knowledge economy

239 results back to index

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.

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.

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.

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.

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.

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.

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.

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.

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.

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).

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.

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’.

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.)

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.”

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.

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.

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.

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.

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.

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.

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.

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.)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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?

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.

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.”

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.

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.

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.

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/.

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.

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.

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.

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