dunnettreader + innovation   94

P Aghion, C Hepburn, A Teytelboym, D Zenghelis - Path dependence, innovation and the economics of climate change (Policy Report 2014) | Grantham Research Institute on climate change and the environment
Grantham Research Institute on Climate Change and the Environment and ESRC Centre for Climate Change Economics and Policy at London School of Economics and Political Science.
The authors of the report – Professor Philippe Aghion (Harvard University), Professor Cameron Hepburn (University of Oxford), Dr Alexander Teytelboym (University of Oxford) and Dimitri Zenghelis (LSE)Innovation is required to transform our fossil-fuelled economy into a clean, low-carbon economy. But economic models of climate change have overlooked the role of innovation. By taking innovation fully into account, a whole new set of policy conclusions are drawn. This report finds that the longer governments wait to promote clean energy innovation, the greater the eventual cost to the environment and the economy. Increased public support for clean innovation should therefore be a priority. Government policies to promote low-carbon innovation may only need to be in place for a limited time because, once a low-carbon pathway has been kick-started, the economy will become ‘locked-in’ to that low-carbon pathway with no further intervention needed. -- downloaded via Air - added to Evernote
paper  downloaded  Evernote  climate  Innovation  green_economy  green_finance  path-dependence  technology  innovation-government-supported  infrastructure  renewables  economic_growth  economic_sociology  economic_policy  energy  energy-markets 
october 2016 by dunnettreader
Ilkka Pyysiainen - Cognitive Science of Religion: State of the Art (2012) | Academia.edu
Journal for the Cognitive Science of Religion (2012) -- article presents an introduction to the cognitive science of religion. It shows that CSR began with original theoretical approaches within the human sciences and has subsequently developed into a more empirical, interdisciplinary feld of study. The feld is growing rapidly with the appearance of several centers and projects. The most important theories, fndings, and criticisms are presented. Also the various centers of study and recent projects are described. -- Keywords -- cognition, agency, sociality, ritual -- Downloaded to Tab S2
article  downloaded  religion  cognitive_science  sociology_of_religion  religious_belief  religious_experience  religious_culture  comparative_religion  comparative_anthropology  neuroscience  cultural_transmission  cultural_change  cultural_influence  tradition  Innovation  ritual  agency  agency-structure  social_psychology  social_movements 
august 2016 by dunnettreader
Eric Holthaus - Bracing Ourselves for the Climate Tipping Point | Pacific Standard - August 2016
After Earth’s warmest month in history, climate scientists gather in Geneva to debate whether we’ve already gone too far.
Pocket  climate  energy-markets  climate-policy  climate-diplomacy  green_economy  green_finance  Innovation  from pocket
august 2016 by dunnettreader
Centre for the Study of Existential Risk - Cambridge
The Centre for Study of Existential Risk is an interdisciplinary research centre focused on the study of human extinction-level risks that may emerge from technological advances. We aim to combine key insights from the best minds across disciplines to tackle the greatest challenge of the coming century: safely harnessing our rapidly-developing technological power. Our current major research projects include Managing Extreme Technological Risk (supported by the Templeton World Charity Foundation) and Extreme Risks and the Global Environment (supported by the Grantham Foundation), as well as our Blavatnik Public Lecture series and the Hauser-Raspe workshop series
website  risk  risk-systemic  risk_assessment  risk_management  risk-mitigation  environment  climate  technology  innovation-risk_management  Innovation  robotics  AI  video 
august 2016 by dunnettreader
Viktor Slavtchev and Simon Wiederhold: Does the Technological Content of Government Demand Matter for Private R&D? - via Brad DeLong
Must-Read: Viktor Slavtchev and Simon Wiederhold: Does the Technological Content of Government Demand Matter for Private R&D?: "Governments purchase everything from airplanes to zucchini... ...This paper investigates the role of the technological content of government procurement in innovation.... Theoreticall... a shift in the composition of public purchases toward high-tech products translates into higher economy-wide returns to innovation, leading to an increase in the aggregate level of private research and development (R&D). Collecting unique panel data on federal procurement in US states, we find that reshuffling procurement toward high-tech industries has an economically and statistically significant positive effect on private R&D, even after extensively controlling for other R&D determinants. Instrumental-variable estimations support a causal interpretation of our findings. -- link to pdf - didn't download
paper  investment-government  investment  R&D  government_spending  fiscal-military_state  technology  Innovation  innovation-government_policy 
july 2016 by dunnettreader
Steve Fuller - Social Epistemology for Theodicy without Deference: Response to William Lynch (pages 207-218) | Symposion. Theoretical and Applied Inquiries in Philosophy and Social Scien - April 2016ces
ABSTRACT: This article is a response to William Lynch’s, ‘Social Epistemology Transformed: Steve Fuller’s Account of Knowledge as a Divine Spark for Human Domination,’ an extended and thoughtful reflection on my Knowledge: The Philosophical Quest in History. I grant that Lynch has captured well, albeit critically, the spirit and content of the book – and the thirty-year intellectual journey that led to it. In this piece, I respond at two levels. First, I justify my posture towards my predecessors and contemporaries, which Lynch shrewdly sees as my opposition to deference. However, most of the response concerns an elaboration of my theodicy-focussed sense of social epistemology, which is long-standing but only started to become prominent about ten years ago, in light of my involvement in the evolution controversies. Here I aim to draw together a set of my abiding interests – scientific, theological and philosophical – in trying to provide a normative foundation for the future of humanity. - downloaded via iPhone to DBOX
sociology_of_knowledge  artificial_intelligence  downloaded  constructivism  Innovation  risk-mitigation  transhumanism  article  human_nature  epistemology-social  sociology_of_science_ 
may 2016 by dunnettreader
William T. Lynch - Steve Fuller’s Account of Knowledge as a Divine Spark for Human Domination (pages 191-205) | Symposion. Theoretical and Applied Inquiries in Philosophy and Social Sciences - April 2016
ABSTRACT: In his new book, Knowledge: The Philosophical Quest in History, Steve Fuller returns to core themes of his program of social epistemology that he first outlined in his 1988 book, Social Epistemology. He develops a new, unorthodox theology and philosophy building upon his testimony in Kitzmiller v. Dover Area School District in defense of intelligent design, leading to a call for maximal human experimentation. Beginning from the theological premise rooted in the Abrahamic religious tradition that we are created in the image of God, Fuller argues that the spark of the divine within us distinguishes us from animals. I argue that Fuller’s recent work takes us away from key insights of his original work. In contrast, I advocate for a program of social epistemology rooted in evolutionary science rather than intelligent design, emphasize a precautionary and ecological approach rather than a proactionary approach that favors risky human experimentation, and attend to our material and sociological embeddedness rather than a transhumanist repudiation of the body. - Asst Prof of History at Wayne State - 2001 Stanford book on early Riyal Society
theodicy  anthropocentrism  posthumanism  intelligent_design  gnostic  downloaded  sociology_of_knowledge  books  Innovation  Darwinism  risk_management  risk-mitigation  imago_dei  transhumanism  populism  social_costs  article  epistemology-social  norms  technology  social_contract  constructivism  sociology_of_science_ 
may 2016 by dunnettreader
Jan Lorenz, Fabrizio Zilibotti, Michael König - Distance to frontier, productivity distribution and travelling waves | VOX, CEPR’s Policy Portal - 19 November 2015
Received wisdom would make you think that you need lots of small firms that are innovating in order to push productivity in an economy. This column provides data suggesting that large firms with high productivity growth can act as technological leaders and supply the economy with a continuous stream of innovations. Overly strong patent protection can significantly reduce growth and increase inequality. -- downloaded pdf to Note
paper  economic_growth  Innovation  technology-adoption  R&D  productivity  IP  technology_transfer  technology  downloaded 
november 2015 by dunnettreader
Guido Alfani, Wouter Ryckbosch - Income inequality in pre-industrial Europe | VOX, CEPR’s Policy Portal 06 November 2015
Thomas Piketty and others have prompted renewed interest in understanding long-term patterns of inequality. This column presents evidence from pre-industrial Europe. Inequality rose even during the success stories of early modern Europe, but it can hardly have been the sole requisite for growth. In both economic history and today’s economic theory, the idea of a universal trade-off between growth and inequality needs to be replaced by stronger attention to social processes and institutional developments. -- brief but extensive lit review of how thinking of economic historians has been evolving -- downloaded pdf to Note
paper  economic_history  early_modern  Europe-Early_Modern  16thC  17thC  18thC  19thC  economic_growth  inequality  capital_formation  new_institutionalism  institutional_economics  political_economy  state-building  nation-state  human_capital  urbanization  Innovation  Industrial_Revolution  consumer_revolution  consumer_demand  wages  growth-equity_tradeoff  bibliography  downloaded 
november 2015 by dunnettreader
Egmont Kakarot-Handtke - Schumpeter and the Essence of Profit :: SSRN - May 2011, update May 2015
University of Stuttgart - Institute of Economics and Law -- Schumpeter had a clear vision of the developing economy, but he did not formalize it. The quest for a germane formal basis is in the following guided by the general question: what is the minimum set of foundational propositions for a consistent reconstruction of the evolving money economy? We start with three structural axioms. The claim of generality entails that it should be possible to free Schumpeter’s approach from its irksome Walrasian legacy and to give a consistent formal account of the elementary circular flow that served him as a backdrop for the analysis of the entrepreneur-driven market system. -- Pages in PDF File: 28 -- Keywords: new framework of concepts, structure-centric, axiom set, profit, money, credit, structural stress, catching-up process, monopoly -- downloaded pdf to Note
paper  SSRN  economic_theory  economic_history  intellectual_history  19thC  20thC  Schumpeter  economic_growth  economic_sociology  entrepreneurs  profit  investment  Innovation  creative_destruction  money  markets-structure  monopoly  prices  firms-theory  neoclassical_economics  equilibrium  downloaded 
september 2015 by dunnettreader
John Dunn, ed. - The Economic Limits to Modern Politics (1992) | Cambridge University Press
The central problem of modern government and political action is how to choose and implement effective economic policies. For this reason, the economic considerations of public policy have assumed a more prominent place in contemporary political thought. Despite efforts among political scientists, economists, and sociologists to fathom the complexities of this added dimension, none of these solid sciences offers a satisfying approach to the problem. This volume attempts to display the historical novelty and intellectual importance of this dilemma, to uncover its origins, and to procure a remedy through a clearer and steadier focus. The book's contributors range from historians of ideas to economic theorists, who bring the approach of their own intellectual discipline to bear upon the issue. **--** Introduction, John Dunn *-* 1. The economic limits to modern politics, John Dunn *-* 2. The wealth of one nation and the dynamics of international competition, Istvan Hont *-* 3. The political limits to pre-modern politics, J. G. A. Pocock *-* 4. The economic constraints on political programs, Frank H. Hahn *-* 5. International liberalism reconsidered, Robert O. Keohane *-* 6. Capitalism, socialism, and democracy: compatibilities and contradictions John Dunn. -- ebook Adobe Reader - not clear whether in kindle format -- excerpt (10 ogs Intro) downloaded pdf to Note
books  kindle-available  17thC  18thC  19thC  20thC  intellectual_history  economic_history  political_history  political_philosophy  political_economy  judgment-political  public_policy  capitalism  competition-interstate  economic_growth  development  raison-d'-état  British_history  British_politics  British_Empire  trade  trade-policy  Great_Divergence  economic_theory  political_culture  economic_culture  macroeconomic_policy  Innovation  innovation-government_policy  collective_action  property_rights  Labor_markets  redistribution  fiscal_policy  fiscal-military_state  Davenant  Smith  social_order  social_democracy  liberalism  elites-political_influence  IR_theory  globalization  international_political_economy  public_finance  public_goods  class_conflict  downloaded 
august 2015 by dunnettreader
Montfort Mlachila, René Tapsoba, and Sampawende Tapsoba - A Quest for Quality [of economic growth] -- Finance & Development, June 2015, Vol. 52, No. 2
Despite consensus in the economics profession that growth alone does not lead to better social outcomes (Ianchovichina and Gable, 2012), quality growth still lacks a rigorous definition or formal quantification. In a recent paper, we develop a quality of growth index (QGI) that captures both the intrinsic nature of growth and its social dimension. Our premise is that not all growth produces favorable social outcomes. How growth is generated is critical to its sustainability and ability to create decent jobs, enhance living standards, and reduce poverty. We aim in our design of the QGI to capture these multidimensional features of growth by focusing on its very nature and desired social outcomes. -- in F&D issue downloaded as pdf to Note
article  development  economic_growth  political_economy  LDCs  emerging_markets  GDP  GDP-alternatives  inequality  participation-economic  inclusion  marginalized_groups  access_to_services  access_to_finance  SMEs  micro-enterprises  Innovation  innovation-government_policy  rent-seeking  informal_sectors  living_standards  poverty  health_care  education  sustainability  unemployment  common_good  statistics  economic_policy  economic_sociology  economic_reform  downloaded 
july 2015 by dunnettreader
Elizabeth Popp Berman - Creating the Market University: How Academic Science Became an Economic Engine | Princeton University Press - 2012, ebook 2015
US universities today serve as economic engines, performing the scientific research that will create new industries, drive economic growth, and keep the US globally competitive. But only a few decades ago, these same universities self-consciously held themselves apart from the world of commerce. Drawing on extensive historical research, EPB shows how the government--influenced by the argument that innovation drives the economy--brought about this transformation. Americans have a long tradition of making heroes out of their inventors. But before the 1960s and '70s neither policymakers nor economists paid much attention to the critical economic role played by innovation. However, during the late 1970s, a confluence of events--industry concern with the perceived deterioration of innovation in the US, a growing body of economic research on innovation's importance, and the stagnation of the larger economy--led to a broad political interest in fostering invention. The policy decisions shaped by this change were diverse, influencing arenas from patents and taxes to pensions and science policy, and encouraged practices that would focus specifically on the economic value of academic science. By the early 1980s, universities were nurturing the rapid growth of areas such as biotech entrepreneurship, patenting, and university-industry research centers. -- She is assistant professor of sociology at the SUNY-Albany. -- downloaded excerpt to Note
books  kindle-available  intellectual_history  economic_history  20thC  21stC  post-WWII  post-Cold_War  US_politics  sociology_of_knowledge  sociology_of_science_&_technology  university  research  research-funding  Innovation  innovation-government_policy  R&D  science-and-politics  urban_development  economic_growth  IP  incentives  incentives-distortions  public-private_partnerships  public_goods  market_fundamentalism  public_policy  -priorities  risk_capital  local_government  state_government  state-and-science  education-finance  academia-governance  managerialism  technology  technology-history  commercialization  downloaded 
july 2015 by dunnettreader
Frank Pasquale - Four Futures of Legal Automation | Balkinization: June 2015
http://balkin.blogspot.com/2015/06/four-futures-of-legal-automation.html -- overview of new article dealing with different scenarios for "disruption" promised by "innovators" and venture capitalists, which is likely to take the new fashion of arbitraging "inefficiencies" without any thoughts as to consequences for unraveling the "logic" of the current systems of legal services, re both content and access -- Instapaper has a number of links -- also downloaded pdf to Note
Instapaper  article  legal_system  legal_culture  automation  Innovation  technology  access_to_services  corporate_law  criminal_justice  family_law  property_rights  rights-legal  contracts  links  downloaded  from instapaper
june 2015 by dunnettreader
Hoffman, P.T.: Why Did Europe Conquer the World? (eBook and Hardcover).
Between 1492 and 1914, Europeans conquered 84% of the globe. But why did Europe rise to the top, when for centuries the Chinese, Japanese, Ottomans, and South Asians were far more advanced? Why didn’t these powers establish global dominance? ...distinguished economic historian Hoffman demonstrates that conventional explanations— eg geography, epidemic disease, and the Industrial Revolution—fail to provide answers. Arguing instead for the pivotal role of economic and political history, Hoffman shows that if variables had been at all different, Europe would not have achieved critical military innovations, and another power could have become master of the world. In vivid detail, he sheds light on the two millennia of economic, political, and historical changes that set European states on a distinctive path of development and military rivalry. Compared to their counterparts in China, Japan, South Asia, and the Middle East, European leaders—whether chiefs, lords, kings, emperors, or prime ministers—had radically different incentives, which drove them to make war. These incentives, which Hoffman explores using an economic model of political costs and financial resources, resulted in astonishingly rapid growth in Europe’s military sector from the Middle Ages on, and produced an insurmountable lead in gunpowder technology. The consequences determined which states established colonial empires or ran the slave trade, and even which economies were the first to industrialize. -- Professor of Business Economics and professor of history at CalTech. His books include Growth in a Traditional Society (PUP), Surviving Large Losses, and Priceless Markets. -- ebook and pbk not yet released --text 200 pgs, data, mideks in appendices ~35 pgs -- downloaded 1st chapter excerpt
books  kindle-available  Great_Divergence  economic_history  political_history  political_culture  military_history  technology  gunpowder  colonialism  imperialism  Europe  Europe-exceptionalism  Europe-Medieval  Europe-Early_Modern  incentives  wars-causes  war  Innovation  technology-adoption  historical_sociology  historical_change  balance_of_power  path-dependency  Tilly  Mann_Michael  state-building  downloaded 
june 2015 by dunnettreader
JW Mason - The Slack Wire: The End of the Supermanager? - June 2015
Like Larry at EPI, he finds the new highly heralded paper that claims the growth of inequality has been principally between firms rather than between "classes" -- some of the results don't fully pass the smell test e.g. that different sectors don't appear to be an important variable, which doesn't square with what we know about the financial services industry. More interesting is breaking down "sources" of income for those at the top of the income distribution pyramid, and what's been happening with the mix of sources. There was a huge spurt in CEO compensation "from labor" from, say $1M to $10M. Then since c. 2000, it's dropped back down to $5M. So the continued process of the lion's share of growth in GNP going to the tippy-top is now increasingly income from wealth, not "labor". A pattern to chew on, but it further complicates the claims of the paper that we're seeing inequality emerge from n apparently less nefarious process than rampant greed of superstars. It's inter-firm competition, the benefits of which the lower orders participate in via higher compensation than peers in less competitive firms.
Instapaper  US_economy  economic_history  post-Cold_War  21stC  inequality  inequality-wealth  executive_compensation  competition  Innovation  labor_share  productivity  productivity-labor_share  from instapaper
june 2015 by dunnettreader
Andrew Zangwill - The education of Walter Kohn and the creation of density functional theory | arxiv.org [1403.5164] (Submitted on 20 Mar 2014)
The theoretical solid-state physicist Walter Kohn was awarded one-half of the 1998 Nobel Prize in Chemistry for his mid-1960's creation of an approach to the many-particle problem in quantum mechanics called density functional theory (DFT). In its exact form, DFT establishes that the total charge density of any system of electrons and nuclei provides all the information needed for a complete description of that system. This was a breakthrough for the study of atoms, molecules, gases, liquids, and solids. Before DFT, it was thought that only the vastly more complicated many-electron wave function was needed for a complete description of such systems. Today, fifty years after its introduction, DFT (in one of its approximate forms) is the method of choice used by most scientists to calculate the physical properties of materials of all kinds. In this paper, I present a biographical essay of Kohn's educational experiences and professional career up to and including the creation of DFT. -- via Philip Ball who notes Zangwill doesn't see DFT as something in the air, part of the Zeitgeist, and Kohn was operating in a scientific culture where discipline walls hadn't yet become so impermeable -- Kohn got his Nobel in Chemistry though he's a physicist -- which raises questions re whether sciences as now organized would be unlikely to produce the sort of individual curiosity and multidisciplinary creativity to produce this sort of transformative thinking, testing erc -- didn't download
paper  intellectual_history  20thC  physics  history_of_science  philosophy_of_science  sociology_of_knowledge  Innovation  technology  innovation-government_policy  sociology_of_science_&_technology 
may 2015 by dunnettreader
Kathleen Perkins Miller, George Serafeim - Chief Sustainability Officers: Who Are They and What Do They Do? (revised September 2014) :: SSRN
Kathleen Perkins Miller, Miller Consultants -- George Serafeim, Harvard University - Harvard Business School *--* Chapter 8 in Leading Sustainable Change, Oxford University Press, 2014 *--* While a number of studies document that organizations go through numerous stages as they increase their commitment to sustainability over time, we know little about the role of the Chief Sustainability Officer (CSO) in this process. Using survey and interview data we analyze how a CSO’s authority and responsibilities differ across organizations that are in different stages of sustainability commitment. We document increasing organizational authority of the CSO as organizations increase their commitment to sustainability moving from Compliance to Efficiency and then to Innovation. However, we also document a decentralization of decision rights from the CSO to different functions, largely driven by sustainability strategies becoming more idiosyncratic at the Innovation stage. The study concludes with a discussion of practices that CSOs argue to accelerate the commitment of organizations to sustainability. -- Pages in PDF File: 22 -- Keywords: sustainability, organizational change, Chief Sustainability Officer, innovation, -- downloaded pdf to Note
chapter  SSRN  business_practices  business-norms  CSR  sustainability  firms-organization  firms-structure  Innovation  corporate_governance  accountability  institutional_change  institutional_capacity  downloaded 
april 2015 by dunnettreader
Richard N. Langlois - Knowledge, Consumption, and Endogenous Growth - January 2000 :: SSRN
University of Connecticut - Department of Economics -- working paper for Knowledge, Consumption, and Endogenous Growth. Journal of Evolutionary Economics, Vol. 11, No. 1. http://ssrn.com/abstract=257785 -- Abstract of article: In neoclassical theory, knowledge generates increasing returns-and therefore growth-because it is a public good that can be costlessly reused once created. In fact, however, much knowledge in the economy is actually tacit and not easily transmitted-and thus not an obvious source of increasing returns. Several writers have responded to this alarming circumstances by affirming hopefully that knowledge today is increasingly codified, general, and abstract-and increasingly less tacit. This paper disputes such a trend. But all is not lost: for knowledge does not have to be codified to be reused and therefore to generate economic growth. -- Abstract of paper adds -- This essay takes a skeptical view of the proposition that we are experiencing greater codification hand in hand with modern technology and economic growth. ... [and] an equally skeptical view ...that only codified knowledge, and never tacit knowledge, can generate economic growth. Knowledge can be externalized and made less idiosyncratic in ways that do not necessarily involve codification. Knowledge is structure. And knowledge can be externalized beyond an individual creator by being imbedded either in machines and other physical technology or in various kinds of social or behavioral structures that I will broadly call institutions. Using a wonderful 1912 essay by Wesley Clair Mitchell as a starting point, I examine, as a kind of case study, the way in which knowledge is embedded and shared in consumption -- an important and neglected aspect of the process of economic growth. -- Pages in PDF 38 -- Keywords: Tacit knowledge, Increasing returns, Growth theory, Knowledge reuse, Codification -- downloaded pdf to Note
article  SSRN  philosophy_of_social_science  institutions  institutional_economics  firms-theory  firms-structure  knowledge  knowledge_economy  know-how  public_goods  epistemology-social  technology  technology_transfer  technology-adoption  economic_growth  economic_sociology  Innovation  increasing_returns  bibliography  consumption  consumers  downloaded 
april 2015 by dunnettreader
Stéphane Van Damme - Laborieuse Nature: Penser le travail des sciences exactes avec Simon Schaffer | May 2014 - La Vie des idées
English translation March 2015 -- Comment naissent les découvertes et les progrès scientifiques ? Contre une vision idéaliste et triomphaliste de l’histoire des sciences, toute l’œuvre de Simon Schaffer a consisté à observer la science en train de se faire, au plus près des pratiques et des acteurs. Loin de diminuer son prestige, cette approche lui restitue la place centrale qu’elle occupait dans les sociétés d’Ancien Régime. -- downloaded pdf to Note
history_of_science  sociology_of_knowledge  sociology_of_science_&_technology  Scientific_Revolution  Enlightenment  16thC  17thC  18thC  historiography  Innovation  downloaded 
april 2015 by dunnettreader
Rasmus Karlsson and Jonathan Symons - Making Climate Leadership Meaningful: Energy Research as a Key to Global Decarbonisation - Feb 2015 | Global Policy Journal- Wiley Online Library
This article revisits a number of familiar debates about climate change mitigation yet draws some unorthodox conclusions. First, that progress towards a renewable small-scale energy future in environmentally conscious countries such as Germany and Sweden may take the world as a whole further away from climate stability by reducing the political pressure to finance breakthrough innovation. Second, that without such game-changing innovations, developing countries will continue to deploy whatever technologies are domestically available, scalable and affordable, including thermal coal power in most instances. Third and finally, that as any realistic hope of achieving climate stability hinges on the innovation of breakthrough technologies, the urgency of climate change calls not so much for the domestic deployment of existing energy technologies but rather a concentrated effort to develop technologies that will be adopted globally. These arguments imply that national innovation policy, and an international treaty establishing a ‘Low-Emissions Technology Commitment’ should be the central focus of climate policy. -- added to Wiley profile
article  paywall  Wiley  global_governance  energy  climate  technology  Innovation  technology-adoption  technology_transfer  green_finance  development  IR  IR-domestic_politics  economic_growth  IP-global_governance  innovation-government_policy  industrial_policy  industrialization 
march 2015 by dunnettreader
Rajiv Sethi: Innovation, Scaling, and the Industrial Commons - July 2010
When Yves Smith makes a strong reading recommendation, I usually take notice. Today she directed her readers to an article by Andy Grove calling for drastic changes in American policy towards innovation, scaling, and job creation in manufacturing. The piece is long, detailed and worth reading in full, but the central point is this: an economy that innovates prolifically but consistently exports its jobs to lower cost overseas locations will eventually lose not only its capacity for mass production, but eventually also its capacity for innovation: - interesting discussion in updates and comments
US_economy  US_politics  Labor_markets  unemployment  trade-policy  trade-theory  off-shoring  manufacturing  Innovation  technology  technology_transfer  industrial_policy 
march 2015 by dunnettreader
Paul A. Lewis, review essay - Varieties of Emergence: Minds, Markets and Novelty (STUDIES IN EMERGENT ORDER, VOL 4 (2011): 170-192) :: SSRN
King's College London - Department of Political Economy -- This paper is an essay review of Richard Wagner's book, 'Mind, Society and Human Action'. It focuses on the ontological presuppositions of Wagner's account of of the social world (that is, on what Wanger's account presupposes about the nature of social reality). Issue discussed include the following: the nature of emergence and emergent properties; spontaneous order, and the shortcomings of Walrasian general equilibrium theory in modelling it; the significance of the impact of social interaction on peolpe's preferences and dispositions; and the role of novelty and innovation in Wagner's account of the market process. -- Number of Pages in PDF File: 23 -- Keywords: Emergence, complexity, Austrian Economics, ontology, spontaneous order, novelty -- downloaded pdf to Note
article  review  SSRN  philosophy_of_social_science  social_theory  ontology-social  mind  social_order  social_process  preferences  emergence  equilibrium  heterodox_economics  Innovation  complexity  economic_models  utility  behavioral_economics  markets-psychology  markets  methodology  methodology-qualitative  downloaded  EF-add 
february 2015 by dunnettreader
Paul A. Lewis - An Analytical Core for Sociolgy: A Complex, Hayekian Analysis (2014, Review of Behavioral Economics, Forthcoming) :: SSRN
Lewis, Paul A., An Analytical Core for Sociolgy: A Complex, Hayekian Analysis (November 11, 2014). Review of Behavioral Economics, Forthcoming. Available at SSRN: http://ssrn.com/abstract=2522810 -- King's College London - Department of Political Economy -- This paper develops a Hayekian perspective on Herbert Gintis, and Dirk Helbing's, attempts to develop a unified analytical approach to the social sciences. Like Hayek, Gintis and Helbing view both the economy, and also the human mind, as a complex adaptive system. Their emphasis on emergence, on group selection, on the social relations that structure people’s interactions, and on the importance of motivations stemming from so-called 'social preferences', sees them develop themes present in Hayek's own work, often in ways that build on and strengthen Hayek's own analysis. However, Gintis and Helbing's continued commitment to a model of people as maximising their expected utility, and to general equilibrium theory, arguably leaves them less able than Hayek to do justice to the importance of innovation, novelty and radical uncertainty in the economic process. -- Number of Pages in PDF File: 24 -- Keywords: Gintis, complexity, evolution, emergence, Hayek, reductionism, behavioral economics, equilibrium, order, uncertainty. -- downloaded pdf to Note
paper  SSRN  social_theory  Hayek  Gintis  complexity  complex_adaptive_systems  evolution-as-model  evolution-social  evolutionary_biology  evolution  emergence  behavioral_economics  behavioralism  evolution-group_seledtion  rationality-economics  rational_choice  rationality-bounded  utility  social_order  uncertainty  reductionism  equilibrium  Innovation  economic_theory  economic_sociology  downloaded  EF-add 
february 2015 by dunnettreader
David Gentilcore, Review Article: Health in Europe 1500-1800 [ Peter Elmer, ed. of Open University essay collection and companion source book] | Reviews in History - Nov 2004
Dr David Gentilcore, University of Leicester -- (..) a chapter in the first volume on, say, the care and cure of mental illness provides us with a general introduction to and historical survey of the theme, as well as several case studies. (..) The documents alone are worth the price of the 2 books. Not only do they represent the first such collection of sources on early modern medicine, but their coverage is very broad indeed: from early-15thC Italian letters of medical advice to 18thC Parisian surgical instruction; from the published writings of a French midwife to the rules of an English voluntary hospital; from a treatise on the duties of the Christian physician during time of plague to a newspaper account of smallpox inoculation. Hitherto sources of this type have been available in a very few journals, (..) It is the first volume(..) which merits our attention, marking as it does the coming of age of the social and cultural history of medicine. It is the culmination of some 30 years of research that has transformed writing and teaching in the history of medicine. This has meant a shift away from the ‘great men’ focus towards attention to marginalised or neglected groups in society; away from an exclusive interest in medical practitioners towards the experiences of sufferers and patients; away from the allure of retro-diagnosis (that is, applying modern biomedical knowledge to the illnesses of the ‘rich and famous’ of the past) and towards how contemporaries understood disease in their own time; and away from a university- and hospital-centred account of medical knowledge and practice towards one influenced by notions of medical pluralism (the co-existence of alternative or complementary therapies and systems of belief). The essays in this book succeed in providing a cross-section of this research, addressing recent issues and debates in a thematic way. (..) without jettisoning the achievements of previous generations of scholarship. Thus the ‘ideas’ focus of the great men tradition, all too often seen as a worthy end in itself, is not abandoned here (as if the ideas themselves no longer mattered to our understanding of the past), but is re-configured as an exploration of how these ideas were transmitted and put into practice at different levels of society. -- downloaded as pdf to Note
books  reviews  16thC  17thC  18thC  Europe-Early_Modern  medicine  cultural_history  social_history  intellectual_history  sources  disease  mental_health  professions  history_of_science  historiography  Innovation  religious_culture  science-and-religion  alchemy  anatomy  natural_history  biology  hospitals  public_health  downloaded  EF-add 
january 2015 by dunnettreader
Liam Brunt - Mechanical Innovation in the Industrial Revolution: The Case of Plough Design | JSTOR - The Economic History Review Vol. 56, No. 3 (Aug., 2003), pp. 444-477
Variations in levels of embodied technology generated variations in English plough prices in 1770. Using plough prices as a quality index, this article explains size and daily output of plough teams. It shows that variations in plough technology were due to technological change-not static optimization-and village plough technology was influenced by neighbouring villages. But technological advance was not constrained on the demand size: farmers purchased the best ploughs available. Rather, local supply of technology was the limiting factor. Technological change, urbanization, and information networks are rejected as explanations of local supply of technology. The key factor was market density. -- excellent bibliography on agrarian "revolution" in England and comparative -- downloaded pdf to Note
article  jstor  economic_history  Europe-Early_Modern  18thC  19thC  British_history  agriculture  agrarian_capitalism  technology  technology_transfer  technology-adoption  Innovation  Industrial_Revolution  bibliography  downloaded  EF-add 
january 2015 by dunnettreader
George Selgin - Steam, Hot Air, and Small Change: Matthew Boulton and the Reform of Britain's Coinage | JSTOR - The Economic History Review Vol. 56, No. 3 (Aug., 2003), pp. 478-509
This article challenges the claim that Great Britain solved its 'big problem of small change' (the problem of keeping decent low-denomination coins in circulation) by embracing Matthew Boulton's steam-based coining technology. Evidence from Great Britain's commercial token episode (1787-97) shows that a successful small change system depended, not on the motive power employed in coining, but on the quality and consistency of coin engravings and on having means for systematically withdrawing worn coins. The Tower Mint failed to solve Great Britain's small change problem, not because its equipment was old-fashioned, but because its policies and constitution were flawed. -- excellent bibliography -- challenges story in Sargeant and Velde "Big Problem of Small Change" - bookshelf -- downloaded pdf to Note
article  jstor  economic_history  Europe-Early_Modern  18thC  19thC  British_history  currency  commerce  Innovation  UK_Government  monetary_policy  gold_standard  Napoleonic_Wars  bookshelf  bibliography  downloaded  EF-add 
january 2015 by dunnettreader
Robert C. Allen - Progress and Poverty in Early Modern Europe | JSTOR - The Economic History Review, New Series, Vol. 56, No. 3 (Aug., 2003) , pp. 403-443
An econometric model of economic development is estimated with data from leading European countries between 1300 and 1800. The model explores the impact of population, enclosure, empire, representative government, technology, and literacy on urbanization, agricultural productivity, proto-industry, and the real wage. Simulations show that the main factors leading to economic success in north-western Europe were the growth of American and Asian commerce and, especially, the innovations underlying the export of the new draperies in the sixteenth and seventeenth centuries. The enclosure of the open fields, representative government, and the spread of literacy did not play major roles. -- downloaded pdf to Note
article  jstor  economic_history  Europe-Early_Modern  Great_Divergence  North-Weingast  agrarian_capitalism  literacy  14thC  15thC  16thC  17thC  18thC  British_Empire  Dutch  colonialism  trade  Asia  textiles  Innovation  agriculture  urbanization  wages  labor_history  manufacturing  productivity  export-led  Industrial_Revolution  proto-industry  downloaded  EF-add 
january 2015 by dunnettreader
Garicano, Luis and Rossi-Hansberg, Esteban (2014) - Knowledge-based hierarchies: using organizations to understand the economy - LSE Research Online
Via Economic Principals -- We argue that incorporating the decision of how to organize the acquisition, use, and communication of knowledge into economic models is essential to understand a wide variety of economic phenomena. We survey the literature that has used knowledge-based hierarchies to study issues like the evolution of wage inequality, the growth and productivity of firms, economic development, the gains from international trade, as well as offshoring and the formation of international production teams, among many others. We also review the nascent empirical literature that has, so far, confirmed the importance of organizational decisions and many of its more salient implications. - downloaded to iPhone
paper  lit_survey  economic_theory  economic_growth  productivity  inequality  labor  wages  supply_chains  teams  off-shoring  trade  emerging_markets  corporate_finance  development  MNCs  power  power-asymetric  firm-theory  organization  hierarchy  know-how  technology  innovation  superstars  middle_class  working_class  social_stratification  social_theory  institutional_economics  globalization  economy_of_scale  increasing_returns  IP  downloaded 
january 2015 by dunnettreader
Kemal Derviş homes in on the key questions surrounding the nature and measurement of contemporary growth. - Project Syndicate
Slowly but surely, the debate about the nature of economic growth is entering a new phase. The emerging questions are sufficiently different from those of recent decades that one can sense a shift in the conceptual framework that will structure the discussion of economic progress – and economic policy – from now on.
economic_growth  political_economy  trchnology  innovation  stagnation  LDCs  Piletty  emergy  natural_resources  climate  inequality  labor  unemployment  automation  basic_income 
january 2015 by dunnettreader
Brayden G King and Nicholas A. Pearce - The Contentiousness of Markets: Politics, Social Movements, and Institutional Change in Markets | JSTOR: Annual Review of Sociology, Vol. 36 (2010), pp. 249-267
While much of economic sociology focuses on the stabilizing aspects of markets, the social movement perspective emphasizes the role that contentiousness plays in bringing institutional change and innovation to markets. Markets are inherently political, both because of their ties to the regulatory functions of the state and because markets are contested by actors who are dissatisfied with market outcomes and who use the market as a platform for social change. Research in this area focuses on the pathways to market change pursued by social movements, including direct challenges to corporations, the institutionalization of systems of private regulation, and the creation of new market categories through institutional entrepreneurship. Much contentiousness, while initially disruptive, works within the market system by producing innovation and restraining capitalism from destroying the resources it depends on for survival. -- still paywall -- 155 references-- see bibliography on jstor information page
article  jstor  paywall  social_theory  political_sociology  economic_sociology  markets-structure  markets_in_everything  Innovation  social_movements  conflict  political_economy  regulation  capitalism  environment  institutional_change  social_process  change-social  CSR  corporate_governance  corporate_citizenship  self-regulation  bibliography  EF-add 
september 2014 by dunnettreader
Daniel Esty - Bottom-Up Climate Fix - NYTimes.com - September 2014
Smart people in the 20th century thought we could tackle climate change with a treaty in which the world’s nations agreed to “targets and timetables” for reducing emissions. These reductions would be implemented by top-down, national mandates and government support for clean energy technologies. But 22 years after the original climate agreement, emissions continue to rise and threats of significant harm loom larger. As one of those who, as an official at the Environmental Protection Agency, negotiated that first United Nations treaty in 1992, I believe we need to shift gears and try something new. Relying on national governments alone to deliver results is not enough, as the last two decades have shown. The real action on climate change around the world is coming from governors, mayors, corporate chief executives and community leaders. They are the ones best positioned to make change happen on the ground. Accordingly, we need to move from a top-down strategy to a bottom-up approach.
global_governance  climate  energy  local_government  nation-state  collective_action  public-private_partnerships  green_economy  green_finance  Innovation  UN  UNEP  World_Bank  treaties  international_political_economy 
september 2014 by dunnettreader
theAIRnet.org - Home
The Academic-Industry Research Network – theAIRnet – is a private, 501(c)(3) not-for-profit research organization devoted to the proposition that a sound understanding of the dynamics of industrial development requires collaboration between academic scholars and industry experts. We engage in up-to-date, in-depth, and incisive research and commentary on issues related to industrial innovation and economic development. Our goal is to understand the ways in which, through innovation, businesses and governments can contribute to equitable and stable economic growth – or what we call “sustainable prosperity”.
website  economic_growth  industry  technology  Innovation  green_economy  development  business  business-and-politics  capitalism  global_economy  public-private_partnerships  public_policy  public_health  public_goods  urban_development  health_care  IP  Labor_markets  wages  unemployment  education-training  sustainability  financial_system  corporate_citizenship  corporate_governance  corporate_finance  CSR  firms-theory  management  plutocracy  MNCs  international_political_economy  human_capital  OECD_economies  emerging_markets  supply_chains  R&D  common_good  1-percent  inequality  working_class  work-life_balance  workforce  regulation  regulation-harmonization  incentives  stagnation 
september 2014 by dunnettreader
Zhijie Chen, Jing Zhuo - The Trade and Culture Debate in the Context of Creative Economy: An Adaptive Regulatory Approach from Fragmentation to Coherence :: SSRN June 16, 2014
Zhijie Chen - The University of Hong Kong (PhD Student) -- Jing Zhuo - University of Macau. -- Fourth Biennial Global Conference of the Society of International Economic Law (SIEL) Working Paper No 2014/07. **--** The trade and culture debate has been a long tension without a definite result. It has been widely argued that neither the existing WTO regulatory framework nor the UNESCO Convention on the Protection and Promotion of the Diversity of Cultural Expression can address the debate. More recently, some emerging domains in the digital age, including digital technology and intellectual property rights, have posed crucial challenges These trends invite the careful reconsideration of the role of law, the dominant legal responses and regulatory approaches; however they have not been paid due attention. This paper investigates a possibly more adaptive regulatory approach for the trade and culture debate under the changed regulatory environment. Compared with cultural industries, it appears that creative industries tend to more properly reflect the status quo of the current economy, and the concept of creative economy could be employed as the concept to design a new regulatory approach for the debate in the digital age. For the WTO regulatory framework, a two-steps approach could be considered. The first step is to formulae the ‘creative economy’ as a legal concept, followed by the second step of introducing the concept into the WTO regulatory framework. It is suggested that such approach could be a more adaptive and coherent regulatory approach for the trade and culture debate in the digital age. -- Number of Pages: 41 - downloaded pdf to Note
paper  SSRN  international_law  international_economics  law-and-economics  international_political_economy  global_governance  UN  UNESCO  culture  diversity  trade-policy  WTO  creative_economy  regulation  regulation-harmonization  digital_humanities  technology  Innovation  convergence-business  globalization  national_interest  public_goods  free_trade  protectionism  IP  property_rights  downloaded  EF-add  change-social 
september 2014 by dunnettreader
Locknie Hsu - Convergence, Divergence, and Regulatory Tension - An Asian Perspective :: SSRN September 5, 2014
Singapore Management University - School of Law -- Singapore Management University School of Law Research Paper No. 30/201 -- Fourth Biennial Global Conference of the Society of International Economic Law (SIEL), pp 2-14, June 2014, Working Paper No. 2014/13. *--* Regulatory issues relating to public health, including regulation of access to medicines and tobacco control have increasingly been the source of tension in recent trade and investment negotiations, treaties and disputes. The ongoing Trans-Pacific Partnership negotiations, which include a number of developing Asian states, are an example that brings some of these issues to the fore and show a divergence of negotiating views. The intersection between public health regulation and trade and investment treaties has given some Asian states significant pause for thought; -- This intersection and resulting tension have led the WTO, WHO and WIPO to work together in an unprecedented manner to address some of the issues at the global level. The law evolving around these issues is demonstrating a deep divergence, in the manner that related disputes are being handled, and in terms of regulatory as well as negotiating stances. As an example, the debate on access to medicines demonstrates a divergence of approaches and proposed global solutions, as numerous proposals for reform of the existing construct (comprising patents and their “progeny” in the form of related commercial rights) are canvassed. Meanwhile, some countries such as India have begun to move ahead to embrace solutions such as compulsory licensing. -- It is suggested that a convergence of purpose(s) is needed, for a convergence of solutions to be found. Until then, the current divergences will continue to feed regulatory tension. -- Keywords: Convergence, divergence, trade, investment, public health, tobacco, pharmceuticals, FTAs, Asia, ASEAN -- downloaded pdf to Note
paper  SSRN  international_law  international_economics  law-and-economics  international_political_economy  global_governance  Trans-Pacific-Partnership  Asia_Pacific  Asia  India  IP  convergence-business  technology  technology_transfer  Innovation  health_care  commercial_law  neoliberalism  FDI  trade-agreements  property_rights  public_health  public_goods  US_foreign_policy  US_legal_system  business-and-politics  investment  WTO  international_organizations  downloaded  EF-add 
september 2014 by dunnettreader
Steve Denning - The Copernican Revolution In Management - Forbes - July 2013
Today’s hierarchical bureaucracies are so out-of-step with the current marketplace in which power has shifted from seller to buyer that we cannot wait for the results of definitive long-term scientific studies. As Don Tapscott said in this column last week, “The fundamental problem facing all our institutions today, including government, is not related to conjunctural economic changes. It’s not a business cycle that we are going through. It’s not a cyclical change. It’s a secular change. We are at a punctuation point in human history where the industrial age and institutions have finally come to their logical conclusion. They have essentially run out of gas.” The shareholder value theory is thus only a small part of the problem. It is part of a web of obsolete management ideas that no longer fit the 21st Century marketplace. As noted below, other once-sacred truths in management are part of the same failing paradigm. Absorbing even a couple of these fundamental shifts will take time. Absorbing them all, and acquiring the skills and attitudes necessary to implement them, will not be easy or quick. -- large number of links to recent articles, papers etc
globalization  global_economy  business  management  corporate_governance  technology  networks-business  hierarchy  shareholder_value  capital_markets  investors  financialization  Labor_markets  Innovation  capitalism  executive_compensation  1-percent  inequality  links 
august 2014 by dunnettreader
About MEP
The National Institute of Standards and Technology’s Hollings Manufacturing Extension Partnership (MEP) works with small and medium-sized manufacturers to help them create and retain jobs, increase profits, and save time and money. The nationwide network provides a variety of services, from innovation strategies to process improvements to green manufacturing. MEP also works with partners at the state and federal levels on programs that put manufacturers in position to develop new customers, expand into new markets and create new products. As a program of the Dept of Commerce, MEP is a nationwide network of more than 1,200 technical experts, - located in every state - serving as trusted business advisors, focused on transforming U.S. manufacturers to compete globally, support supply chain integration, and provide access to technology for improved productivity. MEP is built around manufacturing extension centers locally positioned throughout 50 states and Puerto Rico. MEP Centers are a diverse network of state, university-based, and non-profit organizations, offering products and services that address the critical needs of their local manufacturers. Each center works directly with area manufacturers to provide expertise and services tailored to their most critical needs, ranging from process improvement and workforce development to business practices and technology transfer. Additionally centers connect manufacturers with government and trade associations, universities and research laboratories, and a host of other public and private resources to help them realize individual goals.
US_government  business  SMEs  Innovation  exports  technical_assistance  productivity  manufacturing  technology_transfer  public-private_partnerships  nonprofit  supply_chains  education-training 
august 2014 by dunnettreader
Forum - “Deirdre McCloskey and Economists’ Ideas about Ideas” (July, 2014) - Online Library of Liberty
Deirdre McClosky is over the halfway point of her 4 volume work on The Bourgeois Era. Two volumes have already appeared, Bourgeois Virtues (2006) and Bourgeois Dignity (2010), and a third is close to appearing [2015]. This Liberty Matters online discussion will assess her progress to date with a Lead Essay by Don Boudreaux and comments by Joel Mokyr and John Nye, and replies to her critics by Deirdre McCloskey. The key issue is to try to explain why “the Great Enrichment” of the past 150 years occurred in northern and western Europe rather than elsewhere, and why sometime in the middle of the 18th century. Other theories have attributed it to the presence of natural resources, the existence of private property and the rule of law, and the right legal and political institutions. McCloskey’s thesis is that a fundamental change in ideas took place which raised the “dignity” of economic activity in the eyes of people to the point where they felt no inhibition in pursuing these activities which improved the situation of both themselves and the customers who bought their products and services.
intellectual_history  cultural_history  economic_history  economic_growth  Medieval  16thC  17thC  18thC  19thC  Great_Divergence  British_history  Scientific_Revolution  Enlightenment  Scottish_Enlightenment  Industrial_Revolution  bourgeoisie  political_economy  France  Germany  Prussia  China  development  institutional_economics  North-Weingast  legal_history  property  property_rights  commerce  trade  trading_companies  free_trade  improvement  technology  Innovation  agriculture  energy  natural_capital  nature-mastery  transport  capitalism  colonialism  industry  industrialization  social_order  Great_Chain_of_Being  consumers  political_philosophy  moral_philosophy  equality  republicanism  republics-Ancient_v_Modern  liberalism  incentives  microeconomics  historical_sociology  historical_change  social_theory  EF-add 
july 2014 by dunnettreader
Jesse R. Harrington and Michele J. Gelfand - Tightness–looseness across the 50 united states | PNAS | Mobile
Department of Psychology, University of Maryland, College Park, MD -- This research demonstrates wide variation in tightness–looseness (the strength of punishment and degree of latitude/permissiveness) at the state level in the United States, as well as its association with a variety of ecological and historical factors, psychological characteristics, and state-level outcomes. Consistent with theory and past research, ecological and man-made threats—such as a higher incidence of natural disasters, greater disease prevalence, fewer natural resources, and greater degree of external threat—predicted increased tightness at the state level. Tightness is also associated with higher trait conscientiousness and lower trait openness, as well as a wide array of outcomes at the state level. Compared with loose states, tight states have higher levels of social stability, including lowered drug and alcohol use, lower rates of homelessness, and lower social disorganization. However, tight states also have higher incarceration rates, greater discrimination and inequality, lower creativity, and lower happiness relative to loose states. In all, tightness–looseness provides a parsimonious explanation of the wide variation we see across the 50 states of the United States of America. -- downloaded pdf to Note
culture  culture-American  norms  inequality  discrimination  US_politics  conservatism  liberalism  crime  punishment  deviance  tolerance  social_order  ecology  social_psychology  US_society  creativity  Innovation  happiness  hierarchy  culture_wars  culture-tightness  culture-looseness  prisons  downloaded  EF-add 
july 2014 by dunnettreader
Nico Voigtländer, Mara Squicciarini, Knowledge elites, enlightenment, and industrialisation | vox 13 July 2014
Although studies of contemporary economies find robust associations between human capital and growth, past research has found no link between worker skills and the onset of industrialisation. This column resolves the puzzle by focusing on the upper tail of the skill distribution, which is strongly associated with industrial development in 18th-century France. -- uses density of subscriptions to the Encyclopédie to analyze spatial distribution of knowledge elites which they find strongly associated with industrialization post 1750.
economic_history  economic_growth  Industrial_Revolution  industrialization  Enlightenment  French_Enlightenment  18thC  19thC  academies  elite_culture  bourgeoisie  nobility  technology  Innovation  sociology_of_knowledge  knowledge_economy  education  literacy  Encyclopédie  scientific_culture  science-public  Scientific_Revolution  EF-add 
july 2014 by dunnettreader
Martin Wolf - AstraZeneca is more than investors’ call - FT.com - May 8 2014
The questions any normal person would ask are three. Would a takeover increase competition? Would it increase investment in life-transforming research? Would assurances given by the bidder about future production and research be credible? The answer to all is “no”. Yet the merger is likely to go ahead, because the only people whose interests count are shareholders, whether they have owned their shares for 10 years or 10 seconds. AstraZeneca can be sold and bought like a sack of potatoes. Does this make sense? Until recently I believed it to be the least bad arrangement. Now I am not so sure, as I shall argue in a conference on Inclusive Capitalism in London later this month. We need to rethink ownership and control of limited liability companies
UK_Government  corporate_governance  corporate_finance  corporate_citizenship  shareholders  investors  Innovation  M&A  pharma  R&D 
may 2014 by dunnettreader
Big Data and Discrimination | Demos - May 2014
On May 1, the White House released a 90 day review studying the effects of big data and privacy, led by Obama's Counsel, John Podesta. Big data truly has enormous potential for social change and creative innovation. However, a key finding of the review is that big data analytics has the potential to lead to discriminatory outcomes and to evade and stymie hard-won civil rights protections in housing, employment, credit, and the consumer market. Fundamentally, big data creates a power imbalance between those who hold and apply the data and between those who knowingly or unknowingly supply it. The review finds that perfect personalization, which is the fusion of many different kinds of data, processed in real time, can lead to overt and covert forms of discrimination in pricing, services, and opportunities.
US_government  Internet  tech  civil_liberties  inequality  Innovation  consumers 
may 2014 by dunnettreader
Elias L. Khalil - Rational, Normative and Procedural Theories of Beliefs: Can They Explain Internal Motivations? I JSTOR: Journal of Economic Issues, Vol. 45, No. 3 (SEPTEMBER 2011), pp. 641-664
This paper offers three-way taxonomy of theories of beliefs. For rational theories, beliefs are determined by given information and updated via Bayes's rule. For normative theory, best represented by Hayek and sociological theory, beliefs are categories that precede information and, in fact, formulate the otherwise impenetrable information. For procedural theory, best represented by Herbert Simon and pragmatic philosophy, while beliefs formulate the information, they can be replaced in response to shocks. While each theory manages to capture one kind of belief, all three largely fail to explain internal motivations that characterize entrepreneurship, innovation, and creativity. The failure arises from the fact that the three theories are about cognitive beliefs (i.e., beliefs about the world), while internal motivations are beliefs concerning self-ability. -- paywall -- large references list quite interesting
article  jstor  paywall  economic_sociology  belief  motivation  action-theory  Bayesian  Hayek  pragmatism  Innovation  creativity  cognition  bibliography 
may 2014 by dunnettreader
Beryl Lieff Benderly, book review - Academia's Crooked Money Trail | Science Careers Jan 2012
“Follow the money!” -- The strategy also serves Georgia State University economist Paula Stephan extremely well in her illuminating and accessible new book, How Economics Shapes Science. A leading expert on the scientific labor market, Stephan isn’t looking to sniff out high-level government corruption. Rather, using the “tool bag” economics provides for “analyzing the relationships between incentives and costs,” she penetrates the financial structure of university-based science, explaining the motivation and behavior of everyone from august university presidents and professors to powerless and impecunious graduate students and postdocs. Undergraduates also carry an increasing share of the load, she adds: Their tuition, often paid with student loans, rises as more funds go to research. Their teachers, meanwhile, increasingly are cut-rate adjuncts rather than the famous professors the recruiting brochures boast about.
books  reviews  US_society  US_government  scientific_culture  science-and-politics  education-higher  Innovation  Labor_markets  EF-add 
march 2014 by dunnettreader
Mark Bevir - Notes Toward an Analysis of Conceptual Change [eScholarship] (2003)
This is an early or unrevised version, and is not definitive, and therefore should not be cited. The Citation is Social Epistemology, 2003, 17, pp. 55-63. -- Extends insights from philosophy and sociology of science to conceptual changes more generally, often triggered by a dilemma that can't be handled well using concepts within existing background knowledge or web of beliefs. -- downloaded pdf to Note
paper  eScholarship  philosophy_of_science  concepts  epistemology-social  historical_change  psychology  cognition  rationality  holism  belief  Innovation  Kuhn  Popper  sociology_of_knowledge  downloaded 
february 2014 by dunnettreader
Antonio Capaldo - Network Structure and Innovation: The Leveraging of a Dual Network as a Distinctive Relational Capability | JSTOR: Strategic Management Journal, Vol. 28, No. 6 (Jun., 2007), pp. 585-608
This paper employs comparative longitudinal case study research to investigate why and how strong dyadic interfirm ties and two alternative network architectures (a 'strong ties network' and a 'dual network') impact the innovative capability of the lead firm in an alliance network. I answer these intrinsically cross-level research questions by examining how three design-intensive furnishings manufacturers managed their networks of joint-design alliances with consulting industrial design firms over more than 30 years. Initially, in order to explore the sample lead firms' alliance behavior, I advance an operationalization of interorganizational tie strength. Next, I unveil the strengths of strong ties and the weaknesses of a strong ties network. Finally, I show that the ability to integrate a large periphery of heterogeneous weak ties and a core of strong ties is a distinctive lead firm's relational capability, one that provides fertile ground for leading firms in knowledge-intensive alliance networks to gain competitive advantages whose sustainability is primarily based on the dynamic innovative capability resulting from leveraging a dual network architecture. -- see bibliography on jstor information page -- didn't download
article  jstor  firms-theory  networks-social  networks-business  networks-architecture  Innovation  coordinator  alliances  competition  bibliography  EF-add 
february 2014 by dunnettreader
Contents | Yi-Cheng Zhang - The Structure of Information Economy [book chapter drafts]
TOC and links to chapter drafts. Zhang is at Fribourg, a physicist who uses Soros reflexivity insights as part of top level Darwinian inflected theory of NESS - non-equilibrium social sciences.
books  philosophy_of_social_science  economic_theory  evolution-as-model  evolution-social  Soros  reflexivity  information-markets  information-asymmetric  cognition  cognition-social  fallibility  Innovation  marketing  networks-social  supply_chains  equilibrium  networks-information  EF-add 
january 2014 by dunnettreader
Yi-Cheng Zhang :: Broader scopes of the reflexivity principle in the economy - Journal of Economic Methodology [Soros special issue] - Volume 20, Issue 4 -Taylor & Francis Online
pages 446-453 -- downloaded pdf to Note -- The reflexivity principle of George Soros – that man's fallible understanding can have reflexivity impacts that shape reality – challenges mainstream economics in a fundamental way. This essay will outline a research program that corroborates the reflexivity principle and extends it to broader economic issues. We shall often use examples of consumer and finance markets, but the implications go beyond these examples. The following eight sections build up our main thesis that reflexivity plays an essential role in understanding the economy. -- see bookmark for his draft book on information economy (Oxford 2014 or 2015) and the project he leads on NESS non-equilibrium social sciences
article  philosophy_of_social_science  economic_theory  evolution-as-model  evolution-social  Soros  reflexivity  information-markets  information-asymmetric  cognition  cognition-social  fallibility  Innovation  marketing  networks-social  supply_chains  equilibrium  networks-information  downloaded  EF-add 
january 2014 by dunnettreader
Review by: Peter Harrison - Science and Dissent in England, 1688-1945, ed. Paul Wood | JSTOR: Minerva, Vol. 44, No. 2 (June 2006), pp. 223-227
Looks at extended Merton thesis - that elements of nonconformist theology and social practices were a congenial environment for innovation beyond the limited issue of the connections between Puritans and the Scientific Revolution. No clear answer though some of the studies in the book fit the thesis fairly well. Larry Stewart and another chapter deal with Dussenters in London in public science and coffeehouse philosophy. Their exclusion from the universities was a factor, both in encouraging groups engaged in experimental_philosophy in the city and in anxiety about the potentially volatile mix of religious nonconformity, political radicalism and intellectual innovation. -- didn't download
books  reviews  intellectual_history  history_of_science  science-and-religion  dissenters  17thC  18thC  19thC  20thC  innovation  experimental_philosophy  science-public  science-and-politics  EF-add 
january 2014 by dunnettreader
Adrian Johns - Identity, Practice, and Trust in Early Modern Natural Philosophy | JSTOR: The Historical Journal, Vol. 42, No. 4 (Dec., 1999), pp. 1125-1145
Historians of early modern science face a serious problem, in that there was no science in early modern society. There were, however, other enterprises in the early modern period devoted to the understanding and manipulation of the physical world. This review identifies important trends in historians' attempts to comprehend those enterprises. In particular, it identifies four leading currents. The first is the move to characterize these different enterprises themselves, and in particular to understand natural philosophy and the mathematical sciences as distinct practical endeavours. The second is the attention now being paid to the social identity of the investigator of nature. The third is the attempt to understand the history of science as a history of practical enterprises rather than propositions or theories. The fourth, finally, is the understanding of natural knowledge in terms of systems of trust, and in particular in terms of the credit vested in rival claimants. In a combination of these, the review suggests, lies a future for a discipline that has otherwise lost its subject. -- didn't download
article  jstor  historiography  intellectual_history  history_of_science  sociology_of_knowledge  historical_sociology  17thC  18thC  Scientific_Revolution  science-and-religion  technology  Innovation  Royal_Society  Republic_of_Letters  natural_philosophy  mathematics  mechanism  corpuscular  EF-add 
january 2014 by dunnettreader
Clement Fatovic - Reason and Experience in Alexander Hamilton’s Science of Politics | JSTOR: American Political Thought, Vol. 2, No. 1 (Spring 2013), pp. 1-30
Alexander Hamilton is often described as an enterprising modernist who promoted forward-looking reforms that broke with established institutions and ideas. However, the scale and apparent novelty of his reforms have tended to obscure the extent to which those innovations were rooted in a belief that knowledge and practice must be guided by “experience.” This article argues that even Hamilton’s most far-reaching reforms were grounded in a Humean understanding of the limits of rationality in explaining and controlling the world. Hamilton’s agreement with David Hume on the epistemic authority of experience helps explain his positions on constitutional design, executive power, democratic politics, public opinion, and other important political issues. Moreover, the epistemological underpinnings of Hamilton’s political thought are significant because they suggest that a “science of politics” grounded in experience can avoid some of the dangers associated with more rationalistic approaches yet still be quite open to significant innovation in politics. -- Michael Zuckert editor -- paywall Chicago
article  jstor  intellectual_history  political_philosophy  18thC  Early_Republic  Hamilton  Hume-politics  scepticism  Innovation  US_constitution  conservatism  EF-add 
january 2014 by dunnettreader
Roger Hahn, review - Margaret C. Jacob, Scientific Culture and the Making of the Industrial West | JSTOR: The American Historical Review, Vol. 105, No. 5 (Dec., 2000), pp. 1793-1794
Good look at how Jacob theories re importance of Newtonianism, its spread, the Republic of Letters and freemasonry had profound effects on mentalities beyond the scientific and philosophical elites - in this narrative linking it to technology and industrial innovation. -- didn't download
books  reviews  intellectual_history  sociology_of_knowledge  17thC  18thC  Scientific_Revolution  experimental_philosophy  Newtonian  technology  Innovation  Industrial_Revolution  Republic_of_Letters  Freemasonry  EF-add 
january 2014 by dunnettreader
Joseph Henrich - A cultural species: How culture drove human evolution | Science Brief - Am Psychological Assoc Nov 2011
Recognizing the centrality of culture in human life leads to a novel evolutionary theory of status and status psychology. Evolutionary researchers have tended to assume that human status is merely an extension of primate dominance hierarchies. However, because humans are so heavily dependent on an information economy for survival, our species has evolved a second avenue to social status that operates alongside dominance and has its own suite of cognitive and affective processes. -- This work connects with the emotion literature where prior empirical studies had indicated the existence of two facets for the emotion pride—labeled authentic and hubristic pride. Our ongoing efforts suggest that hubristic pride is associated with dominance-status and authentic pride with prestige-status. -- Much empirical work treats status as a uni-dimensional construct, and then unknowingly operationalizes it as either prestige or dominance, or some mix of the two. -- The cultural evolution of norms over tens or hundreds of thousands of years, and their shaping by cultural group selection, may have driven genetic evolution to create a suite of cognitive adaptations we call norm psychology. -- This suite facilitates, among other things, our identification and learning of social norms, our expectation of sanctions for norm violations, and our ability to internalize normative behavior as motivations. This approach also predicts that humans ought to be inclined to “over-imitate” for two different evolutionary reasons, one informational and the other normative. The informational view hypothesizes that people over-imitate because of an evolved reliance on cultural learning to adaptively acquire complex and cognitively-opaque skills, techniques and practices that have been honed, often in nuanced and subtle ways, over generations. However, because individuals should also “over-imitate” because human societies have long been full of arbitrary norms (behaviors) for which the “correct” performance is crucial to one’s reputation (e.g., rituals, etiquette), we expect future investigations to reveal two different kinds of over-imitation. -- The selection pressures created by reputational damage and punishment for norm-violation may also favour norm-internalization. Neuroeconomic studies suggest that social norms are in fact internalized as intrinsic motivations in people’s brains.
biocultural_evolution  social_psychology  norms  status  power  leaders  learning  children  innate_ideas  incentives  behavioral_economics  moral_psychology  emotions  morality-conventional  sociology_of_religion  trust  cooperation  Innovation  tools  bibliography  EF-add 
january 2014 by dunnettreader
Joe Henrich - Website | University of British Columbia
Research Program: Coevolution, Development, Cognition & Cultural Learning -- Published Papers and Book Chapters by Category

- Societal Complexity and Cultural Evolution
- Social Norms and Cooperation
- Social Status (Prestige and Dominance)
- Religion
- Methodological Contributions and Population Variations
- Overviews
- Cultural Learning (Models and Evidence)
- Ethnography (Fiji, Machiguenga, Mapuche)
- Chimpanzee Sociality
- General Interest
bibliography  research  paper  biocultural_evolution  culture  social_psychology  anthropology  behavioral_economics  sociology_of_religion  status  norms  morality-conventional  moral_psychology  emotions  networks  institutions  complexity  demography  children  learning  tools  cooperation  competition  Innovation 
january 2014 by dunnettreader
Ken Koford: Gould and Multilevel Evolution - JSTOR: Eastern Economic Journal, Vol. 31, No. 2 (Spring, 2005), pp. 313-316
Nice little editor's essay - links from Adam Smith to Darwin and to multilevel evolution to eg technology process (Mokyr) and New Institutional Economics (Williamson)
Gould and Multilevel Evolution
Ken Koford
Eastern Economic Journal
Vol. 31, No. 2 (Spring, 2005) (pp. 313-316)
Page Count: 4
intellectual_history  economic_theory  evolution-social  evolutionary_biology  Innovation  institutional_economics  EF-add 
december 2013 by dunnettreader
Nassim Nicholas Taleb [12.12.12] UNDERSTANDING IS A POOR SUBSTITUTE FOR CONVEXITY (ANTIFRAGILITY) | Edge.org
Something central, very central, is missing in historical accounts of scientific and technological discovery. The discourse and controversies focus on the role of luck as opposed to teleological programs (from telos, "aim"), that is, ones that rely on pre-set direction from formal science. This is a faux-debate: luck cannot lead to formal research policies; one cannot systematize, formalize, and program randomness. The driver is neither luck nor direction, but must be in the asymmetry (or convexity) of payoffs, a simple mathematical property that has lied hidden from the discourse, and the understanding of which can lead to precise research principles and protocols.

?...Further, it is in complex systems, ones in which we have little visibility of the chains of cause-consequences, that tinkering, bricolage, or similar variations of trial and error have been shown to vastly outperform the teleological—it is nature's modus operandi. But tinkering needs to be convex; it is imperative. Take the most opaque of all, cooking, which relies entirely on the heuristics of trial and error, as it has not been possible for us to design a dish directly from chemical equations or reverse-engineer a taste from nutritional labels. We take hummus, add an ingredient, say a spice, taste to see if there is an improvement from the complex interaction, and retain if we like the addition or discard the rest. Critically we have the option, not the obligation to keep the result, which allows us to retain the upper bound and be unaffected by adverse outcomes.

?... Let us call the "convexity bias" the difference between the results of trial and error in which gains and harm are equal (linear), and one in which gains and harm are asymmetric ( to repeat, a convex payoff function). The central and useful properties are that a) The more convex the payoff function, expressed in difference between potential benefits and harm, the larger the bias. b) The more volatile the environment, the larger the bias. This last property is missed as humans have a propensity to hate uncertainty. SEVEN RULES OF ANTIFRAGILITY (CONVEXITY) IN RESEARCH
history_of_science  sociology_of_knowledge  Innovation  complexity  research 
december 2013 by dunnettreader
Izabella Kaminska - Non-monetary effects of research evolution | FT Alphaville - Nov 2013
Against Gordon thesis of technological advances not producing economic growth - we've already plucked the low hanging fruit of the 3rd Industrial Revolution -- study of new collaboration patterns emerging among researchers as well as lots of benefits not captured in money measured GNP
economic_growth  21stC  technology  Innovation  stagnation 
december 2013 by dunnettreader
Valuing Private Equity - Morten Sorensen, Neng Wang, Jinqiang Yang | NBER Nov 2013
NBER Working Paper No. 19612
Issued in November 2013 -- downloaded pdf to Note

We investigate whether the performance of Private Equity (PE) investments is sufficient to compensate investors (LPs) for risk, long-term illiquidity, management and incentive fees charged by the general partner (GP). We analyze the LP's portfolio-choice problem and find that management fees, carried interest and illiquidity are costly, and GPs must generate substantial alpha to compensate LPs for bearing these costs. Debt is cheap and reduces these costs, potentially explaining the high leverage of buyout transactions. Conventional interpretations of PE performance measures appear optimistic. On average, LPs may just break even, net of management fees, carry, risk, and costs of illiquidity.
financial_system  financial_innovation  finance_capital  investment  risk  profit  equity  Innovation  corporate_finance  leverage  downloaded  EF-add 
november 2013 by dunnettreader
Longitude? It’s patently obvious - Sept 20 2013 | Board of Longitude Project Blog
...pamphlets featured criticisms of each other’s proposals. ‘They’re all trying to con you but me’ became a standard argument in published longitude pamphlets. William Whiston was a particular target of criticism and satire for his 1714 proposal of using rockets sent up from ships moored at specific longitudes..... Whatever their source, despite contemporary satire longitude pamphlets entered the Patent Office Library as reference works. This was the result of changes in attitudes to inventing that such pamphlets slowly helped to foster. For the eighteenth century was the period in which patents were beginning to resemble their modern descendants: the same decades in which the authors of longitude pamphlets were attempting to attract backers for their inventions...... he vast majority of these longitude pamphlets (as well as those that satirise them) are now in the British Library, and therefore also available on Eighteenth-Century Collections Online (ECCO). What struck me as I worked on these sources is how many longitude proposals came to the BL through the Patent Office Library*. The Patent Office was established in 1852, its creation made possible by the passing of the Patent Law Amendment Act in July of that year, long after the Board of Longitude was disbanded in 1828. The Act demanded ‘true copies of all specifications to be open to the inspection of the public at the office of the Commissioners’ and from this requirement developed the Patent Office Library which opened on 5 March 18556.
18thC  19thC  Britain  economic_history  social_history  sociology_of_knowledge  economic_culture  Innovation  technology  maritime_history  intellectual_property  EF-add 
september 2013 by dunnettreader
Steve Rayner: How to eat an Elephant: Why Climate Change Policy is in a Mess and How to Fix it | Video | Oxford Martin School
Professor Steve Rayner, Co-Director, Oxford Geoengineering Programme -- For more than two decades, Professor Steve Rayner has led interdisciplinary research programmes on science technology and environment, specifically on global climate change. He is the co-author of a number of controversial articles on climate change policy including 'Zen and the Art of Carbon Cycle Maintenance', 'Lifting the Taboo on Adaptation' and 'Time to Ditch Kyoto', all published in the journal Nature. Steve Rayner is James Martin Professor of Science and Civilization, Professorial Fellow of Keble College, and Director of the Institute for Science Innovation and Society
video  climate  Innovation  technology  global_governance  international_political_economy 
september 2013 by dunnettreader
McCloskey, Deirdre (2009): Foreign Trade Was Not an Engine of Growth - Munich Personal RePEc Archive
Trade reshuffles. No wonder, then, that it doesn’t work as an engine of growth—not for explaining the scale of growth that overcame the West and then the Rest 1800 to the present. Yet many historians, such as Walt Rostow or Robert Allen or Joseph Inikori, have put foreign trade at the center of their accounts. Yet the Rest had been vigorously trading in the Indian Ocean long before the Europeans got there—indeed, that’s why the West wanted to get there. Trade certainly set the prices that British industrialists faced, such as the price of wheat or the interest rate. But new trade does not put people to work, unless they start unemployed. If they are, then any source of demand, such as the demand for domestic service, would be as important as the India trade. Foreign trade is not a net gain, but a way of producing importables at the sacrifice of exportables. The Harberger point implies that static gains from trade are small beside the 1500% of growth to be explained, or even the 100% in the first century in Britain. Trade is anyway too old and too widespread to explain a uniquely European—even British—event. One can appeal to “dynamic” effects, but these too can be shown to be small, even in the case of the gigantic British cotton textile industry. And if small causes lead to large consequences, the model is instable, and any old thing can cause it to tip. Ronald Findlay and Kevin O’Rourke favor foreign trade on the argument that power led to plenty. But domination is not the same thing as innovation. In short, the production possibility curve did not move out just a little, as could be explained by trade or investment or reshuffling. It exploded, and requires an economics of discovery, not an economics of routine exchanges of cotton textiles for tea. -- downloaded pdf to Note
paper  economic_history  economic_growth  economic_models  trade-theory  Great_Divergence  Industrial_Revolution  Innovation  technology  investment  downloaded  EF-add 
september 2013 by dunnettreader
Peter Temin - Two Views of the British Industrial Revolution (1997)
JSTOR: The Journal of Economic History, Vol. 57, No. 1 (Mar., 1997), pp. 63-82 -- There are two views of the British Industrial Revolution in the literature today. The more traditional description sees the Industrial Revolution as a broad change in the British economy and society. This broad view of the Industrial Revolution has been challenged by Crafts and Harley who see the Industrial Revolution as the result of technical change in only a few industries. This article presents a test of these views using the Ricardian model of international trade with many goods. British trade data are used to implement the test and discriminate between the two views of the Industrial Revolution.
article  jstor  economic_history  economic_growth  economic_theory  Industrial_Revolution  Great_Divergence  18thC  19thC  British_history  technology  Innovation  industry  industrialization  EF-add 
september 2013 by dunnettreader
McCloskey, Deirdre (2009): Saving, Investment, Greed, and Original Accumulation Do Not Explain Growth - Munich Personal RePEc Archive
Thrift was not the cause of the Industrial Revolution or its astonishing follow on. For one thing, every human society must practice thrift, and pre-industrial Europe, with its low yield-seed ratios, did so on a big scale. British thrift during the Industrial Revolution, for another, was rather below the European average. And for still another, savings is elastically supplied, by credit expansion for example (as Schumpeter observed). Attributing growth to investment, therefore, resembles attributing Shakespeare’s plays to the Roman alphabet: “necessary” in a reduced sense, but in fact an assumed background, not the cause in any useful sense. Certainly Europeans did not develop unusual greed, and the Catholics---in a society of bourgeois dignity and liberty---did as well as the Protestants (in Amsterdam, for example). Ben Franklin, for example, was not (as D. H. Lawrence portrayed him in a humorless reading of this most humorous man) “dry and utilitarian.” If capitalism accumulates “endlessly,” as many say, one wonder why Franklin give up accumulating at age 42. The evidence also does not support Marx’s notion of an “original accumulation of capital.” Saving and investment must be used when they are made, or they depreciate. They cannot accumulate from an age of piracy to an age of industry. Yet modern growth theory, unhappily, reinstates as initiating the theory of stages and, especially, capital accumulation. They are not initiating, whether in physical or human capital. Innovation 1700-2010 pushed the marginal product of all capitals steadily out, and the physical and human capital followed. -- downloaded pdf to Note
paper  economic_history  economic_growth  economic_theory  economic_culture  Marxist  capital  investment  Industrial_Revolution  18thC  19thC  20thC  Innovation  technology  credit  downloaded  EF-add 
september 2013 by dunnettreader
Financial Innovation: The Bright and the Dark Sides by Thorsten Beck, Tao Chen, Chen Lin, Frank M. Song :: SSRN October 2012
Beck, Thorsten and Chen, Tao and Lin, Chen and Song, Frank M., Financial Innovation: The Bright and the Dark Sides (January 25, 2012). Available at SSRN: http://ssrn.com/abstract=1991216 or http://dx.doi.org/10.2139/ssrn.1991216 -- Date posted: January 25, 2012 ; Last revised: October 7, 2012 -- downloaded pdf to Note -- The financial turmoil from 2007 onwards has spurred renewed debates on the “bright” and “dark” sides of financial innovation. Using bank-, industry- and country-level data for 32, mostly high-income, countries between 1996 and 2006, this paper is the first to explicitly assess the relationship between financial innovation in the banking sector and (i) real sector growth, (ii) real sector volatility, and (iii) bank fragility. We find evidence for both bright and dark sides of financial innovation. On the one hand, we find that a higher level of financial innovation is associated with a stronger relationship between a country’s growth opportunities and capital and GDP per capita growth and with higher growth rates in industries that rely more on external financing and depend more on innovation. On the other hand, we find that financial innovation is associated with higher growth volatility among industries more dependent on external financing and on innovation and with higher idiosyncratic bank fragility, higher bank profit volatility and higher bank losses during the recent crisis.

Number of Pages in PDF File: 69

Keywords: Financial Innovation, Financial R&D Intensity, Bank Risk Taking, Financial Crisis, Industrial Growth, Finance and Growth
paper  SSRN  financial_system  financial_innovation  economic_growth  development  risk  banking  capital_markets  financial_regulation  financial_crisis  financialization  Innovation  industry  corporate_finance  downloaded  EF-add 
september 2013 by dunnettreader
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