Fast Company : Richard Florida's Creative Destruction, Spatial Fix
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Sleepy Hollow and the Arrovian Legend: Is There a Generalizable Relationship Between Concentration and Innovation?
United States of America Federal Trade Commission Sleepy Hollow and the Arrovian Legend: Is There a Generalizable Relationship Between Concentration and Innovation? Christine S. Wilson Commissioner, U.S. Federal Trade Commission Remarks at the Concurrences Event “Big Techs and Start-Ups: Where is the Innovation?” New York, NY September 12, 2019 The views expressed in these remarks are my own and do not necessarily reflect the views of the Federal Trade Commission or any other Commissioner. Many thanks to my advisors, Keith Klovers and Jeremy Sandford, for assisting in the preparation of these remarks. 1 I. INTRODUCTION Good evening! Many thanks to Concurrences and Nicolas Charbit for inviting me here today, to Frédérick Jenny for moderating, and to Isabelle de Silva for joining me in sharing thoughts on tonight’s topic. Specifically, we’ve been asked to address “Big Techs and Start-Ups: Where is the Innovation?”1 Given the growing focus on the acquisition of nascent competitors by large tech firms, the question is timely. Before I begin, I must give the standard disclaimer: The views I express today are my own, and do not necessarily reflect the views of the U.S. Federal Trade Commission or any other Commissioner. Many commentators assert that the acquisition of nascent competitors necessarily reduces competition. There are two strains of this argument. First, many today believe that small firms are inherently more innovative than large ones, so that the acquisition of a small firm by a large one necessarily reduces innovation.2 A few others have argued that some famous corporate behemoths, like AT&T and IBM, were less innovative before they faced antitrust suits.3 1 Of course, I am not the first sitting FTC Commissioner to consider the nature of innovation and its role in competition policy. -
Book Review of a Brief History of Neoliberalism Keskin
Societies Without Borders Volume 4 | Issue 1 Article 7 2009 Book Review of A Brief History of Neoliberalism Keskin Follow this and additional works at: https://scholarlycommons.law.case.edu/swb Part of the Human Rights Law Commons, and the Social and Behavioral Sciences Commons Recommended Citation Keskin. 2009. "Book Review of A Brief History of Neoliberalism." Societies Without Borders 4 (1): 94-95. Available at: https://scholarlycommons.law.case.edu/swb/vol4/iss1/7 This Book Review is brought to you for free and open access by the Cross Disciplinary Publications at Case Western Reserve University School of Law Scholarly Commons. It has been accepted for inclusion in Societies Without Borders by an authorized administrator of Case Western Reserve University School of Law Scholarly Commons. S Keskin: Book Review of A Brief History of Neoliberalism W B Societies Without Borders 4 (2009) 94–98 www.brill.nl/swb Book Reviews A Brief History of Neoliberalism. David Harvey. (Oxford, UK: Oxford Uni- versity Press, 2005. 247 pp. hardcover $35.00; softcover $19.95.) Reviewer : Tugrul Keskin, Department of Sociology at Virginia Polytechnic Institute and State University, USA Harvey provides a historical overview of neo-liberalism in the context of capitalist expansion, and the emergence of a new form embedded liberalism in the 1950s and 60s. He identifi es the fi rst experiment with neoliberal state formation (p. 7) as the Chilean case after the coup of September 11, 1973. Th is was referenced as very similar to the Turkish case under the military regime after 1980. In the case of Turkish neoliberalization, the World Bank and IMF imposed privatization and deregulation policies, similar to the dictatorial Pinochet regime in Chile. -
A Model of Growth Through Creative Destruction
A Model of Growth Through Creative Destruction The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters Citation Aghion, Philippe, and Peter Howitt. 1992. “A Model of Growth Through Creative Destruction." Econometrica 60, no. 2: 323-351. Published Version doi:10.3386/w3223 Citable link http://nrs.harvard.edu/urn-3:HUL.InstRepos:12490578 Terms of Use This article was downloaded from Harvard University’s DASH repository, and is made available under the terms and conditions applicable to Other Posted Material, as set forth at http:// nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of- use#LAA Econometrica, Vol. 60, No. 2 (March, 1992), 323-351 A MODEL OF GROWTH THROUGH CREATIVE DESTRUCTION BY PHILIPPE AGHION AND PETER HowirrT A model of endogenous growth is developed in which vertical innovations, generated by a competitive research sector, constitute the underlying source of growth. Equilibrium is determinedby a forward-lookingdifference equation, according to whichthe amountof research in any period depends upon the expected amount of research next period. One source of this intertemporal relationship is creative destruction. That is, the prospect of more future research discourages current research by threatening to destroy the rents createdby currentresearch. The paper analyzesthe positiveand normativeproperties of stationaryequilibria, in which research employmentis constant and GNP follows a randomwalk with drift, althoughunder some circumstancescyclical equilibria also exist. Both the averagegrowth rate and the varianceof the growthrate are increasingfunctions of the size of innovations,the size of the skilled labor force, and the productivityof research as measured by a parameter indicating the effect of research on the Poisson arrival rate of innovations; and decreasing functions of the rate of time preference of the representative individual. -
The Big Reset: War on Gold and the Financial Endgame
WILL s A system reset seems imminent. The world’s finan- cial system will need to find a new anchor before the year 2020. Since the beginning of the credit s crisis, the US realized the dollar will lose its role em as the world’s reserve currency, and has been planning for a monetary reset. According to Willem Middelkoop, this reset MIDD Willem will be designed to keep the US in the driver’s seat, allowing the new monetary system to include significant roles for other currencies such as the euro and China’s renminbi. s Middelkoop PREPARE FOR THE COMING RESET E In all likelihood gold will be re-introduced as one of the pillars LKOOP of this next phase in the global financial system. The predic- s tion is that gold could be revalued at $ 7,000 per troy ounce. By looking past the American ‘smokescreen’ surrounding gold TWarh on Golde and the dollar long ago, China and Russia have been accumu- lating massive amounts of gold reserves, positioning them- THE selves for a more prominent role in the future to come. The and the reset will come as a shock to many. The Big Reset will help everyone who wants to be fully prepared. Financial illem Middelkoop (1962) is founder of the Commodity BIG Endgame Discovery Fund and a bestsell- s ing author, who has been writing about the world’s financial system since the early 2000s. Between 2001 W RESET and 2008 he was a market commentator for RTL Television in the Netherlands and also BIG appeared on CNBC. -
Economic Crashes, Mini-Case Studies
April 28, 2020 Economic Crashes, Mini-Case Studies Background and Introduction Economic restructuring is a constant dynamic throughout the history of human history. This paper, developed for the Why Entrepreneurship? – Making the Case for Entrepreneurship! and Community- Centered Economic Development papers, provides a summary of regionally based economic crashes created by structural changes in our economy. Questions and Additional Information Don Macke – e2 Entrepreneurial Ecosystems A Hosted Initiative of NetWork Kansas 402.323.7336 – [email protected] The Great Reset In 2010 Richard Florida (author of the Creative Class writings) released The Great Reset – How New Ways of Living and Working Drive the Post-Crash Economy. While this book is probably not the most read of the many Florida works, we found it very insightful and helpful as we grasped to understand the implications of the Great Recession (2007- 2010). In this book Florida documents transformative change that occurred following the Long Depression of the late 1800s and the Great Depression of the 1930s. Bottom line, with traumatic events like depressions and global wars, the “status quo” is up- ended enabling and driving transformative change in economies, societies and governance. We used The Great Reset to help us anticipate potential profound change coming out of the Great Recession. Mega Trends in Global Economic Restructuring Local Economic Restructuring Events. Higher-impact economic crashes are often driven by global or national forces impacting entire industries and regions. But economic crashes can impact individual communities like the Watts Neighborhood in Los Angeles or what is happening right now in Sidney, Nebraska where the acquisition of Cabela’s Outdoor Outfitters by Bass Pro Shop is creating an economic crash in the small, rural areas of Western Nebraska and Northeastern Colorado. -
Download (Pdf)
Three Pillars of Stability GRACE: Freedom to Sin? — P. 5 — — P. 12 — January 2021 | TomorrowsWorld.org THE GREAT RESET How politicians and power brokers hope to use the pandemic to create a new world in their own image. A personal message from the Editor in Chief Tomorrow’s World Magazine Grows in 2021 reat news! Tomorrow’s World magazine Ready for a Reset? will increase from its previous six issues Everyone is looking forward to a brighter and less per year to ten issues per year—beginning traumatic 2021—which may or may not come. Ac- with the one you are holding! During a cording to Bible prophecy, many geopolitical and yearG everyone was happy to see end, when economies cultural shifts must take place before the return around the world shut down, God made it possible of Jesus Christ. Hints of dramatic changes are all for Tomorrow’s World to increase to ten issues yearly. around us. With everything that happened last year, Only for April-May and October-November will we you can be forgiven for not knowing about the “Great have bi-monthly issues. Reset.” Most people are likely to know about it soon, Beginning next month, we will reduce the mag- but whether it will be pulled off remains to be seen. If azine’s size from 36 pages to 32, but you will actually it is, our world will change dramatically, as an opinion receive more than 100 additional pages over the contributor to The Hill stated: course of the year. God has put us in a position where we believe this is sustainable, and we look forward to At a virtual meeting earlier in June hosted by touching base with you more often. -
Creative Destruction and the Sharing Economy: Uber As Disruptive
JOBNAME: Schneider PAGE: 1 SESS: 2 OUTPUT: Tue Dec 6 09:02:54 2016 Creative Destruction and the Sharing Economy Columns Design XML Ltd / Job: Schneider-Creative_destruction_and_the_sharing_economy / Division: Prelims /Pg. Position: 1 / Date: 19/10 JOBNAME: Schneider PAGE: 2 SESS: 2 OUTPUT: Tue Dec 6 09:02:54 2016 NEW THINKING IN POLITICAL ECONOMY Series Editor: Peter J. Boettke, George Mason University, USA New Thinking in Political Economy aims to encourage scholarship in the intersection of the disciplines of politics, philosophy and economics. It has the ambitious purpose of reinvigorating political economy as a progressive force for understanding social and economic change. The series is an important forum for the publication of new work analysing the social world from a multidisciplinary perspective. With increased specialization (and profes- sionalization) within universities, interdisciplinary work has become increasingly uncommon. Indeed, during the 20th century, the process of disciplinary specialization reduced the intersection between economics, philosophy and politics and impoverished our understanding of society. Modern economics in particular has become increasingly mathematical and largely ignores the role of institutions and the contribution of moral philosophy and politics. New Thinking in Political Economy will stimulate new work that combines technical knowledge provided by the ‘dismal science’ and the wisdom gleaned from the serious study of the ‘worldly philosophy’. The series will reinvigorate our understanding of the social world by encouraging a multidisciplinary approach to the challenges confronting society in the new century. Titles in the series include: Economic Futures of the West Jan Winiecki Entrepreneurial Action, Public Policy, and Economic Outcomes Edited by Robert F. -
Utopias and Dystopias All Sessio
CES Virtual 27th International Conference of Europeanists Europe’s Past, Present, and Future: Utopias and Dystopias All sessions are listed in Eastern Daylight Time (EDT). June 2, 2021 1 Pre-Conference Side Events MONDAY, JUNE 14 Networking with Breakout Sessions (private event for fellows) 6/14/2021 10:00 AM to 11:30 AM EDT Mandatory for all dissertation completion and pre-dissertation fellows Through the Science Lens: New Approaches in the Humanities 6/14/2021 1:00 PM to 2:30 PM Mandatory for all dissertation completion and pre-dissertation fellows Moderator: Nicole Shea, CES/Columbia University Speakers: Dominic Boyer - Rice University Arden Hegele - Columbia University Jennifer Edmond - Trinity College Territorial Politics and Federalism Research Network Business Meeting 6/14/2021 1:00 PM to 2:30 PM Business Meeting Chair: Willem Maas - York University TUESDAY, JUNE 15 Mellon-CES Keynote Discussion: Crises of Democracy 6/15/2021 10:00 AM to 11:30 PM Keynote Sponsored by The Andrew W. Mellon Foundation Mandatory for all dissertation completion and pre-dissertation fellows Chair: Nicole Shea – Director, Council for European Studies Speakers: Eileen Gillooly - Executive Director, Heyman Center for the Humanities, Columbia University Jane Ohlmeyer - Professor of History at Trinity College and Chair of the Irish Research Council 2 European Integration and Political Economy Research Network Speed Mentoring Event 6/15/2021 10:30 AM to 2:30 PM Networking Event Chair: Dermot Hodson - Birkbeck, University of London Knowledge Production and -
Creative Destruction Vs. Created Destruction
ARTICLE Creative Destruction vs. Created Destruction Creative Destruction, sometimes referred to as “Schumpeter’s gale” after the Austrian economist who popularized the concept nearly eight decades ago, is a theory of economic innovation which describes the “process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.” This process of internal destruction typically takes many domestic GDP, telehealth is fundamentally changing delivery years, during which time the decay of an incumbent and payment models. In commercial real estate, tenants economic order or process continues until it collapses and across industries are giving serious thought to the amount forces a new structure to emerge. Creative Destruction tells of real estate needed to support their businesses in a post- you that, eventually, the new replaces the old. However, pandemic world. And throughout all industries, the use sometimes the imperative to change is imposed suddenly and deployment of field-level sales forces, throughout all and unexpectedly, often at an inopportune moment. When industries, is being reconsidered. this happens, you enter a world of Created Destruction. What does created destruction do for the landscape of At present we are seeing huge changes in how business competition? For both companies and end users, it primarily is getting done today due to the COVID pandemic. Take a will lead to monumental improvements in actual goods moment to consider how it challenges the norms that were and services, as well as in how these goods and services thought of as “givens” just months ago. In other words, the are delivered — for example, in terms of cost, quality and speed of destruction in established processes and practices outcomes. -
Financing Innovation: Creative Destruction Vs. Destructive Creation
Industrial and Corporate Change, Volume 22, Number 4, pp. 851–867 doi:10.1093/icc/dtt025 Financing innovation: creative destruction vs. destructive creation Mariana Mazzucato* Downloaded from Although the 2007 financial crisis, and the ensuing world-wide recession, has caused policy makers to want to ‘re-stabilize’ the financial sector as well as ‘re- balance’ economies away from finance toward the ‘real’ economy, this article claims that to bring finance back to serve the real economy, it is fundamental to (a) also de-financialize companies in the real economy, and (b) think clearly how to http://icc.oxfordjournals.org/ structure finance so that it can provide the long-term committed patient capital required by innovation. Without this, the risk is that current policy produces a healthy financial sector (bailed out, ring-fenced, and re-structured) in a deeply sick economy, which continues to reward value extraction over value creation activities. at OUP site access on August 19, 2013 1. Finance and innovation: a dynamic relationship Understanding the relationship between finance, innovation, and growth must begin with understanding the deeply ‘uncertain’ character of innovation. Investment in innovation is a bet on the future, and most attempts fail. Contrary to playing lottery or roulette, where the probabilities of winning are known in advance, innovation embodies deep ‘Knightian uncertainty’, which cannot be calculated via probabilities, whether objective or subjective (Knight, 1921). Technological change produces un- certainty for all the economic actors involved, those investing in it and those experi- encing its effects (such as competing firms and workers employed). However, this does not mean that it is a result of luck: it is long-term strategic commitments that determine its success. -
To: University of Texas Faculty From: Andrew Koppelman This Workshop
To: University of Texas faculty From: Andrew Koppelman This workshop paper is the introduction and first chapter of a book in progress. It runs a little long. For those pressed for time, please focus on pp. 3-17, 46-47, and 52-61. The Corruption of Libertarianism: How a Philosophy of Freedom was Betrayed by Delusion and Greed Andrew Koppelman* Draft: Aug. 22, 2019 Please do not cite or quote Introduction.............................................. 3 Libertarian political philosophy has produced astonishing cruelty ...................................................... 3 But its best known form is a corrupted variant ............... 6 It began as a plea for freedom and prosperity ................ 8 And now takes multiple forms ................................. 9 some of them not very nice .................................. 10 Hayek has something valuable to offer today’s debates about inequality .................................................. 13 Unlike the delusionary romanticism of Murray Rothbard, Robert Nozick, and Ayn Rand ........................................ 15 Libertarianism is vulnerable to corruption .................. 17 And even in its most attractive form, it is an inadequate political philosophy, and points beyond itself .............. 20 Chapter One: Prosperity.................................. 23 In the 1930s, almost everyone wanted central economic planning ............................................................ 23 Modern libertarianism was born with Hayek’s protest against that idea ................................................... 25 * John Paul Stevens Professor of Law and Professor (by courtesy) of Political Science, Department of Philosophy Affiliated Faculty, Northwestern University. Please send comments, correction of errors, and grievances to [email protected]. 1 Hayek introduced the idea of markets as a way to cope with too much information – more than any planner could know ......... 27 And thought that, if the human race was going to become less poor, undeserved inequality had to be accepted ............. -
A Fresh Take on an Old Reliable: Milwaukee and Manufacturing
A Fresh Take on an Old Reliable: Milwaukee and Manufacturing January 2013, Vol. 26, No. 1 By Ryan Berg Executive Summary This report assesses a critical juncture in the future of Milwaukee as a city, namely, the fate of its sizable manufacturing sector within the city’s diversifying economy. Milwaukee currently occupies a sort of via media between declining manufacturing prowess and a vibrant technology hub. The future of its manufacturing base and how to build off it in diverse ways that attract college-educated workers are the driving issues of this paper. This report commends many of the positive steps Milwaukee has taken already, but it also goes beyond them to examine the additional steps that Milwaukee ought to implement. It also lays bare the unmet challenges and seemingly intractable problems staring Milwaukee in the face. In outlining the future of Milwaukee’s manufacturing sector, this report synthesizes research on urban development economics, urban planning and other social-scientific traits and applies it to Milwaukee’s economy, outlining several daunting challenges facing the city. To remedy some of these problems, the paper urges Milwaukee to do the following: Raise and cultivate an educated middle class to facilitate greater cultural consumption Milwaukee is deficient in the types of consumption opportunities prized by college-educated workers, namely, restaurants, bars, museums, theaters and the like. Milwaukee currently has the income distribution and demography similar to a 20th century city in the 21st century. In other words, it has a large class of people stuck in stagnant wages, many of whom never gained the proper upward mobility to become solidly middle-class residents.