www.theguardian.com/world/2015/feb/09/south-korean-womans-hair-eaten-by-robot-vacuum-cleaner-as-she-slept. 44. Angel Chang, “This 1955 ‘Good House Wife’s Guide’ Explains How Wives Should Treat Their Husbands,” LittleThings, October 7, 2019, https://www.littlethings.com/1950s-good-housewife-guide. 45.


pages: 395 words: 116,675

The Evolution of Everything: How New Ideas Emerge by Matt Ridley

"World Economic Forum" Davos, adjacent possible, affirmative action, Affordable Care Act / Obamacare, Albert Einstein, Alfred Russel Wallace, AltaVista, altcoin, An Inconvenient Truth, anthropic principle, anti-communist, bank run, banking crisis, barriers to entry, bitcoin, blockchain, Boeing 747, Boris Johnson, British Empire, Broken windows theory, carbon tax, Columbian Exchange, computer age, Corn Laws, cosmological constant, cotton gin, creative destruction, Credit Default Swap, crony capitalism, crowdsourcing, cryptocurrency, David Ricardo: comparative advantage, demographic transition, Deng Xiaoping, discovery of DNA, Donald Davies, double helix, Downton Abbey, driverless car, Eben Moglen, Edward Glaeser, Edward Lorenz: Chaos theory, Edward Snowden, endogenous growth, epigenetics, Ethereum, ethereum blockchain, facts on the ground, fail fast, falling living standards, Ferguson, Missouri, financial deregulation, financial innovation, flying shuttle, Frederick Winslow Taylor, Geoffrey West, Santa Fe Institute, George Gilder, George Santayana, Glass-Steagall Act, Great Leap Forward, Greenspan put, Gregor Mendel, Gunnar Myrdal, Henri Poincaré, Higgs boson, hydraulic fracturing, imperial preference, income per capita, indoor plumbing, information security, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, Jane Jacobs, Japanese asset price bubble, Jeff Bezos, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, Khan Academy, knowledge economy, land reform, Lao Tzu, long peace, low interest rates, Lyft, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, means of production, meta-analysis, military-industrial complex, mobile money, Money creation, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, moral hazard, Necker cube, obamacare, out of africa, packet switching, peer-to-peer, phenotype, Pierre-Simon Laplace, precautionary principle, price mechanism, profit motive, RAND corporation, random walk, Ray Kurzweil, rent-seeking, reserve currency, Richard Feynman, rising living standards, road to serfdom, Robert Solow, Ronald Coase, Ronald Reagan, Satoshi Nakamoto, scientific management, Second Machine Age, sharing economy, smart contracts, South Sea Bubble, Steve Jobs, Steven Pinker, Stuart Kauffman, tacit knowledge, TED Talk, The Wealth of Nations by Adam Smith, Thorstein Veblen, transaction costs, twin studies, uber lyft, women in the workforce

And indeed this is the story of technology, from the Stone Age to the present day, on all continents: wherever you look, technology proceeds in a stately way from each tool to the next, rarely leapfrogging or sidestepping. As Kelly remarks, the sequence is always uniform, and is significantly correlated on different continents: ‘Knifepoints always follow fire, human burials always follow knifepoints, and the arch precedes welding.’ To this day, it is very hard for a country to become a knowledge economy without being an agricultural success and then a manufacturing success first. That’s the path Japan, South Korea, China, India, Mauritius and Brazil have followed in recent years, and it’s the path that Britain and America followed at a more leisurely pace in the eighteenth, nineteenth and twentieth centuries.


pages: 492 words: 118,882

The Blockchain Alternative: Rethinking Macroeconomic Policy and Economic Theory by Kariappa Bheemaiah

"World Economic Forum" Davos, accounting loophole / creative accounting, Ada Lovelace, Adam Curtis, Airbnb, Alan Greenspan, algorithmic trading, asset allocation, autonomous vehicles, balance sheet recession, bank run, banks create money, Basel III, basic income, behavioural economics, Ben Bernanke: helicopter money, bitcoin, Bletchley Park, blockchain, Bretton Woods, Brexit referendum, business cycle, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, cashless society, cellular automata, central bank independence, Charles Babbage, Claude Shannon: information theory, cloud computing, cognitive dissonance, collateralized debt obligation, commoditize, complexity theory, constrained optimization, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, cross-border payments, crowdsourcing, cryptocurrency, data science, David Graeber, deep learning, deskilling, Diane Coyle, discrete time, disruptive innovation, distributed ledger, diversification, double entry bookkeeping, Ethereum, ethereum blockchain, fiat currency, financial engineering, financial innovation, financial intermediation, Flash crash, floating exchange rates, Fractional reserve banking, full employment, George Akerlof, Glass-Steagall Act, Higgs boson, illegal immigration, income inequality, income per capita, inflation targeting, information asymmetry, interest rate derivative, inventory management, invisible hand, John Maynard Keynes: technological unemployment, John von Neumann, joint-stock company, Joseph Schumpeter, junk bonds, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, knowledge economy, large denomination, Large Hadron Collider, Lewis Mumford, liquidity trap, London Whale, low interest rates, low skilled workers, M-Pesa, machine readable, Marc Andreessen, market bubble, market fundamentalism, Mexican peso crisis / tequila crisis, Michael Milken, MITM: man-in-the-middle, Money creation, money market fund, money: store of value / unit of account / medium of exchange, mortgage debt, natural language processing, Network effects, new economy, Nikolai Kondratiev, offshore financial centre, packet switching, Pareto efficiency, pattern recognition, peer-to-peer lending, Ponzi scheme, power law, precariat, pre–internet, price mechanism, price stability, private sector deleveraging, profit maximization, QR code, quantitative easing, quantitative trading / quantitative finance, Ray Kurzweil, Real Time Gross Settlement, rent control, rent-seeking, robo advisor, Satoshi Nakamoto, Satyajit Das, Savings and loan crisis, savings glut, seigniorage, seminal paper, Silicon Valley, Skype, smart contracts, software as a service, software is eating the world, speech recognition, statistical model, Stephen Hawking, Stuart Kauffman, supply-chain management, technology bubble, The Chicago School, The Future of Employment, The Great Moderation, the market place, The Nature of the Firm, the payments system, the scientific method, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, too big to fail, trade liberalization, transaction costs, Turing machine, Turing test, universal basic income, Vitalik Buterin, Von Neumann architecture, Washington Consensus

It is only with an understanding of technology’s effect on inequality, the situation of labor markets, the polarization effect of technology on tasks, and the changing demands for skills, that we will be able to begin the redefinition of markets, regulations, and policies for tomorrow’s cashless and entrepreneurship-driven knowledge economy. Note While the SBTC assumes that wages are determined through the forces of supply and demand in the labor market, some ongoing research is challenging this paradigm by stating that the primary determinant of wages on a sustainable basis are the employment practices of major business enterprises.


pages: 443 words: 112,800

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

3D printing, additive manufacturing, Albert Einstein, American ideology, An Inconvenient Truth, barriers to entry, behavioural economics, bike sharing, borderless world, carbon footprint, centre right, clean tech, collaborative consumption, collaborative economy, Community Supported Agriculture, corporate governance, decarbonisation, deep learning, distributed generation, electricity market, en.wikipedia.org, energy security, energy transition, Ford Model T, global supply chain, Great Leap Forward, high-speed rail, 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, off-the-grid, oil shale / tar sands, oil shock, open borders, peak oil, Ponzi scheme, post-oil, purchasing power parity, Ray Kurzweil, rewilding, Robert Solow, Ronald Reagan, scientific management, scientific worldview, 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, systems thinking, tech billionaire, 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: 389 words: 119,487

21 Lessons for the 21st Century by Yuval Noah Harari

"World Economic Forum" Davos, 1960s counterculture, accounting loophole / creative accounting, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, algorithmic trading, augmented reality, autonomous vehicles, Ayatollah Khomeini, basic income, behavioural economics, Bernie Sanders, bitcoin, blockchain, Boris Johnson, Brexit referendum, call centre, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, carbon-based life, Charlie Hebdo massacre, cognitive dissonance, computer age, computer vision, cryptocurrency, cuban missile crisis, decarbonisation, DeepMind, deglobalization, disinformation, Donald Trump, Dr. Strangelove, failed state, fake news, Filter Bubble, Francis Fukuyama: the end of history, Freestyle chess, gig economy, glass ceiling, Google Glasses, illegal immigration, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, job automation, knowledge economy, liberation theology, Louis Pasteur, low skilled workers, Mahatma Gandhi, Mark Zuckerberg, mass immigration, means of production, Menlo Park, meta-analysis, Mohammed Bouazizi, mutually assured destruction, Naomi Klein, obamacare, pattern recognition, post-truth, post-work, purchasing power parity, race to the bottom, RAND corporation, restrictive zoning, Ronald Reagan, Rosa Parks, Scramble for Africa, self-driving car, Silicon Valley, Silicon Valley startup, TED Talk, transatlantic slave trade, trolley problem, Tyler Cowen, Tyler Cowen: Great Stagnation, universal basic income, uranium enrichment, Watson beat the top human players on Jeopardy!, zero-sum game

America’s Debate over Technological Unemployment, 1929–1981 (Baltimore: Johns Hopkins University Press, 2000), 1–8; Joel Mokyr, Chris Vickers and Nicolas L. Ziebarth, ‘The History of Technological Anxiety and the Future of Economic Growth: Is This Time Different?’, Journal of Economic Perspectives 29:3 (2015), 33–42; Joel Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton: Princeton University Press, 2002), 255–7; David H. Autor, ‘Why Are There Still So Many Jobs? The History and the Future of Workplace Automation’, Journal of Economic Perspectives 29:3 (2015), 3–30; Melanie Arntz, Terry Gregory and Ulrich Zierahn, ‘The Risk of Automation for Jobs in OECD Countries’, OECD Social, Employment and Migration Working Papers 89 (2016); Mariacristina Piva and Marco Vivarelli, ‘Technological Change and Employment: Were Ricardo and Marx Right?’


Decoding Organization: Bletchley Park, Codebreaking and Organization Studies by Christopher Grey

Bletchley Park, call centre, classic study, computer age, glass ceiling, index card, iterative process, knowledge economy, knowledge worker, military-industrial complex, old-boy network, post-war consensus, seminal paper, work culture

There have been studies identifying a diverse range of very old organizations as having such characteristics, for example mediaeval monasteries (McGrath, 2005), stone-age jewellery making and the production of Renaissance Encylopaedias (Wright, 2007) and libraries (Battles, 2004). This feeds a wider critique of the inadequacy of identifying the current time as being in some unique or epochal sense an ‘information age’ or a ‘knowledge economy’ (Hobart and Schiffman, 2000; Lilley, Lightfoot and Amaral, 2004; Black, Muddiman and Plant, 2007): ‘far from being a recent development k n o w l e d g e w o r k 221 linked to the appearance of what some see as a post-industrial, information society, [information management] commands a long tradition rooted in the pre-computer, industrial age’ (Black and Brunt, 1999: 371).


pages: 393 words: 115,217

Loonshots: How to Nurture the Crazy Ideas That Win Wars, Cure Diseases, and Transform Industries by Safi Bahcall

accounting loophole / creative accounting, Alan Greenspan, Albert Einstein, AOL-Time Warner, Apollo 11, Apollo 13, Apple II, Apple's 1984 Super Bowl advert, Astronomia nova, behavioural economics, Boeing 747, British Empire, Cass Sunstein, Charles Lindbergh, Clayton Christensen, cognitive bias, creative destruction, disruptive innovation, diversified portfolio, double helix, Douglas Engelbart, Douglas Engelbart, Dunbar number, Edmond Halley, Gary Taubes, Higgs boson, hypertext link, industrial research laboratory, invisible hand, Isaac Newton, Ivan Sutherland, Johannes Kepler, Jony Ive, knowledge economy, lone genius, Louis Pasteur, Mark Zuckerberg, Menlo Park, Mother of all demos, Murray Gell-Mann, PageRank, Peter Thiel, Philip Mirowski, Pierre-Simon Laplace, power law, prediction markets, pre–internet, Ralph Waldo Emerson, RAND corporation, random walk, reality distortion field, Richard Feynman, Richard Thaler, Sheryl Sandberg, side project, Silicon Valley, six sigma, stem cell, Steve Jobs, Steve Wozniak, synthetic biology, the scientific method, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Tim Cook: Apple, tulip mania, Wall-E, wikimedia commons, yield management

Stanford, 2007. Hindo, Brian. “At 3M, A Struggle between Efficiency and Creativity.” Bloomberg.com, June 11, 2007. Hoddeson, Lillian. “The Emergence of Basic Research in the Bell Telephone System, 1875–1915.” Tech. Cult. 22 (1981): 512. Jarboe, Kenan, and Robert Atkinson. “The Case for Technology in the Knowledge Economy.” Prog. Pol. Inst., 1998. Jewett, F. B. “The 1943 Medalist.” Elec. Eng. 63 (1944): 81. Jones, Reginald V. “Winston Leonard Spencer Churchill, 1874–1965.” Biog. Mem. Fell. Roy. Soc. 12 (1966): 35. ________. Most Secret War. Penguin, 2009. Kaempffert, Waldemar. “Dr. Bush Outlines a Plan.” NY Times, July 22, 1945.


pages: 457 words: 125,329

Value of Everything: An Antidote to Chaos The by Mariana Mazzucato

"Friedman doctrine" OR "shareholder theory", activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Airbnb, Alan Greenspan, bank run, banks create money, Basel III, behavioural economics, Berlin Wall, Big bang: deregulation of the City of London, bonus culture, Bretton Woods, business cycle, butterfly effect, buy and hold, Buy land – they’re not making it any more, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Carmen Reinhart, carried interest, clean tech, Corn Laws, corporate governance, corporate social responsibility, creative destruction, Credit Default Swap, David Ricardo: comparative advantage, debt deflation, European colonialism, Evgeny Morozov, fear of failure, financial deregulation, financial engineering, financial innovation, Financial Instability Hypothesis, financial intermediation, financial repression, full employment, G4S, George Akerlof, Glass-Steagall Act, Google Hangouts, Growth in a Time of Debt, high net worth, Hyman Minsky, income inequality, independent contractor, index fund, informal economy, interest rate derivative, Internet of things, invisible hand, John Bogle, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, knowledge economy, labour market flexibility, laissez-faire capitalism, light touch regulation, liquidity trap, London Interbank Offered Rate, low interest rates, margin call, Mark Zuckerberg, market bubble, means of production, military-industrial complex, Minsky moment, Money creation, money market fund, negative equity, Network effects, new economy, Northern Rock, obamacare, offshore financial centre, Pareto efficiency, patent troll, Paul Samuelson, peer-to-peer lending, Peter Thiel, Post-Keynesian economics, profit maximization, proprietary trading, quantitative easing, quantitative trading / quantitative finance, QWERTY keyboard, rent control, rent-seeking, Robert Solow, Sand Hill Road, shareholder value, sharing economy, short selling, Silicon Valley, Simon Kuznets, smart meter, Social Responsibility of Business Is to Increase Its Profits, software patent, Solyndra, stem cell, Steve Jobs, The Great Moderation, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Tobin tax, too big to fail, trade route, transaction costs, two and twenty, two-sided market, very high income, Vilfredo Pareto, wealth creators, Works Progress Administration, you are the product, zero-sum game

And fourth, through the network dynamics characteristic of modern technologies, where first-mover advantages in a network allow large economies to reap monopolistic advantages through economies of scale and the fact that customers using the network get locked in (finding it too cumbersome or disadvantageous to switch service). The chapter will argue that the most modern form of rent-seeking in the twenty-first-century knowledge economy is through the way in which risks in the innovation economy are socialized, while the rewards are privatized. WHERE DOES INNOVATION COME FROM? Before looking at these four areas of value extraction, I want to consider three key characteristics of innovation processes. Innovation rarely occurs in isolation.


pages: 356 words: 112,271

Brexit and Ireland: The Dangers, the Opportunities, and the Inside Story of the Irish Response by Tony Connelly

"World Economic Forum" Davos, air freight, Berlin Wall, Big bang: deregulation of the City of London, Big Tech, Boris Johnson, Brexit referendum, call centre, centre right, Double Irish / Dutch Sandwich, electricity market, eurozone crisis, Fall of the Berlin Wall, Jeremy Corbyn, Ken Thompson, knowledge economy, land bank, LNG terminal, low skilled workers, non-tariff barriers, open borders, personalized medicine, race to the bottom, regulatory arbitrage, tech worker, éminence grise

Irish universities already collaborate with the major UK funding agencies, such as the Engineering and Physical Sciences Research Council, the Biotechnology and Biological Sciences Research Council, the Royal Society and the Wellcome Trust. ‘The positioning of Ireland in the past few years,’ says a senior official in the European Commission’s research directorate-general, which administers Horizon 2020, ‘in the way Ireland understands how the knowledge economy works and then builds the structures and processes around it, has been more successful than people realize. They see the Intel labs. But they don’t see the leadership in other areas. Not just in pharmaceutical and biotech, but even in the advanced-food business, where there’s a whole new value chain.


pages: 561 words: 114,843

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

activist fund / activist shareholder / activist investor, airport security, Albert Einstein, AOL-Time Warner, bank run, Ben Horowitz, Blue Ocean Strategy, book value, Broken windows theory, crowdsourcing, deskilling, fear of failure, financial engineering, 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, Salesforce, 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.


pages: 374 words: 114,660

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

Admiral Zheng, agricultural Revolution, Branko Milanovic, BRICs, British Empire, call centre, carbon tax, clean water, colonial exploitation, Columbian Exchange, compensation consultant, creative destruction, declining real wages, Downton Abbey, Easter island, Edward Jenner, end world poverty, financial engineering, financial innovation, Ford Model T, germ theory of disease, Gini coefficient, Glass-Steagall Act, Great Leap Forward, illegal immigration, income inequality, invention of agriculture, invisible hand, John Snow's cholera map, knowledge economy, Louis Pasteur, low skilled workers, new economy, off-the-grid, Paul Volcker talking about ATMs, purchasing power parity, randomized controlled trial, rent-seeking, rising living standards, Robert Solow, Ronald Reagan, Simon Kuznets, Steve Jobs, Steven Pinker, structural adjustment programs, The Spirit Level, too big to fail, trade route, Tragedy of the Commons, very high income, War on Poverty, zoonotic diseases

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 nineteenth century America, Princeton University Press. 35. Howard Markel, 2005, When germs travel: Six major epidemics that have invaded America and the fears they have unleashed, Vintage. 36.


Mbs: The Rise to Power of Mohammed Bin Salman by Ben Hubbard

"World Economic Forum" Davos, Ayatollah Khomeini, Bellingcat, bitcoin, Citizen Lab, Donald Trump, fake news, it's over 9,000, Jeff Bezos, knowledge economy, Mark Zuckerberg, medical residency, megacity, Mohammed Bouazizi, NSO Group, RAND corporation, ride hailing / ride sharing, Rosa Parks, Rubik’s Cube, Silicon Valley, Snapchat, SoftBank, Steve Bannon, Steve Jobs, Tim Cook: Apple, urban planning, WikiLeaks, women in the workforce, Yom Kippur War

So I went, did a few stories, and waited another few months for my next visa. During one period, the only way I could get in was to apply for conferences, which were sponsored by powerful organizations working to build their profiles. Most of the events were hugely boring, packed with dull panels about increasing competitiveness and building a knowledge economy, but once I was in, I could work as I pleased. At one point, I received a visa—one month, single entry, nonrenewable—to attend a two-day conference, but its organization was so poor that I didn’t receive the visa until the day the conference began. I flew to Saudi Arabia that evening, attended the conference’s second day, and had 29 days left, during which officials I called refused to speak to me because I was not there to do interviews.


pages: 426 words: 118,913

Green Philosophy: How to Think Seriously About the Planet by Roger Scruton

An Inconvenient Truth, barriers to entry, carbon credits, carbon footprint, carbon tax, Cass Sunstein, Climategate, Climatic Research Unit, corporate social responsibility, demand response, Easter island, edge city, endowment effect, energy security, Exxon Valdez, failed state, food miles, garden city movement, Garrett Hardin, ghettoisation, happiness index / gross national happiness, Herbert Marcuse, hobby farmer, Howard Zinn, income inequality, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jane Jacobs, joint-stock company, joint-stock limited liability company, Kenneth Arrow, knowledge economy, Lewis Mumford, market friction, Martin Wolf, moral hazard, Naomi Klein, New Urbanism, Peter Singer: altruism, phenotype, precautionary principle, rent-seeking, Robert Solow, Ronald Coase, Sam Peltzman, Silicon Valley, Simon Kuznets, tacit knowledge, the built environment, The Death and Life of Great American Cities, the market place, Thomas Malthus, Tragedy of the Commons, transaction costs, University of East Anglia, urban planning, urban sprawl, Vilfredo Pareto, women in the workforce, zero-sum game

See also the same authors’ standard work on the subject: Economic Theory and Exhaustible Resources, Cambridge, 1979. 168 John V. Krutilla, ‘Conservation Reconsidered’, American Economics Review, 57, September 1967, pp. 787–96. The point has been taken up in the context of the so-called ‘knowledge economy’ by Peter Drucker, Post-Capitalist Society, New York, 1993. 169 [1868] UKHL 1. 170 See the argument of Lord Hoffmann in Transco plc v. Stockport Metropolitan Borough Council, [2003] UKHL 61, qualifying the rule in Rylands v. Fletcher. 171 See George L. Priest, ‘The Invention of Enterprise Liability: A Critical History of the Intellectual Foundations of Modern Tort Law’, Journal of Legal Studies, 14.3, December 1985, pp. 461–528. 172 DeMuth and Ginsburg, op. cit., p. 25. 173 See especially Ronald Coase, ‘The Problem of Social Cost’, Journal of Law and Economics, 3, October 1960. 174 A.


Sam Friedman and Daniel Laurison by The Class Ceiling Why it Pays to be Privileged (2019, Policy Press)

affirmative action, Ascot racecourse, Boris Johnson, Bullingdon Club, classic study, critical race theory, discrete time, Donald Trump, Downton Abbey, emotional labour, equal pay for equal work, gender pay gap, gig economy, Gini coefficient, glass ceiling, Hyperloop, if you build it, they will come, imposter syndrome, income inequality, invisible hand, Jeremy Corbyn, job satisfaction, knowledge economy, longitudinal study, Martin Parr, meritocracy, meta-analysis, microaggression, nudge theory, nudge unit, old-boy network, performance metric, psychological pricing, school choice, Skype, starchitect, The Spirit Level, the strength of weak ties, unpaid internship, upwardly mobile, W. E. B. Du Bois, work culture

., Vignoles, A. and Dearden, L. (2016) How English domiciled graduate earnings vary with gender, institution attended, subject and socio-economic background, London: Institute for Fiscal Studies (www.ifs.org.uk/publications/8233). Brown, P. and Hesketh, A. (2004) The mismanagement of talent: Employability and jobs in the knowledge economy, Oxford and New York: Oxford University Press. Brown, S., Kelan, E. and Humbert, A.L. (2015) ‘Women’s and men’s routes to the boardroom’, (https://www. womenonboards.net/womenonboards-AU/media/UK-PDFsResearch-Reports/2015_opening_the_black_box_of_board_ appointments.pdf ). Brynin, M. and Güveli, A. (2012) ‘Understanding the ethnic pay gap in Britain’, Work, Employment & Society, 26(4), 574-87 (https://doi.org/10.1177/0950017012445095).


pages: 389 words: 111,372

Raising Lazarus: Hope, Justice, and the Future of America’s Overdose Crisis by Beth Macy

2021 United States Capitol attack, Affordable Care Act / Obamacare, Bernie Sanders, big-box store, Black Lives Matter, coronavirus, COVID-19, critical race theory, crowdsourcing, defund the police, Donald Trump, drug harm reduction, Easter island, fake news, Haight Ashbury, half of the world's population has never made a phone call, knowledge economy, labor-force participation, Laura Poitras, liberation theology, mandatory minimum, mass incarceration, medical malpractice, medical residency, mutually assured destruction, New Journalism, NSO Group, obamacare, off grid, opioid epidemic / opioid crisis, Overton Window, pill mill, Ponzi scheme, QAnon, RAND corporation, rent-seeking, Ronald Reagan, shareholder value, single-payer health, social distancing, The Chicago School, Upton Sinclair, working poor, working-age population, Y2K, zero-sum game

He exploited a system that had already handed disproportionate power to rural Whites by way of gerrymandering and electoral-vote machinations. By pushing racist and anti-government rhetoric, Trump amplified the rage of those displaced by globalization and technology—while doing very little to help them join the knowledge economy. Billionaires got tax cuts at the same time that Trump tried to plunder Pell Grants, the government’s bedrock program to help poor people go to college—of which I will forever be grateful to have been a full grantee. If I hadn’t gone to college, I could very well have ended up being a subject in a book like this.


pages: 435 words: 120,574

Strangers in Their Own Land: Anger and Mourning on the American Right by Arlie Russell Hochschild

affirmative action, Affordable Care Act / Obamacare, Bernie Sanders, Black Lives Matter, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, clean water, collective bargaining, Deep Water Horizon, desegregation, Donald Trump, emotional labour, ending welfare as we know it, equal pay for equal work, Exxon Valdez, feminist movement, full employment, greed is good, guest worker program, invisible hand, knowledge economy, man camp, McMansion, minimum wage unemployment, new economy, obamacare, off-the-grid, oil shock, payday loans, precautionary principle, Richard Florida, Ronald Reagan, school vouchers, Silicon Valley, Solyndra, sovereign wealth fund, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, urban sprawl, working poor, Yogi Berra

Paradoxically, politicians on the right appeal to this sense of victimhood, even when policies such as those of former governor Jindal exacerbate the problem. In the meantime, left and right need one another, just as the blue coastal and inland cities need red state energy and rich community. The rural Midwest and South need the cosmopolitan outreach to a diverse wider world. As sociologist Richard Florida notes, “Blue state knowledge economies run on red state energy. Red state energy economies, in their turn, depend on dense coastal cities and metro areas, not just as markets and sources of migrants, but for the technology and talent they supply.” In my travels, I was humbled by the complexity and height of the empathy wall. But with their teasing, good-hearted acceptance of a stranger from Berkeley, the people I met in Louisiana showed me that, in human terms, the wall can easily come down.


pages: 312 words: 93,504

Common Knowledge?: An Ethnography of Wikipedia by Dariusz Jemielniak

Andrew Keen, barriers to entry, Benevolent Dictator For Life (BDFL), citation needed, collaborative consumption, collaborative editing, commons-based peer production, conceptual framework, continuous integration, crowdsourcing, Debian, deskilling, digital Maoism, disinformation, en.wikipedia.org, Filter Bubble, Free Software Foundation, Gabriella Coleman, Google Glasses, Guido van Rossum, Hacker Ethic, hive mind, Internet Archive, invisible hand, Jaron Lanier, jimmy wales, job satisfaction, Julian Assange, knowledge economy, knowledge worker, Menlo Park, moral hazard, online collectivism, pirate software, RFC: Request For Comment, Richard Stallman, selection bias, Silicon Valley, Skype, slashdot, social software, Stewart Brand, the Cathedral and the Bazaar, The Hackers Conference, The Nature of the Firm, the strength of weak ties, The Wisdom of Crowds, transaction costs, Wayback Machine, WikiLeaks, wikimedia commons, Wikivoyage, Yochai Benkler, zero-sum game

Tightening the iron cage: Concertive control in self-managing teams. Administrative Science Quarterly, 38(3), 408–437. Barley, S. R., & Kunda, G. (2001). Bringing work back in. Organization Science, 12(1), 76–95. Barley, S. R., & Kunda, G. (2004). Gurus, hired guns, and warm bodies: Itinerant experts in a knowledge economy. Princeton, NJ: Princeton University Press. Barnard, A. (1983). Contemporary hunter-gatherers: Current theoretical issues in ecology and social organization. Annual Review of Anthropology, 12, 193–214. Barnett, E. (2010, May 11). Wikipedia porn row sees founder give up his editing privileges.


pages: 504 words: 126,835

The Innovation Illusion: How So Little Is Created by So Many Working So Hard by Fredrik Erixon, Bjorn Weigel

Airbnb, Alan Greenspan, Albert Einstein, American ideology, asset allocation, autonomous vehicles, barriers to entry, Basel III, Bernie Madoff, bitcoin, Black Swan, blockchain, Blue Ocean Strategy, BRICs, Burning Man, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, classic study, Clayton Christensen, Colonization of Mars, commoditize, commodity super cycle, corporate governance, corporate social responsibility, creative destruction, crony capitalism, dark matter, David Graeber, David Ricardo: comparative advantage, discounted cash flows, distributed ledger, Donald Trump, Dr. Strangelove, driverless car, Elon Musk, Erik Brynjolfsson, Fairchild Semiconductor, fear of failure, financial engineering, first square of the chessboard / second half of the chessboard, Francis Fukuyama: the end of history, general purpose technology, George Gilder, global supply chain, global value chain, Google Glasses, Google X / Alphabet X, Gordon Gekko, Greenspan put, Herman Kahn, high net worth, hiring and firing, hockey-stick growth, Hyman Minsky, income inequality, income per capita, index fund, industrial robot, Internet of things, Jeff Bezos, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, Joseph Schumpeter, Just-in-time delivery, Kevin Kelly, knowledge economy, laissez-faire capitalism, low interest rates, Lyft, manufacturing employment, Mark Zuckerberg, market design, Martin Wolf, mass affluent, means of production, middle-income trap, Mont Pelerin Society, Network effects, new economy, offshore financial centre, pensions crisis, Peter Thiel, Potemkin village, precautionary principle, price mechanism, principal–agent problem, Productivity paradox, QWERTY keyboard, RAND corporation, Ray Kurzweil, rent-seeking, risk tolerance, risk/return, Robert Gordon, Robert Solow, Ronald Coase, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, Silicon Valley, Silicon Valley startup, Skype, sovereign wealth fund, Steve Ballmer, Steve Jobs, Steve Wozniak, subprime mortgage crisis, technological determinism, technological singularity, TED Talk, telemarketer, The Chicago School, The Future of Employment, The Nature of the Firm, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, transaction costs, transportation-network company, tulip mania, Tyler Cowen, Tyler Cowen: Great Stagnation, uber lyft, University of East Anglia, unpaid internship, Vanguard fund, vertical integration, Yogi Berra

At http://dx.doi.org/10.1787/5k47zw5kdnmp-en. Iwamoto, Masaaki, “Abandoned Homes Haunt Japanese Neighborhoods.” Bloomberg.com, July 10, 2015. At http://www.bloomberg.com/news/articles/2015-07-09/abandoned-homes-haunt-japanese-neighborhoods. Jaffe, Adam B., and Manuel Trajtenberg, Patents, Citations and Innovations: A Window on the Knowledge Economy. MIT Press, 2002. Jaruzelski, Barry, Volker Staack, and Brad Goehle, “Proven Paths to Innovation Success: Ten Years of Research Reveal the Best R&D Strategies for the Decade Ahead.” Global Innovation 1000, strategy+business, 77 (2014): 1–18. Jenkins, Holman W., “Jenkins: Only Bill Gates Can Change Microsoft.”


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

accounting loophole / creative accounting, active measures, affirmative action, air traffic controllers' union, Alan Greenspan, asset allocation, barriers to entry, Bear Stearns, Bonfire of the Vanities, business climate, business cycle, 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, Glass-Steagall Act, Home mortgage interest deduction, Howard Zinn, income inequality, invisible hand, John Bogle, knowledge economy, laissez-faire capitalism, Martin Wolf, medical bankruptcy, moral hazard, Nate Silver, new economy, night-watchman state, offshore financial centre, oil shock, Paul Volcker talking about ATMs, Powell Memorandum, Ralph Nader, Ronald Reagan, Savings and loan crisis, shareholder value, Silicon Valley, Tax Reform Act of 1986, The Wealth of Nations by Adam Smith, three-martini lunch, 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.


Multicultural Cities: Toronto, New York, and Los Angeles by Mohammed Abdul Qadeer

affirmative action, business cycle, call centre, David Brooks, deindustrialization, desegregation, edge city, en.wikipedia.org, Frank Gehry, game design, gentrification, ghettoisation, global village, immigration reform, industrial cluster, Jane Jacobs, knowledge economy, market bubble, McMansion, megaproject, new economy, New Urbanism, place-making, Richard Florida, risk tolerance, Silicon Valley, Skype, telemarketer, the built environment, The Chicago School, The Death and Life of Great American Cities, the scientific method, urban planning, urban renewal, working-age population, young professional

Ethnicity and the Urban Economy Photo 5.1 Chinese shopping arcade inside Pacific Mall, Markham (Toronto) (courtesy Susan Qadeer) 99 100 Multicultural Cities The Latinization of Los Angeles is the storyline of its transformation under the influence of immigration. Miles Davis observes that “Latinos have become predominant in low-tech manufacturing, home construction and tourist-leisure services,” establishing ethnic economic niches and enclaves.24 Chinese and Indians are filling the ranks of professionals in the new knowledge economy, whereas Chinese as well as Koreans and Japanese have helped forge cross-Pacific trade through their transnational links. The three cities have many common elements, namely, (1) large and diverse populations, (2) being biggest cities of their countries, (3) economic bases in financial, educational, health, and producer services; and (4) global connections and a role as pre-eminent information, entertainment, and art nodes.


pages: 471 words: 124,585

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

Admiral Zheng, Alan Greenspan, An Inconvenient Truth, Andrei Shleifer, Asian financial crisis, asset allocation, asset-backed security, Atahualpa, bank run, banking crisis, banks create money, Bear Stearns, Black Monday: stock market crash in 1987, Black Swan, Black-Scholes formula, Bonfire of the Vanities, Bretton Woods, BRICs, British Empire, business cycle, capital asset pricing model, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, classic study, 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, equity risk premium, financial engineering, financial innovation, financial intermediation, fixed income, floating exchange rates, Fractional reserve banking, Francisco Pizarro, full employment, Future Shock, German hyperinflation, Greenspan put, Herman Kahn, 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, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", John Meriwether, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, junk bonds, Kenneth Arrow, Kenneth Rogoff, knowledge economy, labour mobility, Landlord’s Game, liberal capitalism, London Interbank Offered Rate, Long Term Capital Management, low interest rates, market bubble, market fundamentalism, means of production, Mikhail Gorbachev, Modern Monetary Theory, Money creation, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, mortgage tax deduction, Myron Scholes, Naomi Klein, National Debt Clock, negative equity, Nelson Mandela, Nick Bostrom, 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, risk free rate, Robert Shiller, rolling blackouts, Ronald Reagan, Savings and loan crisis, savings glut, seigniorage, short selling, Silicon Valley, South Sea Bubble, sovereign wealth fund, spice trade, stocks for the long run, structural adjustment programs, subprime mortgage crisis, tail risk, technology bubble, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Bayes, Thomas Malthus, Thorstein Veblen, tontine, too big to fail, transaction costs, two and twenty, undersea cable, value at risk, W. E. B. Du Bois, 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: 525 words: 116,295

The New Digital Age: Transforming Nations, Businesses, and Our Lives by Eric Schmidt, Jared Cohen

access to a mobile phone, additive manufacturing, airport security, Amazon Mechanical Turk, Amazon Web Services, Andy Carvin, Andy Rubin, anti-communist, augmented reality, Ayatollah Khomeini, barriers to entry, bitcoin, borderless world, call centre, Chelsea Manning, citizen journalism, clean water, cloud computing, crowdsourcing, data acquisition, Dean Kamen, disinformation, driverless car, drone strike, Elon Musk, Evgeny Morozov, failed state, false flag, fear of failure, Filter Bubble, Google Earth, Google Glasses, Hacker Conference 1984, hive mind, income inequality, information security, information trail, invention of the printing press, job automation, John Markoff, Julian Assange, Khan Academy, Kickstarter, knowledge economy, Law of Accelerating Returns, market fundamentalism, Mary Meeker, means of production, military-industrial complex, MITM: man-in-the-middle, mobile money, mutually assured destruction, Naomi Klein, Nelson Mandela, no-fly zone, off-the-grid, offshore financial centre, Parag Khanna, peer-to-peer, peer-to-peer lending, personalized medicine, Peter Singer: altruism, power law, Ray Kurzweil, RFID, Robert Bork, self-driving car, sentiment analysis, Silicon Valley, Skype, Snapchat, social graph, speech recognition, Steve Jobs, Steven Pinker, Stewart Brand, Stuxnet, Susan Wojcicki, The Wisdom of Crowds, upwardly mobile, Whole Earth Catalog, WikiLeaks, young professional, zero day

As connectivity spreads, the gap between diaspora and home communities will shrink, as communication technologies and social media strengthen the bonds of culture, language and perspective that connect these distant groups. And those who leave their country as part of a brain drain will be leaving countries far more connected than today, even if those places are poor, autocratic or short on opportunities. Members of the diaspora, then, will be able to create a knowledge economy in exile that leverages the strong educational institutions, networks and resources of developed countries and channels them back constructively into their home countries. Opportunism and Exploitation In the aftermath of every major conflict or natural disaster, new actors flood the space: aid workers, journalists, U.N. officials, consultants, businessmen, speculators and tourists.


pages: 419 words: 119,476

Posh Boys: How English Public Schools Ruin Britain by Robert Verkaik

accounting loophole / creative accounting, Alistair Cooke, banking crisis, Berlin Wall, Boris Johnson, Brexit referendum, British Empire, Brixton riot, Bullingdon Club, Cambridge Analytica, data science, disinformation, Dominic Cummings, Donald Trump, Etonian, G4S, gender pay gap, God and Mammon, income inequality, Jeremy Corbyn, Khartoum Gordon, Kickstarter, knowledge economy, Livingstone, I presume, loadsamoney, mega-rich, Neil Kinnock, offshore financial centre, old-boy network, Piers Corbyn, place-making, plutocrats, Robert Gordon, Robert Mercer, school vouchers, Stephen Fry, Steve Bannon, Suez crisis 1956, The Bell Curve by Richard Herrnstein and Charles Murray, trade route, traveling salesman, unpaid internship

The correlation between bigger salaries and private education is perfectly illustrated by a 2018 study which showed that eight out of ten starting salaries of £100,000 are awarded to privately educated candidates.40 This financial advantage is described by Francis Green, professor of Work and Education Economics at the UCL Institute of Education, as an important part of the ‘public school premium’.41 But Professor Green goes further, saying that even the choice of marriage partner is unconsciously guided by educational background. Professor Green and Dr Golo Henseke, from the Centre for Learning and Life Chances in Knowledge Economies and Societies (LLAKES), analysed survey data on 75,000 adults in the UK gathered from 1991 to 2013. They found that privately educated women are four times more likely than their state-educated counterparts to marry a man who was privately educated. The researchers suggested that one reason why ‘like married like’ was that men and women from private schools were more likely to have friends in common, work in similar careers and hold shared values.


pages: 756 words: 120,818

The Levelling: What’s Next After Globalization by Michael O’sullivan

"World Economic Forum" Davos, 3D printing, Airbnb, Alan Greenspan, algorithmic trading, Alvin Toffler, bank run, banking crisis, barriers to entry, Bernie Sanders, Big Tech, bitcoin, Black Swan, blockchain, bond market vigilante , Boris Johnson, Branko Milanovic, Bretton Woods, Brexit referendum, British Empire, business cycle, business process, capital controls, carbon tax, Celtic Tiger, central bank independence, classic study, cloud computing, continuation of politics by other means, corporate governance, credit crunch, CRISPR, cryptocurrency, data science, deglobalization, deindustrialization, disinformation, disruptive innovation, distributed ledger, Donald Trump, driverless car, eurozone crisis, fake news, financial engineering, financial innovation, first-past-the-post, fixed income, gentrification, Geoffrey West, Santa Fe Institute, Gini coefficient, Glass-Steagall Act, global value chain, housing crisis, impact investing, income inequality, Intergovernmental Panel on Climate Change (IPCC), It's morning again in America, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", junk bonds, knowledge economy, liberal world order, Long Term Capital Management, longitudinal study, low interest rates, market bubble, minimum wage unemployment, new economy, Northern Rock, offshore financial centre, open economy, opioid epidemic / opioid crisis, Paris climate accords, pattern recognition, Peace of Westphalia, performance metric, Phillips curve, private military company, quantitative easing, race to the bottom, reserve currency, Robert Gordon, Robert Shiller, Robert Solow, Ronald Reagan, Scramble for Africa, secular stagnation, Silicon Valley, Sinatra Doctrine, South China Sea, South Sea Bubble, special drawing rights, Steve Bannon, Suez canal 1869, supply-chain management, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, total factor productivity, trade liberalization, tulip mania, Valery Gerasimov, Washington Consensus

He splits British society into two value blocks: “Anywheres” and “Somewheres” (his thesis arguably also applies to the gaps between the communities in, say, New York or Boston or Los Angeles and middle America). The Anywheres, who make up about a quarter of the population, according to Goodhart, are involved in running the country, or they work in the knowledge economy. They are well educated and value mobility and autonomy, they can adjust to social change, and their view of the world is not rooted in any particular place (“Anywhere”). In contrast, Somewheres are less well educated; are rooted in specific geographies (i.e., they still live near where they were brought up); value groups, tradition, families, and communities; and are more troubled by immigration and ethnic change.


User Friendly by Cliff Kuang, Robert Fabricant

A Pattern Language, Abraham Maslow, Airbnb, anti-communist, Any sufficiently advanced technology is indistinguishable from magic, Apple II, augmented reality, autonomous vehicles, behavioural economics, Bill Atkinson, Brexit referendum, Buckminster Fuller, Burning Man, business logic, call centre, Cambridge Analytica, Chuck Templeton: OpenTable:, cognitive load, computer age, Daniel Kahneman / Amos Tversky, dark pattern, data science, Donald Trump, Douglas Engelbart, Douglas Engelbart, driverless car, Elaine Herzberg, en.wikipedia.org, fake it until you make it, fake news, Ford Model T, Frederick Winslow Taylor, frictionless, Google Glasses, Internet of things, invisible hand, James Dyson, John Markoff, Jony Ive, knowledge economy, Kodak vs Instagram, Lyft, M-Pesa, Mark Zuckerberg, mobile money, Mother of all demos, move fast and break things, Norbert Wiener, Paradox of Choice, planned obsolescence, QWERTY keyboard, randomized controlled trial, replication crisis, RFID, scientific management, self-driving car, seminal paper, Silicon Valley, skeuomorphism, Skinner box, Skype, smart cities, Snapchat, speech recognition, Steve Jobs, Steve Wozniak, tacit knowledge, Tesla Model S, three-martini lunch, Tony Fadell, Uber and Lyft, Uber for X, uber lyft, Vannevar Bush, women in the workforce

The desktop metaphor cannot be anything other than one of the most influential and pervasive ideas of the twentieth century. It’s what transformed the minicomputer into the personal computer: from command lines glowing coldly on black screens to operating systems that sit on almost every office desk in the world. It’s what made computing the glue of the modern knowledge economy. The story goes that Steve Jobs went for a demo at Xerox PARC, saw the future there, and more or less stole it. But it’s a story riddled with holes, starting with the obvious: How would Steve Jobs have even thought there was anything to steal in the first place? Bill Atkinson came to Apple in 1978, after Jobs had convinced him to quit his Ph.D. program in neuroscience at UC San Diego.


pages: 521 words: 118,183

The Wires of War: Technology and the Global Struggle for Power by Jacob Helberg

"World Economic Forum" Davos, 2021 United States Capitol attack, A Declaration of the Independence of Cyberspace, active measures, Affordable Care Act / Obamacare, air gap, Airbnb, algorithmic management, augmented reality, autonomous vehicles, Berlin Wall, Bernie Sanders, Big Tech, bike sharing, Black Lives Matter, blockchain, Boris Johnson, Brexit referendum, cable laying ship, call centre, Cambridge Analytica, Cass Sunstein, cloud computing, coronavirus, COVID-19, creative destruction, crisis actor, data is the new oil, data science, decentralized internet, deep learning, deepfake, deglobalization, deindustrialization, Deng Xiaoping, deplatforming, digital nomad, disinformation, don't be evil, Donald Trump, dual-use technology, Edward Snowden, Elon Musk, en.wikipedia.org, end-to-end encryption, fail fast, fake news, Filter Bubble, Francis Fukuyama: the end of history, geopolitical risk, glass ceiling, global pandemic, global supply chain, Google bus, Google Chrome, GPT-3, green new deal, information security, Internet of things, Jeff Bezos, Jeffrey Epstein, John Markoff, John Perry Barlow, knowledge economy, Larry Ellison, lockdown, Loma Prieta earthquake, low earth orbit, low skilled workers, Lyft, manufacturing employment, Marc Andreessen, Mark Zuckerberg, Mary Meeker, Mikhail Gorbachev, military-industrial complex, Mohammed Bouazizi, move fast and break things, Nate Silver, natural language processing, Network effects, new economy, one-China policy, open economy, OpenAI, Parler "social media", Peter Thiel, QAnon, QR code, race to the bottom, Ralph Nader, RAND corporation, reshoring, ride hailing / ride sharing, Ronald Reagan, Russian election interference, Salesforce, Sam Altman, satellite internet, self-driving car, Sheryl Sandberg, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Skype, smart grid, SoftBank, Solyndra, South China Sea, SpaceX Starlink, Steve Jobs, Steven Levy, Stuxnet, supply-chain attack, Susan Wojcicki, tech worker, techlash, technoutopianism, TikTok, Tim Cook: Apple, trade route, TSMC, Twitter Arab Spring, uber lyft, undersea cable, Unsafe at Any Speed, Valery Gerasimov, vertical integration, Wargames Reagan, Westphalian system, white picket fence, WikiLeaks, Y Combinator, zero-sum game

Over many years, Chinese intelligence agencies have painstakingly—and successfully—cultivated assets inside the U.S. government and corporate America.III83 How many more strategic insights will they gain when doing so merely takes a couple of keystrokes? The very idea of proprietary data and intellectual property would become a farce. If American companies can’t protect their knowledge in a knowledge economy, what would happen to the future of the American economy and the middle class? This is about much more than the fate of multinational corporations; it’s about the livelihoods of our families and neighbors. The more China’s leaders target American businesses, the more precarious our own lives become.


pages: 497 words: 130,817

Pedigree: How Elite Students Get Elite Jobs by Lauren A. Rivera

affirmative action, availability heuristic, barriers to entry, behavioural economics, classic study, Donald Trump, emotional labour, fundamental attribution error, glass ceiling, income inequality, job satisfaction, knowledge economy, meritocracy, messenger bag, meta-analysis, new economy, performance metric, profit maximization, profit motive, school choice, Silicon Valley, Silicon Valley startup, tacit knowledge, tech worker, The Theory of the Leisure Class by Thorstein Veblen, The Wisdom of Crowds, unpaid internship, women in the workforce, young professional

“The Social Sources of Educational Credentialism: Status Cultures, Labor Markets, and Organizations.” Sociology of Education 74:19–34. Brown, Jonathon. 1986. “Evaluations of Self and Others: Self-Enhancement Biases in Social Judgments.” Social Cognition 4:353–76. Brown, Phillip, and Anthony Hesketh. 2004. The Mismanagement of Talent: Employability and Jobs in the Knowledge Economy. Oxford: Oxford University Press. Buchmann, Claudia, Dennis Condron, and Vincent Roscigno. 2010. “Shadow Education, American Style: Test Preparation, the SAT, and College Enrollment.” Social Forces 89:435–62. Byrne, Donn Erwin. 1971. The Attraction Paradigm. New York: Academic Press. Cable, Daniel, and Timothy Judge. 1997.


pages: 482 words: 125,429

The Book: A Cover-To-Cover Exploration of the Most Powerful Object of Our Time by Keith Houston

clean water, Commentariolus, dumpster diving, Eratosthenes, financial innovation, invention of movable type, Islamic Golden Age, Kickstarter, knowledge economy, means of production, Murano, Venice glass, paper trading, Ponzi scheme, Suez crisis 1956, wikimedia commons

Burke, “Fust (or Faust), John,” The Catholic Encyclopedia: An International Work of Reference on the Constitution, Doctrine, Discipline, and History of the Catholic Church (New York: Appleton, 1909), http://www.newadvent.org/cathen/06326b.htm; “Helmasperger’s Notarial Instrument,” Gutenberg Digital (SUB Göttingen), accessed March 5, 2014, http://www.gutenbergdigital.de/gudi/eframes/helma/frmnot/frmnota.htm. 19. “Helmasperger’s Notarial Instrument”; Man, The Gutenberg Revolution, 147–49; Kapr, Johann Gutenberg, 153–59. 20. “Helmasperger’s Notarial Instrument”; Man, The Gutenberg Revolution, 147–49. 21. Jan Luiten Van Zanden, “Common Workmen, Philosophers and the Birth of the European Knowledge Economy: About the Price and the Production of Useful Knowledge in Europe 1350–1800,” in GEHN Conference on Useful Knowledge, Leiden (London: LSE, 2004), 11. 22. Man, The Gutenberg Revolution, 145–47; H. R. Mead, “Fifteenth-Century Schoolbooks,” Huntington Library Quarterly 3, no. 1 (1939): 37–42. 23.


pages: 436 words: 125,809

The Way of the Gun: A Bloody Journey Into the World of Firearms by Iain Overton

air freight, airport security, back-to-the-land, British Empire, Chelsea Manning, clean water, Columbine, David Attenborough, disinformation, Etonian, Ferguson, Missouri, gender pay gap, gun show loophole, illegal immigration, interchangeable parts, Julian Assange, knowledge economy, Louis Pasteur, Mahatma Gandhi, More Guns, Less Crime, offshore financial centre, Ronald Reagan, Ross Ulbricht, WikiLeaks, Y2K, Yom Kippur War

After all, as female emancipation and sexual equality has edged its way forward, it seems that guns still remain as unreconstructed an instrument of male violence as they were 100 years ago. This is possibly because in many countries modern market economics have caused the manly virtues of muscle and brawn to be challenged by the more ‘feminine’ charms of intellect, creativity and guile. Putting it simply, in developed knowledge economies, IT computer programmers and public-relations executives earn far more than construction workers and security guards.8 This shift in desired skills has happened alongside a major manufacturing output decline, particularly in the US. There, nearly 30 per cent of all jobs in 1960 were blue-collar.


pages: 476 words: 132,042

What Technology Wants by Kevin Kelly

Albert Einstein, Alfred Russel Wallace, Apollo 13, Boeing 747, Buckminster Fuller, c2.com, carbon-based life, Cass Sunstein, charter city, classic study, Clayton Christensen, cloud computing, computer vision, cotton gin, Danny Hillis, dematerialisation, demographic transition, digital divide, double entry bookkeeping, Douglas Engelbart, Edward Jenner, en.wikipedia.org, Exxon Valdez, Fairchild Semiconductor, Ford Model T, George Gilder, gravity well, Great Leap Forward, Gregor Mendel, hive mind, Howard Rheingold, interchangeable parts, invention of air conditioning, invention of writing, Isaac Newton, Jaron Lanier, Joan Didion, John Conway, John Markoff, John von Neumann, Kevin Kelly, knowledge economy, Lao Tzu, life extension, Louis Daguerre, Marshall McLuhan, megacity, meta-analysis, new economy, off grid, off-the-grid, out of africa, Paradox of Choice, performance metric, personalized medicine, phenotype, Picturephone, planetary scale, precautionary principle, quantum entanglement, RAND corporation, random walk, Ray Kurzweil, recommendation engine, refrigerator car, rewilding, Richard Florida, Rubik’s Cube, Silicon Valley, silicon-based life, skeuomorphism, Skype, speech recognition, Stephen Hawking, Steve Jobs, Stewart Brand, Stuart Kauffman, technological determinism, Ted Kaczynski, the built environment, the long tail, the scientific method, Thomas Malthus, Vernor Vinge, wealth creators, Whole Earth Catalog, Y2K, yottabyte

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: 455 words: 133,719

Overwhelmed: Work, Love, and Play When No One Has the Time by Brigid Schulte

8-hour work day, affirmative action, Bertrand Russell: In Praise of Idleness, blue-collar work, Burning Man, business cycle, call centre, cognitive dissonance, David Brooks, deliberate practice, desegregation, DevOps, East Village, Edward Glaeser, epigenetics, fear of failure, feminist movement, financial independence, game design, gender pay gap, glass ceiling, Great Leap Forward, helicopter parent, hiring and firing, income inequality, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge economy, knowledge worker, labor-force participation, machine readable, meta-analysis, new economy, profit maximization, Results Only Work Environment, Richard Feynman, Ronald Reagan, Saturday Night Live, sensible shoes, sexual politics, Sheryl Sandberg, Silicon Valley, Skype, Steve Jobs, tech worker, TED Talk, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, women in the workforce, work culture , working poor, Zipcar, éminence grise

“Rather than seeing leisure as a frivolous, privileged notion, they saw it as a very human and laudable concept. That we all deserve time for roses.” In the 1950s, work hours did finally begin to fall. Leisure time was on the rise. “So my question,” Ben Hunnicutt told me, “is what the hell happened?” Some argue that today’s knowledge economy professions—art, technology, engineering, communications, politics, think tanks, academics, and the like—are more like leisure pursuits of the mind that the Greeks envisioned, and that to be fully engaged in life through work is a good thing.38 But economists like Schor argue that a voracious advertising industry creates shiny new wants and that insatiable consumer spending now powers 70 percent of the U.S. economy.


pages: 502 words: 128,126

Rule Britannia: Brexit and the End of Empire by Danny Dorling, Sally Tomlinson

3D printing, Ada Lovelace, Alfred Russel Wallace, anti-communist, anti-globalists, Big bang: deregulation of the City of London, Boris Johnson, Brexit referendum, British Empire, Bullingdon Club, Cambridge Analytica, centre right, colonial rule, Corn Laws, correlation does not imply causation, David Ricardo: comparative advantage, deindustrialization, disinformation, Dominic Cummings, Donald Trump, Edward Snowden, electricity market, en.wikipedia.org, epigenetics, Etonian, falling living standards, Flynn Effect, gentrification, housing crisis, illegal immigration, imperial preference, income inequality, inflation targeting, invisible hand, Jeremy Corbyn, knowledge economy, market fundamentalism, mass immigration, megacity, New Urbanism, Nick Leeson, North Sea oil, offshore financial centre, out of africa, Right to Buy, Ronald Reagan, Silicon Valley, South China Sea, sovereign wealth fund, spinning jenny, Steven Pinker, Suez canal 1869, Suez crisis 1956, The Wealth of Nations by Adam Smith, Thomas Malthus, University of East Anglia, Wayback Machine, We are the 99%, wealth creators

(eds) (2013) PISA, Power and Policy, Didcot: Symposium Books. 63 Callender, C. and Thompson, J. (2018) ‘The Lost Part-timers: the decline of parttime undergraduate higher education in England’, London: Sutton Trust, pp. 3, 59, https://www.suttontrust.com/research-paper/lost-part-timers-mature-students/ 64 Coughlan, S. (2018) ‘Poor white schools “destroyed” by rankings’, BBC News, 25 May, http://www.bbc.co.uk/news/education-44196645 65 Stotesbury, N. and Dorling, D. (2015) ‘Understanding Income Inequality and its Implications: Why Better Statistics are Needed’, Statistics Views, 21 October, http://www.statisticsviews.com/details/feature/8493411/Understanding-IncomeInequality-and-its-Implications-Why-Better-Statistics-Are-N.html 66 Common Ground blog (2017) ‘A response from Common Ground’, 15 December, https://commonground-oxford.com/response-to-nigel-biggars-article-dont-feel-guilty-about-our-colonial-history/ 67 The African Society (2017) ‘Against Biggar and “Recolonization”’, press release, 19 December, http://www.oxforduniversityafricasociety.com/statement-19-12-17/ 68 Drawn by Benjamin Hennig, with data kindly provided by the Oxford University admissions service. 69 Dorling, D., Smith, G., Noble, M., Wright, G., Burrows, R., Bradshaw, J., Joshi, H., Pattie, C., Mitchell, R., Green, A. E., McCulloch, A. (2001) ‘How much does place matter?’ Environment & Planning A, Vol. 33, No. 8., pp. 1335–69. 70 Tomlinson, S. (2013) Ignorant Yobs?: Low attainers in a Global Knowledge Economy, London: Routledge. 71 Schools Inquiry Commission (1886) The Taunton Report, Vol. 1, p. 93. 72 Beatty, C., Fothergill, S. and Gore, T. (2017) ‘The Real Level of Unemployment 2017’, Sheffield: Centre for Regional Economic and Social Research, Sheffield Hallam University, tp://www4.shu.ac.uk/research/cresr/sites/shu.ac.uk/files/real-level-unemployment-2017.pdf 73 Peachey, K. (2017) ‘Council tax debt: Concern over use of bailiffs’, BBC News, 14 November, http://www.bbc.co.uk/news/business-41974406 74 Allen, G. (2011) ‘Early intervention: smart investment, massive savings’, London: Cabinet Office, https://www.gov.uk/government/publications/early-intervention-smart-investment-massive-savings 75 Perry, B.


pages: 518 words: 143,914

God Is Back: How the Global Revival of Faith Is Changing the World by John Micklethwait, Adrian Wooldridge

affirmative action, anti-communist, Ayatollah Khomeini, barriers to entry, battle of ideas, Bonfire of the Vanities, Boris Johnson, correlation does not imply causation, credit crunch, David Brooks, Dr. Strangelove, Francis Fukuyama: the end of history, full employment, ghettoisation, global supply chain, God and Mammon, Great Leap Forward, hiring and firing, industrial cluster, intangible asset, invisible hand, Iridium satellite, Jane Jacobs, joint-stock company, knowledge economy, liberation theology, low skilled workers, mass immigration, McMansion, megacity, Mikhail Gorbachev, Nelson Mandela, new economy, oil shock, Peace of Westphalia, public intellectual, Robert Bork, rolodex, Ronald Reagan, Scientific racism, Silicon Valley, stem cell, supply-chain management, The Wealth of Nations by Adam Smith, Thomas Malthus, upwardly mobile, W. E. B. Du Bois, Washington Consensus

The total GDP of the Arab League, which contains twenty-two countries and three hundred million people, is about the same size as that of Spain. Islam was once the center of the civilized world: Muslim scholars collected and translated all the great books from the East as well as the West, dominating every sphere of learning, from philosophy to mathematics. (“Algebra” comes from the Arabic word aljabr .) Nowadays, in terms of the knowledge economy, Islam is an also-ran, partly because of its treatment of women. One in every two Arab women cannot read or write. Some ten million children do not go to school at all. Investment in research and development is less than a seventh of the world average. The annual ranking of the world’s top universities, compiled by Shanghai’s Jiao Tong University, includes not a single Arab institition, compared with six in tiny Israel.


pages: 515 words: 132,295

Makers and Takers: The Rise of Finance and the Fall of American Business by Rana Foroohar

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, additive manufacturing, Airbnb, Alan Greenspan, algorithmic trading, Alvin Roth, Asian financial crisis, asset allocation, bank run, Basel III, Bear Stearns, behavioural economics, Big Tech, bonus culture, Bretton Woods, British Empire, business cycle, buy and hold, call centre, Capital in the Twenty-First Century by Thomas Piketty, Carl Icahn, Carmen Reinhart, carried interest, centralized clearinghouse, clean water, collateralized debt obligation, commoditize, computerized trading, corporate governance, corporate raider, corporate social responsibility, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, crowdsourcing, data science, David Graeber, deskilling, Detroit bankruptcy, diversification, Double Irish / Dutch Sandwich, electricity market, Emanuel Derman, Eugene Fama: efficient market hypothesis, financial deregulation, financial engineering, financial intermediation, Ford Model T, Frederick Winslow Taylor, George Akerlof, gig economy, Glass-Steagall Act, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, Greenspan put, guns versus butter model, High speed trading, Home mortgage interest deduction, housing crisis, Howard Rheingold, Hyman Minsky, income inequality, index fund, information asymmetry, interest rate derivative, interest rate swap, Internet of things, invisible hand, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", John Bogle, John Markoff, joint-stock company, joint-stock limited liability company, Kenneth Rogoff, Kickstarter, knowledge economy, labor-force participation, London Whale, Long Term Capital Management, low interest rates, manufacturing employment, market design, Martin Wolf, money market fund, moral hazard, mortgage debt, mortgage tax deduction, new economy, non-tariff barriers, offshore financial centre, oil shock, passive investing, Paul Samuelson, pensions crisis, Ponzi scheme, principal–agent problem, proprietary trading, quantitative easing, quantitative trading / quantitative finance, race to the bottom, Ralph Nader, Rana Plaza, RAND corporation, random walk, rent control, Robert Shiller, Ronald Reagan, Satyajit Das, Savings and loan crisis, scientific management, Second Machine Age, shareholder value, sharing economy, Silicon Valley, Silicon Valley startup, Snapchat, Social Responsibility of Business Is to Increase Its Profits, sovereign wealth fund, Steve Jobs, stock buybacks, subprime mortgage crisis, technology bubble, TED Talk, The Chicago School, the new new thing, The Spirit Level, The Wealth of Nations by Adam Smith, Tim Cook: Apple, Tobin tax, too big to fail, Tragedy of the Commons, trickle-down economics, Tyler Cowen: Great Stagnation, Vanguard fund, vertical integration, zero-sum game

The Irish system can be further exploited if a US firm sets up a second overseas subsidiary in Ireland to manage non-US sales on patents. American firms do a lot of this, redirecting to the most tax-advantageous country the intellectual property that may have been the work of many people in many countries. Basically, this strategy funnels the profits from the knowledge economy, where the innovation actually occurred, to a different economy that offers the cheapest cash haven. Firms can go further and add a “Dutch sandwich” onto this maneuver. Because there are European Union tax agreements in place that allow money to move freely between EU countries, American firms can set up Dutch subsidiaries and transfer more money from more countries into Irish subsidiaries.


pages: 372 words: 152

The End of Work by Jeremy Rifkin

banking crisis, Bertrand Russell: In Praise of Idleness, blue-collar work, cashless society, Charles Babbage, collective bargaining, compensation consultant, 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, Great Leap Forward, Herbert Marcuse, high-speed rail, hiring and firing, informal economy, interchangeable parts, invention of the telegraph, Jacques de Vaucanson, job automation, John Maynard Keynes: technological unemployment, Kaizen: continuous improvement, karōshi / gwarosa / guolaosi, knowledge economy, knowledge worker, land reform, low interest rates, low skilled workers, means of production, military-industrial complex, new economy, New Urbanism, Paul Samuelson, pink-collar, pneumatic tube, post-Fordism, post-industrial society, Productivity paradox, prudent man rule, Richard Florida, Ronald Reagan, scientific management, Silicon Valley, speech recognition, strikebreaker, technoutopianism, Thorstein Veblen, Toyota Production System, trade route, trickle-down economics, warehouse automation, warehouse robotics, women in the workforce, working poor, working-age population, Works Progress Administration

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: 504 words: 129,087

The Ones We've Been Waiting For: How a New Generation of Leaders Will Transform America by Charlotte Alter

"Hurricane Katrina" Superdome, "World Economic Forum" Davos, 4chan, affirmative action, Affordable Care Act / Obamacare, basic income, Berlin Wall, Bernie Sanders, Big Tech, Black Lives Matter, carbon footprint, carbon tax, clean water, collective bargaining, Columbine, corporate personhood, correlation does not imply causation, Credit Default Swap, crowdsourcing, data science, David Brooks, deepfake, deplatforming, disinformation, Donald Trump, double helix, East Village, ending welfare as we know it, fake news, Fall of the Berlin Wall, feminist movement, Ferguson, Missouri, financial deregulation, Francis Fukuyama: the end of history, gentrification, gig economy, glass ceiling, Glass-Steagall Act, Google Hangouts, green new deal, Greta Thunberg, housing crisis, illegal immigration, immigration reform, income inequality, Intergovernmental Panel on Climate Change (IPCC), job-hopping, Kevin Kelly, knowledge economy, Lyft, mandatory minimum, Marc Andreessen, Mark Zuckerberg, mass incarceration, McMansion, medical bankruptcy, microaggression, move fast and break things, Nate Silver, obamacare, Occupy movement, opioid epidemic / opioid crisis, passive income, pre–internet, race to the bottom, RAND corporation, Ronald Reagan, sexual politics, Sheryl Sandberg, side hustle, Silicon Valley, single-payer health, Snapchat, Social Justice Warrior, Steve Bannon, TaskRabbit, tech bro, too big to fail, Uber and Lyft, uber lyft, universal basic income, unpaid internship, We are the 99%, white picket fence, working poor, Works Progress Administration

CHAPTER 2 Harry Potter and the Spawn of the Boomers The baby boomers are the most spoiled, most self-centered, most narcissistic generation the country’s ever produced. —STEVE BANNON Once upon a time in America, a generation of middle-class young people graduated from publicly funded high schools and went to highly subsidized, rapidly diversifying, and increasingly competitive colleges. They outworked their aristocratic classmates and entered a new “knowledge economy” of lawyers, bankers, and lobbyists, where they made hundreds of thousands of dollars a year helping other rich people stay rich. They deserved to keep that money, they told each other. They had made it themselves, after all, through meritocracy—ever heard of it? They had worked hard for their wealth, and if keeping it meant changing a few rules and cutting a few taxes and kneecapping a few regulations, then so be it.


pages: 506 words: 133,134

The Lonely Century: How Isolation Imperils Our Future by Noreena Hertz

"Friedman doctrine" OR "shareholder theory", Airbnb, airport security, algorithmic bias, Asian financial crisis, autism spectrum disorder, Bernie Sanders, Big Tech, big-box store, Broken windows theory, call centre, Capital in the Twenty-First Century by Thomas Piketty, car-free, Cass Sunstein, centre right, conceptual framework, Copley Medal, coronavirus, correlation does not imply causation, COVID-19, dark matter, deindustrialization, Diane Coyle, digital divide, disinformation, Donald Trump, driverless car, emotional labour, en.wikipedia.org, Erik Brynjolfsson, Evgeny Morozov, fake news, Fellow of the Royal Society, future of work, gender pay gap, gentrification, gig economy, Gordon Gekko, greed is good, Greta Thunberg, happiness index / gross national happiness, housing crisis, illegal immigration, independent contractor, industrial robot, Jane Jacobs, Jeff Bezos, Jeremy Corbyn, Jessica Bruder, job automation, job satisfaction, karōshi / gwarosa / guolaosi, Kevin Roose, knowledge economy, labor-force participation, lockdown, longitudinal study, low interest rates, low skilled workers, Lyft, Mark Zuckerberg, mass immigration, means of production, megacity, meta-analysis, move fast and break things, Network effects, new economy, Pepto Bismol, QWERTY keyboard, Ray Oldenburg, remote working, rent control, RFID, robo advisor, Ronald Reagan, Salesforce, San Francisco homelessness, Second Machine Age, Shoshana Zuboff, side hustle, Silicon Valley, Skype, Snapchat, social distancing, Social Responsibility of Business Is to Increase Its Profits, SoftBank, Steve Jobs, surveillance capitalism, TaskRabbit, tech worker, The Death and Life of Great American Cities, The Future of Employment, The Great Good Place, the long tail, The Wealth of Nations by Adam Smith, TikTok, Tim Cook: Apple, Uber and Lyft, uber lyft, urban planning, Wall-E, warehouse automation, warehouse robotics, WeWork, work culture , working poor, workplace surveillance

No one will be spared Many of the people we’ve already met in this book will be first in the line of fire when it comes to these building waves of automation: delivery warehouse workers like Reynalda; the millions of cashiers who will no longer be needed when more and more of us shop in staff-free Amazon Go-style stores (in the US nearly 3.5 million people work as cashiers); or bakers like Eric, the right-wing populist voting Frenchman, who will soon face competition from robots like BreadBot, the recently launched robot baker which can mix, form, prove and bake 235 loaves of bread a day.89 These are people who already feel disproportionately alienated and disenfranchised, many of whom are also of course the ‘essential’ workers we all so relied upon during lockdown.90 But whilst those of us in ‘knowledge economy’ jobs tend to think we’ll be spared, telling ourselves there’s no way a robot could possibly do what we do, it’s important to realise that the story is more nuanced. For although it is the case that lower-skilled, lower-paid jobs are significantly more likely to be automated, the ‘professions’ are susceptible too.91 Take journalism.


pages: 505 words: 138,917

Open: The Story of Human Progress by Johan Norberg

Abraham Maslow, additive manufacturing, affirmative action, Albert Einstein, anti-globalists, basic income, Berlin Wall, Bernie Sanders, Bletchley Park, Brexit referendum, British Empire, business cycle, business process, California gold rush, carbon tax, citizen journalism, classic study, Clayton Christensen, clean water, cognitive dissonance, collective bargaining, Corn Laws, coronavirus, COVID-19, creative destruction, crony capitalism, decarbonisation, deindustrialization, Deng Xiaoping, digital map, Donald Trump, Edward Jenner, fake news, Fall of the Berlin Wall, falling living standards, Filter Bubble, financial innovation, flying shuttle, Flynn Effect, Francis Fukuyama: the end of history, future of work, Galaxy Zoo, George Gilder, Gini coefficient, global pandemic, global supply chain, global village, green new deal, humanitarian revolution, illegal immigration, income per capita, Indoor air pollution, indoor plumbing, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, Islamic Golden Age, James Watt: steam engine, Jane Jacobs, Jeff Bezos, job automation, John von Neumann, joint-stock company, Joseph Schumpeter, Kickstarter, knowledge economy, labour mobility, Lao Tzu, liberal capitalism, manufacturing employment, mass immigration, negative emissions, Network effects, open borders, open economy, Pax Mongolica, place-making, profit motive, RAND corporation, regulatory arbitrage, rent control, Republic of Letters, road to serfdom, Ronald Reagan, Schrödinger's Cat, sharing economy, side project, Silicon Valley, Solyndra, spice trade, stem cell, Steve Bannon, Steve Jobs, Steve Wozniak, Steven Pinker, tacit knowledge, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, trade liberalization, trade route, transatlantic slave trade, Tyler Cowen, Uber for X, ultimatum game, universal basic income, World Values Survey, Xiaogang Anhui farmers, zero-sum game

, The Atlantic, 4 May 2016, https://www.theatlantic.com/politics/archive/2016/05/make-the-sixties-great-again/481167/(accessed 9 March 2020). 15 Coontz, 2016, p. xiv. 16 D. Adams, The Salmon of Doubt. New York, Del Rey, 2005, p. 95. 17 J. Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton, Princeton University Press, 2005, p. 218. 18 Ibid, p. 266. 19 L. Denault and J. Landis, ‘Motion and means: Mapping opposition to railways in Victorian Britain’, Mount Holyoke College: History 256, December 1999, https://www.mtholyoke.edu/courses/rschwart/rail/workingcopiesmmla/railfinals/motionandmeans.html (accessed 9 March 2020).


pages: 535 words: 158,863

Superclass: The Global Power Elite and the World They Are Making by David Rothkopf

"World Economic Forum" Davos, airport security, Alan Greenspan, anti-communist, asset allocation, Ayatollah Khomeini, bank run, barriers to entry, Bear Stearns, Berlin Wall, Big Tech, Bob Geldof, Branko Milanovic, Bretton Woods, BRICs, business cycle, carried interest, clean water, compensation consultant, corporate governance, creative destruction, crony capitalism, David Brooks, Doha Development Round, Donald Trump, fake news, financial innovation, fixed income, Francis Fukuyama: the end of history, Gini coefficient, global village, high net worth, income inequality, industrial cluster, informal economy, Internet Archive, Jeff Bezos, jimmy wales, John Elkington, joint-stock company, knowledge economy, Larry Ellison, liberal capitalism, Live Aid, Long Term Capital Management, Mahatma Gandhi, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Martin Wolf, mass immigration, means of production, Mexican peso crisis / tequila crisis, Michael Milken, Mikhail Gorbachev, military-industrial complex, Nelson Mandela, old-boy network, open borders, plutocrats, Ponzi scheme, price mechanism, proprietary trading, Savings and loan crisis, shareholder value, Skype, special economic zone, Steve Jobs, Thorstein Veblen, too big to fail, trade liberalization, trickle-down economics, upwardly mobile, vertical integration, Vilfredo Pareto, Washington Consensus, William Langewiesche

Bill Gates may still by many measures be atop the information technology world, but today the buzz says Google is “hotter” than Microsoft on the innovation front, and the field is so volatile that a new technological breakthrough could dethrone the Seattle software mogul at any time. In other words, while it is possible to name the princes of the knowledge economy, crowning a single king is much more difficult. But there is only one commander in chief of what is by far the world’s most powerful military, and he also happens to be the chief executive of the world’s richest nation—one with a GDP three times higher than the runner-up, Japan. The president of the United States has extraordinary power to conduct the business of the United States as he or she sees fit, despite the carefully constructed checks and balances provided by the Constitution via the carefully crafted roles it prescribes for America’s bicameral legislature and its Supreme Court.


pages: 590 words: 153,208

Wealth and Poverty: A New Edition for the Twenty-First Century by George Gilder

accelerated depreciation, affirmative action, Albert Einstein, Bear Stearns, Bernie Madoff, book value, British Empire, business cycle, capital controls, clean tech, cloud computing, collateralized debt obligation, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, deindustrialization, diversified portfolio, Donald Trump, equal pay for equal work, floating exchange rates, full employment, gentrification, George Gilder, Gunnar Myrdal, Home mortgage interest deduction, Howard Zinn, income inequality, independent contractor, inverted yield curve, invisible hand, Jane Jacobs, Jeff Bezos, job automation, job-hopping, Joseph Schumpeter, junk bonds, knowledge economy, labor-force participation, longitudinal study, low interest rates, margin call, Mark Zuckerberg, means of production, medical malpractice, Michael Milken, minimum wage unemployment, Money creation, money market fund, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, moral hazard, mortgage debt, non-fiction novel, North Sea oil, paradox of thrift, Paul Samuelson, plutocrats, Ponzi scheme, post-industrial society, power law, price stability, Ralph Nader, rent control, Robert Gordon, Robert Solow, Ronald Reagan, San Francisco homelessness, scientific management, Silicon Valley, Simon Kuznets, Skinner box, skunkworks, Solyndra, Steve Jobs, The Wealth of Nations by Adam Smith, Thomas L Friedman, upwardly mobile, urban renewal, volatility arbitrage, War on Poverty, women in the workforce, working poor, working-age population, yield curve, zero-sum game

Yet every socialist plan normally begins with just such a draconian reduction, just such a holocaust of human learning and skills, leaving only a pile of statistical ashes, a dry and sterile residue of numbers, from which to reconstruct the edifice of economic activity. Because of this problem, no so-called planned economy actually observes or fulfills its plan. To avoid sure disaster the computers must continually defer to human learning and experience. But the problem of planning cannot be overcome by mere admixtures of common sense and practical knowledge. Economies run not only on light but also on heat and energy, not merely on information but also on courage and skill. Entrepreneurial learning is of a deeper kind than is taught in schools, or acquired in the controlled experiments of social or physical science, or gained in the experience of socialist economies.


pages: 550 words: 154,725

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

Albert Einstein, back-to-the-land, Black Swan, business climate, Charles Babbage, Claude Shannon: information theory, Clayton Christensen, complexity theory, corporate governance, cuban missile crisis, Dennis Ritchie, Edward Thorp, Fairchild Semiconductor, Henry Singleton, horn antenna, Hush-A-Phone, information retrieval, invention of the telephone, James Watt: steam engine, Karl Jansky, Ken Thompson, knowledge economy, Leonard Kleinrock, machine readable, Metcalfe’s law, Nicholas Carr, Norbert Wiener, Picturephone, Richard Feynman, Robert Metcalfe, Russell Ohl, Sand Hill Road, Silicon Valley, Skype, space junk, Steve Jobs, Telecommunications Act of 1996, Teledyne, traveling salesman, undersea cable, uranium enrichment, vertical integration, 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.


pages: 543 words: 153,550

Model Thinker: What You Need to Know to Make Data Work for You by Scott E. Page

Airbnb, Albert Einstein, Alfred Russel Wallace, algorithmic trading, Alvin Roth, assortative mating, behavioural economics, Bernie Madoff, bitcoin, Black Swan, blockchain, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Checklist Manifesto, computer age, corporate governance, correlation does not imply causation, cuban missile crisis, data science, deep learning, deliberate practice, discrete time, distributed ledger, Easter island, en.wikipedia.org, Estimating the Reproducibility of Psychological Science, Everything should be made as simple as possible, experimental economics, first-price auction, Flash crash, Ford Model T, Geoffrey West, Santa Fe Institute, germ theory of disease, Gini coefficient, Higgs boson, High speed trading, impulse control, income inequality, Isaac Newton, John von Neumann, Kenneth Rogoff, knowledge economy, knowledge worker, Long Term Capital Management, loss aversion, low skilled workers, Mark Zuckerberg, market design, meta-analysis, money market fund, multi-armed bandit, Nash equilibrium, natural language processing, Network effects, opioid epidemic / opioid crisis, p-value, Pareto efficiency, pattern recognition, Paul Erdős, Paul Samuelson, phenotype, Phillips curve, power law, pre–internet, prisoner's dilemma, race to the bottom, random walk, randomized controlled trial, Richard Feynman, Richard Thaler, Robert Solow, school choice, scientific management, sealed-bid auction, second-price auction, selection bias, six sigma, social graph, spectrum auction, statistical model, Stephen Hawking, Supply of New York City Cabdrivers, systems thinking, tacit knowledge, The Bell Curve by Richard Herrnstein and Charles Murray, The Great Moderation, the long tail, The Rise and Fall of American Growth, the rule of 72, the scientific method, The Spirit Level, the strength of weak ties, The Wisdom of Crowds, Thomas Malthus, Thorstein Veblen, Tragedy of the Commons, urban sprawl, value at risk, web application, winner-take-all economy, zero-sum game

An Introduction to Genetic Algorithms. Cambridge, MA: MIT Press. Mitchell, Melanie. 2009. Complexity: A Guided Tour. Oxford: Oxford University Press. Mlodinow, Leonard. 2009. The Drunkard’s Walk: How Randomness Rules Our Lives. New York: Penguin. Mokyr, Joel. 2002. The Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton, NJ: Princeton University Press. Morgan, John, and Tanjim Hossain. 2006. “… Plus Shipping and Handling: Revenue (Non)Equivalence in Field Experiments on eBay.” Advances in Economic Analysis & Policy 6, no. 2: 3. Moss-Racusin, Corinne, John F. Dovidio, Victoria L. Brescoll, Mark J.


pages: 661 words: 156,009

Your Computer Is on Fire by Thomas S. Mullaney, Benjamin Peters, Mar Hicks, Kavita Philip

"Susan Fowler" uber, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, A Declaration of the Independence of Cyberspace, affirmative action, Airbnb, algorithmic bias, AlphaGo, AltaVista, Amazon Mechanical Turk, Amazon Web Services, American Society of Civil Engineers: Report Card, An Inconvenient Truth, Asilomar, autonomous vehicles, Big Tech, bitcoin, Bletchley Park, blockchain, Boeing 737 MAX, book value, British Empire, business cycle, business process, Californian Ideology, call centre, Cambridge Analytica, carbon footprint, Charles Babbage, cloud computing, collective bargaining, computer age, computer vision, connected car, corporate governance, corporate social responsibility, COVID-19, creative destruction, cryptocurrency, dark matter, data science, Dennis Ritchie, deskilling, digital divide, digital map, don't be evil, Donald Davies, Donald Trump, Edward Snowden, en.wikipedia.org, European colonialism, fake news, financial innovation, Ford Model T, fulfillment center, game design, gentrification, George Floyd, glass ceiling, global pandemic, global supply chain, Grace Hopper, hiring and firing, IBM and the Holocaust, industrial robot, informal economy, Internet Archive, Internet of things, Jeff Bezos, job automation, John Perry Barlow, Julian Assange, Ken Thompson, Kevin Kelly, Kickstarter, knowledge economy, Landlord’s Game, Lewis Mumford, low-wage service sector, M-Pesa, Mark Zuckerberg, mass incarceration, Menlo Park, meta-analysis, mobile money, moral panic, move fast and break things, Multics, mutually assured destruction, natural language processing, Neal Stephenson, new economy, Norbert Wiener, off-the-grid, old-boy network, On the Economy of Machinery and Manufactures, One Laptop per Child (OLPC), packet switching, pattern recognition, Paul Graham, pink-collar, pneumatic tube, postindustrial economy, profit motive, public intellectual, QWERTY keyboard, Ray Kurzweil, Reflections on Trusting Trust, Report Card for America’s Infrastructure, Salesforce, sentiment analysis, Sheryl Sandberg, Silicon Valley, Silicon Valley ideology, smart cities, Snapchat, speech recognition, SQL injection, statistical model, Steve Jobs, Stewart Brand, tacit knowledge, tech worker, techlash, technoutopianism, telepresence, the built environment, the map is not the territory, Thomas L Friedman, TikTok, Triangle Shirtwaist Factory, undersea cable, union organizing, vertical integration, warehouse robotics, WikiLeaks, wikimedia commons, women in the workforce, Y2K

Over the next four years, this project underwent a series of transformations, all reflecting the complex tensions among (a) Facebook’s goal of attracting users and capturing their data, (b) the technical constraints of developing-world devices and mobile providers, and (c) users’ and governments’ interest in access to the full, open World Wide Web. In 2013, Zuckerberg declared internet connectivity a “human right” and set a goal of making “basic internet services affordable so that everyone with a phone can join the knowledge economy.” To make this possible, he argued, “we need to make the internet 100 times more affordable.”43 The company launched the deceptively named internet.org, a shaky alliance with six other firms (Samsung, Ericsson, MediaTek, Opera, Nokia, and Qualcomm) seeking to create free internet access for the entire developing world.


pages: 1,324 words: 159,290

Grand Transitions: How the Modern World Was Made by Vaclav Smil

8-hour work day, agricultural Revolution, AltaVista, Anthropocene, Any sufficiently advanced technology is indistinguishable from magic, biodiversity loss, Biosphere 2, Boeing 747, caloric restriction, caloric restriction, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, carbon tax, circular economy, clean water, complexity theory, correlation does not imply causation, COVID-19, decarbonisation, degrowth, deindustrialization, dematerialisation, demographic dividend, demographic transition, Deng Xiaoping, disruptive innovation, energy transition, European colonialism, Extinction Rebellion, Ford Model T, garden city movement, general purpose technology, Gini coefficient, Google Hangouts, Great Leap Forward, Haber-Bosch Process, Hans Rosling, hydraulic fracturing, hydrogen economy, income inequality, income per capita, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), invention of movable type, Johann Wolfgang von Goethe, Just-in-time delivery, knowledge economy, Law of Accelerating Returns, manufacturing employment, mass immigration, megacity, meta-analysis, microplastics / micro fibres, ocean acidification, oil shale / tar sands, old age dependency ratio, peak oil, planetary scale, planned obsolescence, power law, precision agriculture, purchasing power parity, RAND corporation, Ray Kurzweil, Republic of Letters, Robert Solow, Silicon Valley, Simon Kuznets, Singularitarianism, Skype, Steven Pinker, Suez canal 1869, the built environment, The Rise and Fall of American Growth, total factor productivity, urban decay, urban planning, urban sprawl, working-age population

Japanese tofu industry. http://www.midwestshippers.com/conferencePresentations/JapaneseTofuMarket.pdf Mokyr, J. 2001. The rise and fall of the factory system: Technology, firms, and households since the Industrial Revolution. Carnegie-Rochester Conference Series on Public Policy 55:1–45. https://doi.org/10.1016/S0167-2231(01)00050-1 Mokyr, J. 2002. The Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton, NJ: Princeton University Press. Mokyr, J. 2009. The Enlightened Economy: An Economic History of Britain 1700–1850. New Haven: Yale University Press. Mokyr, J. 2014. The next age of invention. City Journal Winter 2014. https://www.city-journal.org/html/next-age-invention-13618.html Mokyr, J. 2017.


Smart Grid Standards by Takuro Sato

business cycle, business process, carbon footprint, clean water, cloud computing, data acquisition, decarbonisation, demand response, distributed generation, electricity market, energy security, exponential backoff, factory automation, Ford Model T, green new deal, green transition, information retrieval, information security, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Iridium satellite, iterative process, knowledge economy, life extension, linear programming, low earth orbit, machine readable, market design, MITM: man-in-the-middle, off grid, oil shale / tar sands, OSI model, packet switching, performance metric, RFC: Request For Comment, RFID, smart cities, smart grid, smart meter, smart transportation, Thomas Davenport

In order to ensure smooth implementation of smart grid, the South Korean Government developed several supporting policies. For instance, it supports research, development, and industrialization, propagates successful modes, builds infrastructures, and establishes related policies and regulations. More details are shown in Table 1.1. In January 2010, the South Korea Ministry of Knowledge Economy (MKE) issued the Korea Smart Grid Development Directions 2030, which predicted a 27.5 trillion Smart Grid Standards 28 Table 1.1 Policy directions and implementation plans Policy direction Implementation plans Support research, development, and industrialization Support activities in technology development, standardization, and commercialization, and reward companies and individuals for voluntary participation in the construction of the Smart Grid Explore successful development modes and share the experience of the Jeju Smart Grid test bed Make incentive plans for infrastructure constructions Refine and revise the Smart Grid-related laws and regulations Promote successful modes Build infrastructure Establish related policies and regulations won investment in Smart Grid, from which 24.8 trillion won would be invested for private sectors [56].


pages: 540 words: 168,921

The Relentless Revolution: A History of Capitalism by Joyce Appleby

1919 Motor Transport Corps convoy, agricultural Revolution, Alan Greenspan, An Inconvenient Truth, anti-communist, Asian financial crisis, asset-backed security, Bartolomé de las Casas, Bear Stearns, Bernie Madoff, Bretton Woods, BRICs, British Empire, call centre, Charles Lindbergh, classic study, collateralized debt obligation, collective bargaining, Columbian Exchange, commoditize, Cornelius Vanderbilt, corporate governance, cotton gin, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, deskilling, Doha Development Round, double entry bookkeeping, epigenetics, equal pay for equal work, European colonialism, facts on the ground, failed state, Firefox, fixed income, Ford Model T, Ford paid five dollars a day, Francisco Pizarro, Frederick Winslow Taylor, full employment, General Magic , Glass-Steagall Act, Gordon Gekko, Great Leap Forward, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, Hernando de Soto, hiring and firing, Ida Tarbell, illegal immigration, informal economy, interchangeable parts, interest rate swap, invention of movable type, invention of the printing press, invention of the steam engine, invisible hand, Isaac Newton, James Hargreaves, James Watt: steam engine, Jeff Bezos, John Bogle, joint-stock company, Joseph Schumpeter, junk bonds, knowledge economy, land bank, land reform, Livingstone, I presume, Long Term Capital Management, low interest rates, Mahatma Gandhi, Martin Wolf, military-industrial complex, moral hazard, Nixon triggered the end of the Bretton Woods system, PalmPilot, Parag Khanna, pneumatic tube, Ponzi scheme, profit maximization, profit motive, race to the bottom, Ralph Nader, refrigerator car, Ronald Reagan, scientific management, Scramble for Africa, Silicon Valley, Silicon Valley startup, South China Sea, South Sea Bubble, special economic zone, spice trade, spinning jenny, strikebreaker, Suez canal 1869, the built environment, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thorstein Veblen, total factor productivity, trade route, transatlantic slave trade, transcontinental railway, two and twenty, union organizing, Unsafe at Any Speed, Upton Sinclair, urban renewal, vertical integration, War on Poverty, working poor, Works Progress Administration, Yogi Berra, Yom Kippur War

Eric Williams, Capitalism and Slavery (London, 1944). 22. James M. Bryant, “The West and the Rest Revisited: Debating Capitalist Origins, European Colonialism, and the Advent of Modernity,” Canadian Journal of Sociology, 31 (2006): 434; Joel Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton, 2002), 123. 23. David Levine, Family Formation in an Age of Nascent Capitalism (New York, 1977), 77–78, 146–47. 24. E. A. Wrigley, “A Simple Model of London’s Importance in Changing English Society and Economy 1650–1750,” Past and Present, 37 (1967): 48. 25. E. A. Wrigley, Continuity, Chance, and Change: The Character of the Industrial Revolution in England (Cambridge, 1988), 26–29, 32, 56. 26.


pages: 836 words: 158,284

The 4-Hour Body: An Uncommon Guide to Rapid Fat-Loss, Incredible Sex, and Becoming Superhuman by Timothy Ferriss

23andMe, airport security, Albert Einstein, Black Swan, Buckminster Fuller, caloric restriction, caloric restriction, carbon footprint, cognitive dissonance, Columbine, confounding variable, correlation does not imply causation, Dean Kamen, game design, Gary Taubes, Gregor Mendel, index card, Kevin Kelly, knowledge economy, language acquisition, life extension, lifelogging, Mahatma Gandhi, messenger bag, microbiome, microdosing, p-value, Paradox of Choice, Parkinson's law, Paul Buchheit, placebo effect, Productivity paradox, publish or perish, radical life extension, Ralph Waldo Emerson, Ray Kurzweil, Recombinant DNA, Richard Feynman, selective serotonin reuptake inhibitor (SSRI), Silicon Valley, Silicon Valley startup, Skype, stem cell, Steve Jobs, sugar pill, survivorship bias, TED Talk, The future is already here, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, Vilfredo Pareto, wage slave, William of Occam

And I assure you: if you run 50K or 100 miles, when you finish, you won’t be the same person who started.” I thought for a minute, and that’s when I bit. I’d seen a strange ripple effect dozens of times in the world of strength, but for some reason, I’d never connected the dots with endurance. Perhaps just as you haven’t connected the dots with some subjects in this book. After all, in a knowledge economy, what’s the value of deadlifting more or losing 2% bodyfat? Of hitting a home run? In a word: transfer. My father lost 70+ pounds of fat in 10 months and tripled his strength. During his annual checkup, his doctor declared that he might live forever. The physical changes were incredible, but the curious side effects of the program were the strongest incentives to continue.


pages: 566 words: 163,322

The Rise and Fall of Nations: Forces of Change in the Post-Crisis World by Ruchir Sharma

"World Economic Forum" Davos, Asian financial crisis, backtesting, bank run, banking crisis, Berlin Wall, Bernie Sanders, BRICs, business climate, business cycle, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, colonial rule, commodity super cycle, corporate governance, creative destruction, crony capitalism, currency peg, dark matter, debt deflation, deglobalization, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, Doha Development Round, Donald Trump, driverless car, Edward Glaeser, Elon Musk, eurozone crisis, failed state, Fall of the Berlin Wall, falling living standards, financial engineering, Francis Fukuyama: the end of history, Freestyle chess, Gini coefficient, global macro, Goodhart's law, guns versus butter model, hiring and firing, hype cycle, income inequality, indoor plumbing, industrial robot, inflation targeting, Internet of things, Japanese asset price bubble, Jeff Bezos, job automation, John Markoff, Joseph Schumpeter, junk bonds, Kenneth Rogoff, Kickstarter, knowledge economy, labor-force participation, Larry Ellison, lateral thinking, liberal capitalism, low interest rates, Malacca Straits, Mark Zuckerberg, market bubble, Mary Meeker, mass immigration, megacity, megaproject, Mexican peso crisis / tequila crisis, middle-income trap, military-industrial complex, mittelstand, moral hazard, New Economic Geography, North Sea oil, oil rush, oil shale / tar sands, oil shock, open immigration, pattern recognition, Paul Samuelson, Peter Thiel, pets.com, plutocrats, Ponzi scheme, price stability, Productivity paradox, purchasing power parity, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, Ronald Coase, Ronald Reagan, savings glut, secular stagnation, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Simon Kuznets, smart cities, Snapchat, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Steve Jobs, tacit knowledge, tech billionaire, The Future of Employment, The Wisdom of Crowds, Thomas Malthus, total factor productivity, trade liberalization, trade route, tulip mania, Tyler Cowen: Great Stagnation, unorthodox policies, Washington Consensus, WikiLeaks, women in the workforce, work culture , working-age population

Gupta, Shekhar. “Modi and the Art of the Sell.” Indian Express, December 18, 2012. Haberman, Clyde. “The Unrealized Horrors of Population Explosion.” New York Times, May 31, 2015. Harari, Yuval Noah, and Daniel Kahneman. “Death Is Optional.” Edge, November 25, 2015. Hausmann, Ricardo. “The Tacit-Knowledge Economy.” Project Syndicate, October 30, 2013. Hessler, Peter. “Learning to Speak Lingerie.” New Yorker, August 10, 2015. Hokenson, Richard F. “Retiring the Current Model of Retirement.” Hokenson Research, March 2004. ——. “Rethinking Old Age Economic Security.” Evercore ISI Research, July 30, 2015. ——.


pages: 1,239 words: 163,625

The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Revised and Updated by Gautam Baid

Abraham Maslow, activist fund / activist shareholder / activist investor, Airbnb, Alan Greenspan, Albert Einstein, Alvin Toffler, Andrei Shleifer, asset allocation, Atul Gawande, availability heuristic, backtesting, barriers to entry, beat the dealer, Benoit Mandelbrot, Bernie Madoff, bitcoin, Black Swan, book value, business process, buy and hold, Cal Newport, Cass Sunstein, Checklist Manifesto, Clayton Christensen, cognitive dissonance, collapse of Lehman Brothers, commoditize, corporate governance, correlation does not imply causation, creative destruction, cryptocurrency, Daniel Kahneman / Amos Tversky, deep learning, delayed gratification, deliberate practice, discounted cash flows, disintermediation, disruptive innovation, Dissolution of the Soviet Union, diversification, diversified portfolio, dividend-yielding stocks, do what you love, Dunning–Kruger effect, Edward Thorp, Elon Musk, equity risk premium, Everything should be made as simple as possible, fear index, financial independence, financial innovation, fixed income, follow your passion, framing effect, George Santayana, Hans Rosling, hedonic treadmill, Henry Singleton, hindsight bias, Hyman Minsky, index fund, intangible asset, invention of the wheel, invisible hand, Isaac Newton, it is difficult to get a man to understand something, when his salary depends on his not understanding it, Jeff Bezos, John Bogle, Joseph Schumpeter, junk bonds, Kaizen: continuous improvement, Kickstarter, knowledge economy, Lao Tzu, Long Term Capital Management, loss aversion, Louis Pasteur, low interest rates, Mahatma Gandhi, mandelbrot fractal, margin call, Mark Zuckerberg, Market Wizards by Jack D. Schwager, Masayoshi Son, mental accounting, Milgram experiment, moral hazard, Nate Silver, Network effects, Nicholas Carr, offshore financial centre, oil shock, passive income, passive investing, pattern recognition, Peter Thiel, Ponzi scheme, power law, price anchoring, quantitative trading / quantitative finance, Ralph Waldo Emerson, Ray Kurzweil, Reminiscences of a Stock Operator, reserve currency, Richard Feynman, Richard Thaler, risk free rate, risk-adjusted returns, Robert Shiller, Savings and loan crisis, search costs, shareholder value, six sigma, software as a service, software is eating the world, South Sea Bubble, special economic zone, Stanford marshmallow experiment, Steve Jobs, Steven Levy, Steven Pinker, stocks for the long run, subscription business, sunk-cost fallacy, systems thinking, tail risk, Teledyne, the market place, The Signal and the Noise by Nate Silver, The Wisdom of Crowds, time value of money, transaction costs, tulip mania, Upton Sinclair, Walter Mischel, wealth creators, Yogi Berra, zero-sum game

These are incredibly powerful words in the context of focus. Buffett’s genius is that he prioritizes learning so that he can have higher quality insights. Many people would see this as totally unproductive, but many of my best business solutions and money problem answers have come from periods of just sitting and thinking. —Warren Buffett In a knowledge economy, learning and thinking are the best long-term investments you can make in your career. Learning and thinking determine our decisions, and those decisions, in turn, determine our results. Buffett spends the major part of his daily time reading and very little time actually taking action. He says, “In allocating capital, activity does not correlate with achievement.


pages: 693 words: 169,849

The Aristocracy of Talent: How Meritocracy Made the Modern World by Adrian Wooldridge

"World Economic Forum" Davos, Ada Lovelace, affirmative action, Alan Greenspan, Albert Einstein, assortative mating, barriers to entry, Bernie Sanders, Black Lives Matter, Bletchley Park, borderless world, Boris Johnson, Brexit referendum, business intelligence, central bank independence, circulation of elites, Clayton Christensen, cognitive bias, Corn Laws, coronavirus, corporate governance, correlation coefficient, COVID-19, creative destruction, critical race theory, David Brooks, Dominic Cummings, Donald Trump, Double Irish / Dutch Sandwich, Etonian, European colonialism, fake news, feminist movement, George Floyd, George Gilder, Gini coefficient, glass ceiling, helicopter parent, Home mortgage interest deduction, income inequality, intangible asset, invention of gunpowder, invention of the printing press, Isaac Newton, Jeff Bezos, Jeremy Corbyn, Jim Simons, joint-stock company, Joseph Schumpeter, knowledge economy, knowledge worker, land tenure, London Interbank Offered Rate, Long Term Capital Management, Louis Pasteur, Mahatma Gandhi, Mark Zuckerberg, means of production, meritocracy, meta-analysis, microaggression, mortgage tax deduction, Myron Scholes, offshore financial centre, opioid epidemic / opioid crisis, Panopticon Jeremy Bentham, Peter Thiel, plutocrats, post-industrial society, post-oil, pre–internet, public intellectual, publish or perish, Ralph Waldo Emerson, RAND corporation, rent-seeking, Richard Florida, Ronald Reagan, scientific management, sexual politics, shareholder value, Sheryl Sandberg, Silicon Valley, spinning jenny, Steve Bannon, Steven Pinker, supply-chain management, surveillance capitalism, tech bro, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, Thorstein Veblen, three-martini lunch, Tim Cook: Apple, transfer pricing, Tyler Cowen, unit 8200, upwardly mobile, Vilfredo Pareto, W. E. B. Du Bois, wealth creators, women in the workforce

So I’ve decided to tell the story through three snapshots: the success of (mainly working-class) grammar-school boys in post-war Britain; the rise of research universities in America; and the new cult of intelligence in business. The first shows how meritocracy opened up elite positions to a new class of people – and what this meant in human as well as social terms. The second shows how the revolution placed the elite research university at the heart of the knowledge economy. The third shows how business was transformed by the new meritocratic spirit. The three taken together are designed to demonstrate just how wide-ranging the revolution was: there was almost no aspect of post-war society that wasn’t transformed by the new revolutionary spirit. THE USES OF SCHOLARSHIPS Alan Bennett’s The History Boys is one of the best fictional portraits of the promise and pain of high-stakes examinations.


pages: 541 words: 173,676

Generations: the Real Differences Between Gen Z, Millennials, Gen X, Boomers, and Silents—and What They Mean for America's Future: The Real Differences between Gen Z, Millennials, Gen X, Boomers, and Silents—and What They Mean for America's Future by Jean M. Twenge

1960s counterculture, 2021 United States Capitol attack, affirmative action, airport security, An Inconvenient Truth, Bear Stearns, Bernie Sanders, Black Lives Matter, book scanning, coronavirus, COVID-19, crack epidemic, critical race theory, David Brooks, delayed gratification, desegregation, Donald Trump, Edward Snowden, Elon Musk, fake news, feminist movement, Ferguson, Missouri, Ford Model T, future of work, gender pay gap, George Floyd, global pandemic, Gordon Gekko, green new deal, income inequality, Jeff Bezos, Joan Didion, job automation, Kitchen Debate, knowledge economy, labor-force participation, light touch regulation, lockdown, Marc Andreessen, Mark Zuckerberg, McJob, meta-analysis, microaggression, Neil Armstrong, new economy, opioid epidemic / opioid crisis, Peter Thiel, QAnon, Ralph Nader, remote working, ride hailing / ride sharing, rolodex, Ronald Reagan, Saturday Night Live, Sheryl Sandberg, side hustle, Snapchat, Steve Jobs, Steve Wozniak, superstar cities, tech baron, TED Talk, The Great Resignation, TikTok, too big to fail, Travis Kalanick, War on Poverty, We are the 99%, women in the workforce, World Values Survey, zero-sum game

Millions of well-paying jobs in manufacturing disappeared in the 1980s and 1990s, exemplified by the thousands of laid-off steelworkers and the autoworkers who lost their jobs as auto assembly plants moved overseas. Although many factors contributed to this shift, technology was one of the root causes: As technology advanced, more manual labor jobs became automated or offshored, and jobs in the “knowledge economy” that required more education became more plentiful. Figure 3.39: Median household income in 2020 dollars, U.S., by education level and difference in income, 1967–2001 Source: Current Population Survey, Annual Social and Economic Supplements, U.S. Census Bureau Notes: The difference was calculated by subtracting the median income of those with a high school degree from the median income of those with a four-year college degree.


Termites of the State: Why Complexity Leads to Inequality by Vito Tanzi

accounting loophole / creative accounting, Affordable Care Act / Obamacare, Alan Greenspan, Andrei Shleifer, Andrew Keen, Asian financial crisis, asset allocation, barriers to entry, basic income, behavioural economics, bitcoin, Black Swan, Bretton Woods, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Cass Sunstein, central bank independence, centre right, clean water, crony capitalism, David Graeber, David Ricardo: comparative advantage, deindustrialization, Donald Trump, Double Irish / Dutch Sandwich, experimental economics, financial engineering, financial repression, full employment, George Akerlof, Gini coefficient, Gunnar Myrdal, high net worth, hiring and firing, illegal immigration, income inequality, indoor plumbing, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jean Tirole, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kenneth Arrow, Kenneth Rogoff, knowledge economy, labor-force participation, libertarian paternalism, Long Term Capital Management, low interest rates, market fundamentalism, means of production, military-industrial complex, moral hazard, Naomi Klein, New Urbanism, obamacare, offshore financial centre, open economy, Pareto efficiency, Paul Samuelson, Phillips curve, price stability, principal–agent problem, profit maximization, pushing on a string, quantitative easing, rent control, rent-seeking, Richard Thaler, road to serfdom, Robert Shiller, Robert Solow, Ronald Coase, Ronald Reagan, Second Machine Age, secular stagnation, self-driving car, Silicon Valley, Simon Kuznets, synthetic biology, The Chicago School, The Great Moderation, The Market for Lemons, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, transfer pricing, Tyler Cowen: Great Stagnation, universal basic income, unorthodox policies, urban planning, very high income, Vilfredo Pareto, War on Poverty, Washington Consensus, women in the workforce

Institute for Health Metrics and Evaluation (US), 2011, “US County Level Life Expectancy,” data put out by Alex Tanzi at Bloomberg (June 15). Irwin, Timothy C., 2012, “Accounting Devices and Fiscal Illusions”. IMF Staff Discussion Note SDN/12/02 (Washington DC, 28 March). Istituto Bruno Leoni, 2008, Indice delle liberalizzazioni 2008, (Turin: Italy). Jacob, Margaret C., 2014, The First Knowledge Economy: Human Capital and the European Economy (Cambrdige, UK and New York, NY: Cambridge University Press). Jencks, Christopher, 2015, “The War on Poverty: Was It Lost?” The New York Review of Books LXII (6) (April 2), pp. 82–85. Jensen, Michael and William Meckling, 1976, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial.


pages: 602 words: 177,874

Thank You for Being Late: An Optimist's Guide to Thriving in the Age of Accelerations by Thomas L. Friedman

3D printing, additive manufacturing, affirmative action, Airbnb, AltaVista, Amazon Web Services, Anthropocene, Apple Newton, autonomous vehicles, Ayatollah Khomeini, barriers to entry, Berlin Wall, Bernie Sanders, Big Tech, biodiversity loss, bitcoin, blockchain, Bob Noyce, business cycle, business process, call centre, carbon tax, centre right, Chris Wanstrath, Clayton Christensen, clean tech, clean water, cloud computing, cognitive load, corporate social responsibility, creative destruction, CRISPR, crowdsourcing, data science, David Brooks, deep learning, demand response, demographic dividend, demographic transition, Deng Xiaoping, digital divide, disinformation, Donald Trump, dual-use technology, end-to-end encryption, Erik Brynjolfsson, fail fast, failed state, Fairchild Semiconductor, Fall of the Berlin Wall, Ferguson, Missouri, first square of the chessboard / second half of the chessboard, Flash crash, fulfillment center, game design, gig economy, global pandemic, global supply chain, Great Leap Forward, illegal immigration, immigration reform, income inequality, indoor plumbing, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invention of the steam engine, inventory management, Irwin Jacobs: Qualcomm, Jeff Bezos, job automation, John Markoff, John von Neumann, Khan Academy, Kickstarter, knowledge economy, knowledge worker, land tenure, linear programming, Live Aid, low interest rates, low skilled workers, Lyft, Marc Andreessen, Mark Zuckerberg, mass immigration, Maui Hawaii, Menlo Park, Mikhail Gorbachev, mutually assured destruction, Neil Armstrong, Nelson Mandela, ocean acidification, PalmPilot, pattern recognition, planetary scale, power law, pull request, Ralph Waldo Emerson, ransomware, Ray Kurzweil, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Reagan, Salesforce, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Skype, smart cities, Solyndra, South China Sea, Steve Jobs, subscription business, supercomputer in your pocket, synthetic biology, systems thinking, TaskRabbit, tech worker, TED Talk, The Rise and Fall of American Growth, Thomas L Friedman, Tony Fadell, transaction costs, Transnistria, uber lyft, undersea cable, urban decay, urban planning, Watson beat the top human players on Jeopardy!, WikiLeaks, women in the workforce, Y2K, Yogi Berra, zero-sum game

Kaplan, Fred KARE (TV station) Karp, Alexander Karsner, Andy Kauffman Foundation kayaking Kelly, John E., III Kennedy, David Kennedy, John F. Kernza Khan, Salman “Sal” Khan Academy Khomeini, Ayatollah Kiev Kilby, Jack Kindle King, Jeremy Kissinger, Henry Knight Capital knowledge, stocks vs. flows of knowledge economy Koch, Hannes Kreisky, Bruno Krishna, Arvind Krzanich, Brian Kshirsagar, Alok Kunene River Kurdistan Kurniawan, M. Arie Kurzweil, Ray labor market, see workforce, innovation in Labour Party, British Lahouaiej-Bouhlel, Mohamed Lancet Lanchester, John Land, Edwin Land Institute laser science latency Latin America; emigration from Latinos LaunchCode.org Lavie, Peretz leadership; definition of; ethics and learned behavior Learning by Doing (Bessen) LearnUp.com Lebanese American University Lebanese PTT Lebanon; U.S. educational aid to LED lighting Lee Kuan Yew Leuthardt, Eric C.


pages: 651 words: 180,162

Antifragile: Things That Gain From Disorder by Nassim Nicholas Taleb

"World Economic Forum" Davos, Air France Flight 447, Alan Greenspan, Andrei Shleifer, anti-fragile, banking crisis, Benoit Mandelbrot, Berlin Wall, biodiversity loss, Black Swan, business cycle, caloric restriction, caloric restriction, Chuck Templeton: OpenTable:, commoditize, creative destruction, credit crunch, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, discrete time, double entry bookkeeping, Emanuel Derman, epigenetics, fail fast, financial engineering, financial independence, Flash crash, flying shuttle, Gary Taubes, George Santayana, Gini coefficient, Helicobacter pylori, Henri Poincaré, Higgs boson, high net worth, hygiene hypothesis, Ignaz Semmelweis: hand washing, informal economy, invention of the wheel, invisible hand, Isaac Newton, James Hargreaves, Jane Jacobs, Jim Simons, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Arrow, knowledge economy, language acquisition, Lao Tzu, Long Term Capital Management, loss aversion, Louis Pasteur, mandelbrot fractal, Marc Andreessen, Mark Spitznagel, meta-analysis, microbiome, money market fund, moral hazard, mouse model, Myron Scholes, Norbert Wiener, pattern recognition, Paul Samuelson, placebo effect, Ponzi scheme, Post-Keynesian economics, power law, principal–agent problem, purchasing power parity, quantitative trading / quantitative finance, Ralph Nader, random walk, Ray Kurzweil, rent control, Republic of Letters, Ronald Reagan, Rory Sutherland, Rupert Read, selection bias, Silicon Valley, six sigma, spinning jenny, statistical model, Steve Jobs, Steven Pinker, Stewart Brand, stochastic process, stochastic volatility, synthetic biology, tacit knowledge, tail risk, Thales and the olive presses, Thales of Miletus, The Great Moderation, the new new thing, The Wealth of Nations by Adam Smith, Thomas Bayes, Thomas Malthus, too big to fail, transaction costs, urban planning, Vilfredo Pareto, Yogi Berra, Zipf's Law

ISI Books. Mokyr, Joel, 1990, The Lever of Riches: Technological Creativity and Economic Progress. Oxford: Oxford University Press. Mokyr, Joel, ed., 1999, The British Industrial Revolution: An Economic Perspective. Westview Press. Mokyr, Joel, 2002, The Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton, N.J.: Princeton University Press. Mokyr, Joel, 2005, “Long-Term Economic Growth and the History of Technology.” In Philippe Aghion and Steven N. Durlauf, eds., Handbook of Economic Growth, Vol. 1B. Elsevier. Mokyr, Joel, 2009, The Enlightened Economy: An Economic History of Britain, 1700–1850.


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Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity by Daron Acemoglu, Simon Johnson

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 4chan, agricultural Revolution, AI winter, Airbnb, airline deregulation, algorithmic bias, algorithmic management, Alignment Problem, AlphaGo, An Inconvenient Truth, artificial general intelligence, augmented reality, basic income, Bellingcat, Bernie Sanders, Big Tech, Bletchley Park, blue-collar work, British Empire, carbon footprint, carbon tax, carried interest, centre right, Charles Babbage, ChatGPT, Clayton Christensen, clean water, cloud computing, collapse of Lehman Brothers, collective bargaining, computer age, Computer Lib, Computing Machinery and Intelligence, conceptual framework, contact tracing, Corn Laws, Cornelius Vanderbilt, coronavirus, corporate social responsibility, correlation does not imply causation, cotton gin, COVID-19, creative destruction, declining real wages, deep learning, DeepMind, deindustrialization, Demis Hassabis, Deng Xiaoping, deskilling, discovery of the americas, disinformation, Donald Trump, Douglas Engelbart, Douglas Engelbart, Edward Snowden, Elon Musk, en.wikipedia.org, energy transition, Erik Brynjolfsson, European colonialism, everywhere but in the productivity statistics, factory automation, facts on the ground, fake news, Filter Bubble, financial innovation, Ford Model T, Ford paid five dollars a day, fulfillment center, full employment, future of work, gender pay gap, general purpose technology, Geoffrey Hinton, global supply chain, Gordon Gekko, GPT-3, Grace Hopper, Hacker Ethic, Ida Tarbell, illegal immigration, income inequality, indoor plumbing, industrial robot, interchangeable parts, invisible hand, Isaac Newton, Jacques de Vaucanson, James Watt: steam engine, Jaron Lanier, Jeff Bezos, job automation, Johannes Kepler, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph-Marie Jacquard, Kenneth Arrow, Kevin Roose, Kickstarter, knowledge economy, labor-force participation, land reform, land tenure, Les Trente Glorieuses, low skilled workers, low-wage service sector, M-Pesa, manufacturing employment, Marc Andreessen, Mark Zuckerberg, megacity, mobile money, Mother of all demos, move fast and break things, natural language processing, Neolithic agricultural revolution, Norbert Wiener, NSO Group, offshore financial centre, OpenAI, PageRank, Panopticon Jeremy Bentham, paperclip maximiser, pattern recognition, Paul Graham, Peter Thiel, Productivity paradox, profit maximization, profit motive, QAnon, Ralph Nader, Ray Kurzweil, recommendation engine, ride hailing / ride sharing, Robert Bork, Robert Gordon, Robert Solow, robotic process automation, Ronald Reagan, scientific management, Second Machine Age, self-driving car, seminal paper, shareholder value, Sheryl Sandberg, Shoshana Zuboff, Silicon Valley, social intelligence, Social Responsibility of Business Is to Increase Its Profits, social web, South Sea Bubble, speech recognition, spice trade, statistical model, stem cell, Steve Jobs, Steve Wozniak, strikebreaker, subscription business, Suez canal 1869, Suez crisis 1956, supply-chain management, surveillance capitalism, tacit knowledge, tech billionaire, technoutopianism, Ted Nelson, TED Talk, The Future of Employment, The Rise and Fall of American Growth, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, theory of mind, Thomas Malthus, too big to fail, total factor productivity, trade route, transatlantic slave trade, trickle-down economics, Turing machine, Turing test, Twitter Arab Spring, Two Sigma, Tyler Cowen, Tyler Cowen: Great Stagnation, union organizing, universal basic income, Unsafe at Any Speed, Upton Sinclair, upwardly mobile, W. E. B. Du Bois, War on Poverty, WikiLeaks, wikimedia commons, working poor, working-age population

The Lever of Riches, Technological Creativity and Economic Progress. New York: Oxford University Press. Mokyr, Joel. 1993. “Introduction.” In The British Industrial Revolution: An Economic Perspective, edited by Mokyr, 1‒131. Boulder, CO: Westview. Mokyr, Joel. 2002. The Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton, NJ: Princeton University Press. Mokyr, Joel. 2010. Enlightened Economy: An Economic History of Britain, 1700‒1850. New Haven, CT: Yale University Press. Mokyr, Joel. 2016. A Culture of Growth: The Origins of the Modern Economy. Princeton, NJ: Princeton University Press. Mokyr, Joel, Chris Vickers, and Nicolas L.


pages: 829 words: 186,976

The Signal and the Noise: Why So Many Predictions Fail-But Some Don't by Nate Silver

airport security, Alan Greenspan, Alvin Toffler, An Inconvenient Truth, availability heuristic, Bayesian statistics, Bear Stearns, behavioural economics, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, big-box store, Black Monday: stock market crash in 1987, Black Swan, Boeing 747, book value, Broken windows theory, business cycle, buy and hold, Carmen Reinhart, Charles Babbage, classic study, Claude Shannon: information theory, Climategate, Climatic Research Unit, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, complexity theory, computer age, correlation does not imply causation, Credit Default Swap, credit default swaps / collateralized debt obligations, cuban missile crisis, Daniel Kahneman / Amos Tversky, disinformation, diversification, Donald Trump, Edmond Halley, Edward Lorenz: Chaos theory, en.wikipedia.org, equity premium, Eugene Fama: efficient market hypothesis, everywhere but in the productivity statistics, fear of failure, Fellow of the Royal Society, Ford Model T, Freestyle chess, fudge factor, Future Shock, George Akerlof, global pandemic, Goodhart's law, haute cuisine, Henri Poincaré, high batting average, housing crisis, income per capita, index fund, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Internet Archive, invention of the printing press, invisible hand, Isaac Newton, James Watt: steam engine, Japanese asset price bubble, John Bogle, John Nash: game theory, John von Neumann, Kenneth Rogoff, knowledge economy, Laplace demon, locking in a profit, Loma Prieta earthquake, market bubble, Mikhail Gorbachev, Moneyball by Michael Lewis explains big data, Monroe Doctrine, mortgage debt, Nate Silver, negative equity, new economy, Norbert Wiener, Oklahoma City bombing, PageRank, pattern recognition, pets.com, Phillips curve, Pierre-Simon Laplace, Plato's cave, power law, prediction markets, Productivity paradox, proprietary trading, public intellectual, random walk, Richard Thaler, Robert Shiller, Robert Solow, Rodney Brooks, Ronald Reagan, Saturday Night Live, savings glut, security theater, short selling, SimCity, Skype, statistical model, Steven Pinker, The Great Moderation, The Market for Lemons, the scientific method, The Signal and the Noise by Nate Silver, The Wisdom of Crowds, Thomas Bayes, Thomas Kuhn: the structure of scientific revolutions, Timothy McVeigh, too big to fail, transaction costs, transfer pricing, University of East Anglia, Watson beat the top human players on Jeopardy!, Wayback Machine, wikimedia commons

Memo 1140, C.B.I.P. Paper 31, July 1989. http://www.dtic.mil/cgi-bin/GetTRDoc?AD=ADA212359. 9. Amanda Ripley, The Unthinkable (New York: Random House, Kindle edition), location 337–360. 10. Ibid., Kindle location 3688–98. 11. Joel Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton: Princeton University Press, Kindle Edition), location 160–162. 12. Jay Rosen, “The View from Nowhere: Questions and Answers,” Jay Rosen’s Press Think, November 10, 2010. http://pressthink.org/2010/11/the-view-from-nowhere-questions-and-answers/. 13. This is just a personal reflection—not an empirical observation—but I am being somewhat literal about this point.


pages: 691 words: 203,236

Whiteshift: Populism, Immigration and the Future of White Majorities by Eric Kaufmann

4chan, Abraham Maslow, affirmative action, Amazon Mechanical Turk, anti-communist, anti-globalists, augmented reality, battle of ideas, behavioural economics, Berlin Wall, Bernie Sanders, Boris Johnson, Brexit referendum, British Empire, centre right, Chelsea Manning, cognitive dissonance, complexity theory, corporate governance, correlation does not imply causation, critical race theory, crowdsourcing, Daniel Kahneman / Amos Tversky, data science, David Brooks, deindustrialization, demographic transition, Donald Trump, Elon Musk, en.wikipedia.org, facts on the ground, failed state, fake news, Fall of the Berlin Wall, first-past-the-post, Francis Fukuyama: the end of history, gentrification, Great Leap Forward, Haight Ashbury, Herbert Marcuse, illegal immigration, immigration reform, imperial preference, income inequality, it's over 9,000, Jeremy Corbyn, knowledge economy, knowledge worker, liberal capitalism, longitudinal study, Lyft, mass immigration, meta-analysis, microaggression, moral panic, Nate Silver, New Urbanism, Norman Mailer, open borders, open immigration, opioid epidemic / opioid crisis, Overton Window, phenotype, postnationalism / post nation state, Ralph Waldo Emerson, Republic of Letters, Ronald Reagan, Scientific racism, Silicon Valley, Social Justice Warrior, statistical model, Steve Bannon, Steven Pinker, the built environment, the scientific method, The Wisdom of Crowds, transcontinental railway, twin studies, uber lyft, upwardly mobile, urban sprawl, W. E. B. Du Bois, Washington Consensus, white flight, working-age population, World Values Survey, young professional

That is, they choose, or can only afford, areas where their social group lives – and these groups have distinctive voting profiles. As the authors note, degree-holders were relatively evenly distributed around the country in 1970. But, as the tertiary sector grew over the next few decades, they began to cluster in Silicon Valley, New York and other centres of the knowledge economy. This enhanced the Democratic character of large metro areas. People generally don’t move to neighbourhoods for explicitly political reasons, but the partisan character of an area can shape the vote choices of people – especially those without strong prior ideological leanings. In the UK, a study using BHPS data tracking people over an eighteen-year period found that those in Conservative-dominated constituencies trended more Conservative in their voting over time, though the same was not true of Labour areas.43 Amenities also matter, and account for why partisans wind up moving to where they are already dominant.


The Code: Silicon Valley and the Remaking of America by Margaret O'Mara

A Declaration of the Independence of Cyberspace, accounting loophole / creative accounting, affirmative action, Airbnb, Alan Greenspan, AltaVista, Alvin Toffler, Amazon Web Services, An Inconvenient Truth, AOL-Time Warner, Apple II, Apple's 1984 Super Bowl advert, autonomous vehicles, back-to-the-land, barriers to entry, Ben Horowitz, Berlin Wall, Big Tech, Black Lives Matter, Bob Noyce, Buckminster Fuller, Burning Man, business climate, Byte Shop, California gold rush, Californian Ideology, carried interest, clean tech, clean water, cloud computing, cognitive dissonance, commoditize, company town, Compatible Time-Sharing System, computer age, Computer Lib, continuous integration, cuban missile crisis, Danny Hillis, DARPA: Urban Challenge, deindustrialization, different worldview, digital divide, Do you want to sell sugared water for the rest of your life?, don't be evil, Donald Trump, Doomsday Clock, Douglas Engelbart, driverless car, Dynabook, Edward Snowden, El Camino Real, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Fairchild Semiconductor, Frank Gehry, Future Shock, Gary Kildall, General Magic , George Gilder, gig economy, Googley, Hacker Ethic, Hacker News, high net worth, hockey-stick growth, Hush-A-Phone, immigration reform, income inequality, industrial research laboratory, informal economy, information retrieval, invention of movable type, invisible hand, Isaac Newton, It's morning again in America, Jeff Bezos, Joan Didion, job automation, job-hopping, John Gilmore, John Markoff, John Perry Barlow, Julian Assange, Kitchen Debate, knowledge economy, knowledge worker, Larry Ellison, Laura Poitras, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, Mary Meeker, mass immigration, means of production, mega-rich, Menlo Park, Mikhail Gorbachev, military-industrial complex, millennium bug, Mitch Kapor, Mother of all demos, move fast and break things, mutually assured destruction, Neil Armstrong, new economy, Norbert Wiener, old-boy network, Palm Treo, pattern recognition, Paul Graham, Paul Terrell, paypal mafia, Peter Thiel, pets.com, pirate software, popular electronics, pre–internet, prudent man rule, Ralph Nader, RAND corporation, Richard Florida, ride hailing / ride sharing, risk tolerance, Robert Metcalfe, ROLM, Ronald Reagan, Salesforce, Sand Hill Road, Second Machine Age, self-driving car, shareholder value, Sheryl Sandberg, side hustle, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, skunkworks, Snapchat, social graph, software is eating the world, Solyndra, speech recognition, Steve Ballmer, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, Strategic Defense Initiative, supercomputer in your pocket, Susan Wojcicki, tacit knowledge, tech billionaire, tech worker, technoutopianism, Ted Nelson, TED Talk, the Cathedral and the Bazaar, the market place, the new new thing, The Soul of a New Machine, There's no reason for any individual to have a computer in his home - Ken Olsen, Thomas L Friedman, Tim Cook: Apple, Timothy McVeigh, transcontinental railway, Twitter Arab Spring, Uber and Lyft, uber lyft, Unsafe at Any Speed, upwardly mobile, Vannevar Bush, War on Poverty, Wargames Reagan, WarGames: Global Thermonuclear War, We wanted flying cars, instead we got 140 characters, Whole Earth Catalog, WikiLeaks, William Shockley: the traitorous eight, work culture , Y Combinator, Y2K

Seattle was 800 miles up the road from the Valley, but it was compatible in history, in spirit, in the personal and professional connections flowing between north and south. It too was a former gold rush town turned Cold War region, transformed by the defense boom and advantaged by the postwar migratory rush westward. It too was home to a major research university and lots of knowledge-economy jobs, its tech scene a strange mix of straight-arrow aerospace types and Vietnam-era lefties, a place of early adopters and ambitious technophiles. Yet Seattle wasn’t an isolated Galapagos. During those formative postwar decades it was Boeing’s company town, busy and connected. Even after its early-’70s bust, it didn’t develop the Valley’s teeming petri dish of VCs and lawyers and PR flacks.


Energy and Civilization: A History by Vaclav Smil

8-hour work day, additive manufacturing, agricultural Revolution, animal electricity, Apollo 11, Boeing 747, business cycle, carbon-based life, centre right, Charles Babbage, decarbonisation, dematerialisation, Deng Xiaoping, Easter island, en.wikipedia.org, energy security, energy transition, epigenetics, Exxon Valdez, Fairchild Semiconductor, Ford Model T, Frederick Winslow Taylor, Great Leap Forward, high-speed rail, hydraulic fracturing, income inequality, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), invention of gunpowder, James Watt: steam engine, Jevons paradox, John Harrison: Longitude, Joseph-Marie Jacquard, Just-in-time delivery, Kaizen: continuous improvement, Kibera, knowledge economy, land tenure, language acquisition, Lewis Mumford, lone genius, Louis Blériot, mass immigration, megacity, megaproject, Menlo Park, mutually assured destruction, North Sea oil, ocean acidification, oil shale / tar sands, peak oil, phenotype, precision agriculture, purchasing power parity, QWERTY keyboard, Richard Feynman, scientific management, Silicon Valley, Suez canal 1869, Toyota Production System, transcontinental railway, uranium enrichment, Yom Kippur War

Global mobile statistics 2014. https://mobiforge.com/research-analysis/global-mobile-statistics-2014-part-a-mobile-subscribers-handset-market-share-mobile-operators. Mokyr, J. 1976. Industrialization in the Low Countries, 1795–1850. New Haven, CT: Yale University Press. Mokyr, J. 2002. The Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton, NJ: Princeton University Prss. Mokyr, J. 2009. The Enlightened Economy: An Economic History of Britain 1700–1850. New Haven, CT: Yale University Press. Molenaar, A. 1956. Water Lifting Devices for Irrigation. Rome: FAO. Moore, G. 1965. Cramming more components onto integrated circuits.


pages: 935 words: 197,338

The Power Law: Venture Capital and the Making of the New Future by Sebastian Mallaby

"Susan Fowler" uber, 23andMe, 90 percent rule, Adam Neumann (WeWork), adjacent possible, Airbnb, Apple II, barriers to entry, Ben Horowitz, Benchmark Capital, Big Tech, bike sharing, Black Lives Matter, Blitzscaling, Bob Noyce, book value, business process, charter city, Chuck Templeton: OpenTable:, Clayton Christensen, clean tech, cloud computing, cognitive bias, collapse of Lehman Brothers, Colonization of Mars, computer vision, coronavirus, corporate governance, COVID-19, cryptocurrency, deal flow, Didi Chuxing, digital map, discounted cash flows, disruptive innovation, Donald Trump, Douglas Engelbart, driverless car, Dutch auction, Dynabook, Elon Musk, Fairchild Semiconductor, fake news, family office, financial engineering, future of work, game design, George Gilder, Greyball, guns versus butter model, Hacker Ethic, Henry Singleton, hiring and firing, Hyperloop, income inequality, industrial cluster, intangible asset, iterative process, Jeff Bezos, John Markoff, junk bonds, Kickstarter, knowledge economy, lateral thinking, liberal capitalism, Louis Pasteur, low interest rates, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, Marshall McLuhan, Mary Meeker, Masayoshi Son, Max Levchin, Metcalfe’s law, Michael Milken, microdosing, military-industrial complex, Mitch Kapor, mortgage debt, move fast and break things, Network effects, oil shock, PalmPilot, pattern recognition, Paul Graham, paypal mafia, Peter Thiel, plant based meat, plutocrats, power law, pre–internet, price mechanism, price stability, proprietary trading, prudent man rule, quantitative easing, radical decentralization, Recombinant DNA, remote working, ride hailing / ride sharing, risk tolerance, risk/return, Robert Metcalfe, ROLM, rolodex, Ronald Coase, Salesforce, Sam Altman, Sand Hill Road, self-driving car, shareholder value, side project, Silicon Valley, Silicon Valley startup, Skype, smart grid, SoftBank, software is eating the world, sovereign wealth fund, Startup school, Steve Jobs, Steve Wozniak, Steven Levy, super pumped, superconnector, survivorship bias, tech worker, Teledyne, the long tail, the new new thing, the strength of weak ties, TikTok, Travis Kalanick, two and twenty, Uber and Lyft, Uber for X, uber lyft, urban decay, UUNET, vertical integration, Vilfredo Pareto, Vision Fund, wealth creators, WeWork, William Shockley: the traitorous eight, Y Combinator, Zenefits

The global embrace of venture capital confirms what has been argued here: the attractions of the industry far outweigh its alleged shortcomings. As individuals, VCs do exhibit skill. As a group, they finance the most dynamic companies, generate disproportionate wealth and R&D, and knit together the fertile networks that drive the knowledge economy. In the future, as intangible assets increasingly eclipse tangible ones, venture capitalists’ hands-on style will contribute even more to our prosperity. Of course, there are myriad social problems that the venture industry won’t fix, and some it may exacerbate—inequality, for example.[45] But the right response to inequality is not to doubt venture capital’s importance or throw sand in its gears.


pages: 556 words: 46,885

The World's First Railway System: Enterprise, Competition, and Regulation on the Railway Network in Victorian Britain by Mark Casson

banking crisis, barriers to entry, Beeching cuts, British Empire, business cycle, classic study, combinatorial explosion, Corn Laws, corporate social responsibility, David Ricardo: comparative advantage, Garrett Hardin, gentrification, high-speed rail, independent contractor, intermodal, iterative process, joint-stock company, joint-stock limited liability company, Kickstarter, knowledge economy, linear programming, low interest rates, megaproject, Network effects, New Urbanism, performance metric, price elasticity of demand, railway mania, rent-seeking, strikebreaker, the market place, Tragedy of the Commons, transaction costs, vertical integration

. —— (2005) Private and Public Enterprise in Europe: Energy, Telecommunications and Transport, 1830–1990, Cambridge: Cambridge University Press. Mitchell, Brian R. (1984) Economic Development of the British Coal Industry, Cambridge: Cambridge University Press. Mitchener, Kris J. and Marc Weidenmeier (2008) Trade and Empire, Economic Journal, 118, 1805–34. Mokyr, Joel (2004) The Gifts of Athena: Historical Origins of the Knowledge Economy, Princeton, NJ: Princeton University Press. Munby, D.L. (1978) Inland Transport Statistics: Great Britain, 1900–1970, Vol. 1 (ed. A.H. Watson) Oxford: Clarendon Press. Nash, Christopher, Mark Wardman, Kenneth Buton, and Peter Nijkamp (eds.) (2002) Railways, Cheltenham: Edward Elgar. Nef, John U. (1932) The Rise of the British Coal Industry, 2 vols., London: Routledge.


pages: 869 words: 239,167

The Story of Work: A New History of Humankind by Jan Lucassen

3D printing, 8-hour work day, affirmative action, agricultural Revolution, Albert Einstein, anti-work, antiwork, Asian financial crisis, banking crisis, basic income, Berlin Wall, Black Lives Matter, blue-collar work, bread and circuses, Bretton Woods, Capital in the Twenty-First Century by Thomas Piketty, Charles Babbage, collective bargaining, Columbian Exchange, commoditize, computer age, coronavirus, COVID-19, demographic transition, deskilling, discovery of the americas, domestication of the camel, Easter island, European colonialism, factory automation, Fall of the Berlin Wall, fixed income, Ford Model T, founder crops, Frederick Winslow Taylor, full employment, future of work, Great Leap Forward, hiring and firing, income inequality, income per capita, informal economy, invisible hand, James Watt: steam engine, joint-stock company, knowledge economy, labour mobility, land tenure, long peace, mass immigration, means of production, megastructure, minimum wage unemployment, money: store of value / unit of account / medium of exchange, new economy, New Urbanism, out of africa, pension reform, phenotype, post-work, precariat, price stability, public intellectual, reshoring, scientific management, Scramble for Africa, Second Machine Age, stakhanovite, tacit knowledge, Thales of Miletus, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, transatlantic slave trade, two and twenty, universal basic income, W. E. B. Du Bois, women in the workforce, working poor

‘Civilizations and its Discontents’, Natural History, 101(3) (1992), pp. 36–43. Mitch, David, John Brown & Marco H.D. van Leeuwen (eds). Origins of the Modern Career (Aldershot: Ashgate, 2004). Mithen, Steven. After the Ice: A Global Human History, 20,000–5000 BC (Cambridge, MA: Harvard UP, 2003). Mokyr, Joel. The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton: Princeton UP, 2002). Mokyr, Joel. ‘Peer Vries’s Great Divergence’, TSEG, 12 (2015), pp. 93–104. Molfenter, Christine. ‘Forced Labour and Institutional Change in Contemporary India’, in Marcel van der Linden & Magaly Rodríguez García (eds), On Coerced Labor: Work and Compulsion after Chattel Slavery (Leiden/Boston: Brill, 2016), pp. 50–70.


pages: 850 words: 254,117

Basic Economics by Thomas Sowell

affirmative action, air freight, airline deregulation, Alan Greenspan, American Legislative Exchange Council, bank run, barriers to entry, big-box store, British Empire, business cycle, clean water, collective bargaining, colonial rule, corporate governance, correlation does not imply causation, cotton gin, cross-subsidies, David Brooks, David Ricardo: comparative advantage, declining real wages, Dissolution of the Soviet Union, diversified portfolio, European colonialism, fixed income, Ford Model T, Fractional reserve banking, full employment, global village, Gunnar Myrdal, Hernando de Soto, hiring and firing, housing crisis, income inequality, income per capita, index fund, informal economy, inventory management, invisible hand, John Maynard Keynes: technological unemployment, joint-stock company, junk bonds, Just-in-time delivery, Kenneth Arrow, knowledge economy, labor-force participation, land reform, late fees, low cost airline, low interest rates, low skilled workers, means of production, Mikhail Gorbachev, minimum wage unemployment, moral hazard, offshore financial centre, oil shale / tar sands, payday loans, Phillips curve, Post-Keynesian economics, price discrimination, price stability, profit motive, quantitative easing, Ralph Nader, rent control, rent stabilization, road to serfdom, Ronald Reagan, San Francisco homelessness, Silicon Valley, surplus humans, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, transcontinental railway, Tyler Cowen, Vanguard fund, War on Poverty, We are all Keynesians now

Given the decisive advantages of knowledge and insight in a market economy, even when this knowledge and insight are in the minds of people born and raised in poverty, such as J.C. Penney or F.W. Woolworth, we can see why market economies have so often outperformed other economies that depend on ideas originating solely within a narrow elite of birth or ideology. While market economies are often thought of as money economies, they are still more so knowledge economies, for money can always be found to back new insights, technologies and organizational methods that work, even when these innovations were created by people initially lacking in money, whether Henry Ford, Thomas Edison, David Packard, or others. Capital is always available under capitalism, but knowledge and insights are rare and precious under any economic system.


pages: 898 words: 266,274

The Irrational Bundle by Dan Ariely

accounting loophole / creative accounting, air freight, Albert Einstein, Alvin Roth, An Inconvenient Truth, assortative mating, banking crisis, Bear Stearns, behavioural economics, Bernie Madoff, Black Swan, Broken windows theory, Burning Man, business process, cashless society, Cass Sunstein, clean water, cognitive dissonance, cognitive load, compensation consultant, computer vision, Cornelius Vanderbilt, corporate governance, credit crunch, Credit Default Swap, Daniel Kahneman / Amos Tversky, delayed gratification, Demis Hassabis, Donald Trump, end world poverty, endowment effect, Exxon Valdez, fake it until you make it, financial engineering, first-price auction, Ford Model T, Frederick Winslow Taylor, fudge factor, Garrett Hardin, George Akerlof, Gordon Gekko, greed is good, happiness index / gross national happiness, hedonic treadmill, IKEA effect, Jean Tirole, job satisfaction, John Perry Barlow, Kenneth Arrow, knowledge economy, knowledge worker, lake wobegon effect, late fees, loss aversion, Murray Gell-Mann, name-letter effect, new economy, operational security, Pepsi Challenge, Peter Singer: altruism, placebo effect, price anchoring, Richard Feynman, Richard Thaler, Saturday Night Live, Schrödinger's Cat, search costs, second-price auction, Shai Danziger, shareholder value, Silicon Valley, Skinner box, Skype, social contagion, software as a service, Steve Jobs, subprime mortgage crisis, sunk-cost fallacy, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Tragedy of the Commons, ultimatum game, Upton Sinclair, Walter Mischel, 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.


pages: 492 words: 70,082

Immigration worldwide: policies, practices, and trends by Uma Anand Segal, Doreen Elliott, Nazneen S. Mayadas

affirmative action, Asian financial crisis, Berlin Wall, borderless world, British Empire, Celtic Tiger, centre right, conceptual framework, credit crunch, demographic transition, deskilling, en.wikipedia.org, European colonialism, export processing zone, Fall of the Berlin Wall, financial independence, full employment, global village, guest worker program, illegal immigration, immigration reform, income inequality, income per capita, informal economy, it's over 9,000, knowledge economy, labor-force participation, labour mobility, language acquisition, longitudinal study, low skilled workers, mass immigration, minimum wage unemployment, moral panic, Nelson Mandela, New Urbanism, open borders, phenotype, scientific management, South China Sea, structural adjustment programs, Suez canal 1869, trade route, transaction costs, upwardly mobile, urban planning, women in the workforce

Retrieved February 8, 2005, from EconLit database. Reitz, J. G., (Ed.) (2003). Host societies and the reception of immigrants. San Diego: University of California, Center for Comparative Immigration Studies. Reitz, J. G. (2005). Tapping immigrants’ skills: New directions for Canadian immigration policy in the knowledge economy. IRPP Choices, 11(1), 1–18. Retrieved February 4, 2005, from http://www. irpp.org/choices/archive/vol11no1.pdf. 111 Roy, A. S. (1997). Job displacement effects of Canadian immigrants by country of origin and occupation. International Migration Review, 31(1), 150–161. Retrieved February 11, 2005, from Expanded Academic ASAP database.


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The Age of Surveillance Capitalism by Shoshana Zuboff

"World Economic Forum" Davos, algorithmic bias, Amazon Web Services, Andrew Keen, augmented reality, autonomous vehicles, barriers to entry, Bartolomé de las Casas, behavioural economics, Berlin Wall, Big Tech, bitcoin, blockchain, blue-collar work, book scanning, Broken windows theory, California gold rush, call centre, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, choice architecture, citizen journalism, Citizen Lab, classic study, cloud computing, collective bargaining, Computer Numeric Control, computer vision, connected car, context collapse, corporate governance, corporate personhood, creative destruction, cryptocurrency, data science, deep learning, digital capitalism, disinformation, dogs of the Dow, don't be evil, Donald Trump, Dr. Strangelove, driverless car, Easter island, Edward Snowden, en.wikipedia.org, Erik Brynjolfsson, Evgeny Morozov, facts on the ground, fake news, Ford Model T, Ford paid five dollars a day, future of work, game design, gamification, Google Earth, Google Glasses, Google X / Alphabet X, Herman Kahn, hive mind, Ian Bogost, impulse control, income inequality, information security, Internet of things, invention of the printing press, invisible hand, Jean Tirole, job automation, Johann Wolfgang von Goethe, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Kevin Roose, knowledge economy, Lewis Mumford, linked data, longitudinal study, low skilled workers, Mark Zuckerberg, market bubble, means of production, multi-sided market, Naomi Klein, natural language processing, Network effects, new economy, Occupy movement, off grid, off-the-grid, PageRank, Panopticon Jeremy Bentham, pattern recognition, Paul Buchheit, performance metric, Philip Mirowski, precision agriculture, price mechanism, profit maximization, profit motive, public intellectual, recommendation engine, refrigerator car, RFID, Richard Thaler, ride hailing / ride sharing, Robert Bork, Robert Mercer, Salesforce, Second Machine Age, self-driving car, sentiment analysis, shareholder value, Sheryl Sandberg, Shoshana Zuboff, Sidewalk Labs, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, slashdot, smart cities, Snapchat, social contagion, social distancing, social graph, social web, software as a service, speech recognition, statistical model, Steve Bannon, Steve Jobs, Steven Levy, structural adjustment programs, surveillance capitalism, technological determinism, TED Talk, The Future of Employment, The Wealth of Nations by Adam Smith, Tim Cook: Apple, two-sided market, union organizing, vertical integration, Watson beat the top human players on Jeopardy!, winner-take-all economy, Wolfgang Streeck, work culture , Yochai Benkler, you are the product

That would be better.8 Google originated in the prospect of optimally organizing the world’s information, but Page wants the corporation to optimize the organization of society itself: “In my very long-term worldview,” he said in 2013, “our software understands deeply what you’re knowledgeable about, what you’re not, and how to organize the world so that the world can solve important problems.”9 Facebook CEO Mark Zuckerberg shares these totalistic ambitions, and he is increasingly frank about “society,” not just the individuals within it, as subordinate to Facebook’s embrace. His “three big company goals” include “connecting everyone; understanding the world; and building the knowledge economy, so that every user will have ‘more tools’ to share ‘different kinds of content.’”10 Zuckerberg’s keen appreciation of second-modernity instabilities—and the yearning for support and connection that is among its most-vivid features—drives his confidence, just as it did for Google economist Hal Varian.


pages: 1,152 words: 266,246

Why the West Rules--For Now: The Patterns of History, and What They Reveal About the Future by Ian Morris

addicted to oil, Admiral Zheng, agricultural Revolution, Albert Einstein, anti-communist, Apollo 11, Arthur Eddington, Atahualpa, Berlin Wall, British Empire, classic study, Columbian Exchange, conceptual framework, cotton gin, cuban missile crisis, defense in depth, demographic transition, Deng Xiaoping, discovery of the americas, Doomsday Clock, Eddington experiment, en.wikipedia.org, falling living standards, Flynn Effect, Ford Model T, Francisco Pizarro, global village, God and Mammon, Great Leap Forward, hiring and firing, indoor plumbing, Intergovernmental Panel on Climate Change (IPCC), invention of agriculture, Isaac Newton, It's morning again in America, James Watt: steam engine, Kickstarter, Kitchen Debate, knowledge economy, market bubble, mass immigration, Medieval Warm Period, Menlo Park, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, New Journalism, out of africa, Peter Thiel, phenotype, pink-collar, place-making, purchasing power parity, RAND corporation, Ray Kurzweil, Ronald Reagan, Scientific racism, sexual politics, Silicon Valley, Sinatra Doctrine, South China Sea, special economic zone, Steve Jobs, Steve Wozniak, Steven Pinker, strong AI, Suez canal 1869, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thomas L Friedman, Thomas Malthus, trade route, upwardly mobile, wage slave, washing machines reduced drudgery

New York: Oxford University Press, 1990. ———. “Editor’s Introduction: The New Economic History and the Industrial Revolution.” In Joel Mokyr, ed., The British Industrial Revolution: An Economic Perspective, pp. 1–127. Boulder, CO: Westview Press, 1999. ———. The Gifts of Athena: Historical Origins of the Knowledge Economy. Princeton: Princeton University Press, 2002. ———. The Enlightened Economy: An Economic History of Britain, 1700–1850. New Haven, CT: Yale University Press, 2010. Momssen, Theodor, and Karl Morrison. Imperial Lives and Letters of the Eleventh Century. New York: Columbia University Press, 1962.


pages: 1,205 words: 308,891

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

"Friedman doctrine" OR "shareholder theory", Airbnb, Akira Okazaki, antiwork, behavioural economics, big-box store, Black Swan, book scanning, British Empire, business cycle, buy low sell high, Capital in the Twenty-First Century by Thomas Piketty, classic study, clean water, Columbian Exchange, conceptual framework, correlation does not imply causation, Costa Concordia, creative destruction, critique of consumerism, crony capitalism, dark matter, Dava Sobel, David Graeber, David Ricardo: comparative advantage, deindustrialization, demographic transition, Deng Xiaoping, do well by doing good, Donald Trump, double entry bookkeeping, electricity market, en.wikipedia.org, epigenetics, Erik Brynjolfsson, experimental economics, Ferguson, Missouri, food desert, Ford Model T, fundamental attribution error, Garrett Hardin, Georg Cantor, George Akerlof, George Gilder, germ theory of disease, Gini coefficient, God and Mammon, Great Leap Forward, greed is good, Gunnar Myrdal, Hans Rosling, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, Hernando de Soto, immigration reform, income inequality, interchangeable parts, invention of agriculture, invention of writing, invisible hand, Isaac Newton, Islamic Golden Age, James Watt: steam engine, Jane Jacobs, John Harrison: Longitude, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Arrow, knowledge economy, labor-force participation, lake wobegon effect, land reform, liberation theology, lone genius, Lyft, Mahatma Gandhi, Mark Zuckerberg, market fundamentalism, means of production, middle-income trap, military-industrial complex, Naomi Klein, new economy, Nick Bostrom, North Sea oil, Occupy movement, open economy, out of africa, Pareto efficiency, Paul Samuelson, Pax Mongolica, Peace of Westphalia, peak oil, Peter Singer: altruism, Philip Mirowski, Pier Paolo Pasolini, pink-collar, plutocrats, positional goods, profit maximization, profit motive, public intellectual, purchasing power parity, race to the bottom, refrigerator car, rent control, rent-seeking, Republic of Letters, road to serfdom, Robert Gordon, Robert Shiller, Ronald Coase, Scientific racism, Scramble for Africa, Second Machine Age, secular stagnation, seminal paper, Simon Kuznets, Social Responsibility of Business Is to Increase Its Profits, spinning jenny, stakhanovite, Steve Jobs, tacit knowledge, TED Talk, the Cathedral and the Bazaar, The Chicago School, The Market for Lemons, the rule of 72, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, total factor productivity, Toyota Production System, Tragedy of the Commons, transaction costs, transatlantic slave trade, Tyler Cowen, Tyler Cowen: Great Stagnation, uber lyft, union organizing, very high income, wage slave, Washington Consensus, working poor, Yogi Berra

Martin’s. Jacob, Margaret C., and Catherine Secretan, eds. 2008. The Self-Perception of Early Modern Capitalists. New York: Palgrave Macmillan Jacob, Margaret S. 1976. Newtonians and the English Revolution 1689–1720. Ithaca, NY: Cornell University Press. Jacob, Margaret S. 2014. The First Knowledge Economy: Human Capital and the European Economy, 1750–1850. Cambridge: Cambridge University Press. Jacobs, Jane. 1992. Systems of Survival: A Dialogue on the Moral Foundations of Commerce and Politics. New York: Random House. James, Clive. 2007. Cultural Amnesia: Notes in the Margin of My Time. London: Picador.


pages: 1,213 words: 376,284

Empire of Things: How We Became a World of Consumers, From the Fifteenth Century to the Twenty-First by Frank Trentmann

Abraham Maslow, Airbnb, Alan Greenspan, Anton Chekhov, Ayatollah Khomeini, behavioural economics, Berlin Wall, Big bang: deregulation of the City of London, bread and circuses, British Empire, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon footprint, Cass Sunstein, choice architecture, classic study, clean water, collaborative consumption, collective bargaining, colonial exploitation, colonial rule, Community Supported Agriculture, company town, critique of consumerism, cross-subsidies, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, deindustrialization, dematerialisation, Deng Xiaoping, deskilling, equity premium, Fall of the Berlin Wall, Fellow of the Royal Society, financial exclusion, fixed income, food miles, Ford Model T, full employment, gentrification, germ theory of disease, global village, Great Leap Forward, haute cuisine, Herbert Marcuse, high net worth, income inequality, index card, informal economy, Intergovernmental Panel on Climate Change (IPCC), Internet of things, it's over 9,000, James Watt: steam engine, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kitchen Debate, knowledge economy, labour mobility, Les Trente Glorieuses, libertarian paternalism, Livingstone, I presume, longitudinal study, mass immigration, McMansion, mega-rich, Michael Shellenberger, moral panic, mortgage debt, Murano, Venice glass, Naomi Klein, New Urbanism, Paradox of Choice, Pier Paolo Pasolini, planned obsolescence, pneumatic tube, post-industrial society, Post-Keynesian economics, post-materialism, postnationalism / post nation state, profit motive, prosperity theology / prosperity gospel / gospel of success, public intellectual, purchasing power parity, Ralph Nader, rent control, retail therapy, Richard Thaler, Right to Buy, Ronald Reagan, school vouchers, scientific management, Scientific racism, Scramble for Africa, seminal paper, sharing economy, Silicon Valley, Skype, stakhanovite, Ted Nordhaus, the built environment, the market place, The Spirit Level, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, Thorstein Veblen, trade liberalization, trade route, transatlantic slave trade, union organizing, upwardly mobile, urban planning, urban sprawl, Washington Consensus, women in the workforce, working poor, young professional, zero-sum game

I write ‘favoured’ because consumer demand in the empire was not by itself a sufficient cause for the Industrial Revolution. At the same time, the many feedbacks between overseas and domestic developments make it unhelpful to draw an overly sharp distinction between exogenous and endogenous factors. For Europe’s advance in science and technology, see Joel Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton, NJ, 2002). 44. Jan De Vries, European Urbanization, 1500–1800 (Cambridge, MA, 1984); Paul Bairoch, De Jéricho à Mexico: Villes et économie dans l’histoire (Paris, 1985); Peter Clark, ed., The Oxford Handbook of Cities in World History (Oxford, 2013). Li Bozhong’s recent research suggests that as many as 20% of the population in the Jiangnan region might have been urban during the Qing era.