Economics versus the New Economy

  • Michael Perelman
Chapter

Abstract

Throughout this book, I have mentioned ways that intellectual property corrodes the scientific process. Since virtually every economist will agree that scientific progress is a key to advancing economic productivity, anything that prevents science and technology from progressing impedes the economy. In this chapter, I will go into more detail regarding these and other pathways through which intellectual property harms the economy. I will also explore some of the misperceptions that obscure the vision of many people who try to understand the nature of the new regime of intellectual property.

This is a preview of subscription content, log in to check access.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Notes

  1. 1.
    See the discussion in Michael A. Perelman, Transcending the Economy: On the Potential of Passionate Labor and the Wastes of the Market (NY: St. Martins Press, 2000)Google Scholar
  2. 4.
    See Diane Coyle, The Weightless World: Strategies for Managing the Digital Economy (Cambridge: MIT Press, 1998).Google Scholar
  3. 5.
    Tom Peters, The Circle of Innovation (NY: Alfred A. Knopf, 1997), p. 16.Google Scholar
  4. 16.
    Iddo K. Wernick, Robert Herman, Shekhar Govind, and Jesse H. Ausubel, “Materialization and Dematerialization: Measures and Trends,” Daedalus, Vol. 125, No. 3 (Summer 1996): 171–198, http://phe.rockefeller.edu/Daedalus/Demat/.Google Scholar
  5. 20.
    David Slawson, The New Inflation: The Collapse of Free Markets (Princeton: Princeton University Press, 1981), p. 51.Google Scholar
  6. 21.
    Cited in Robert J. Shiller, Irrational Exuberance (Princeton: Princeton University Press, 2000), p. 103.Google Scholar
  7. 22.
    Dennis C. Mueller, “Lessons From the United States’ Antitrust History,” International Journal of Industrial Organization, Vol. 14, No. 4 (June 1996): 415–16.CrossRefGoogle Scholar
  8. 23.
    Lynn Spink, “Right to Poverty: Fear and Loathing at a Fraser Institute Right to Work Conference,” This Magazine (Canada) 30: 4 (January/February 1997): 21.Google Scholar
  9. 24.
    Michael A. Perelman, The End of Economics (London: Routledge, 1996).CrossRefGoogle Scholar
  10. 26.
    See Lionel Charles Robbins, An Essay on the Nature and Significance of Economic Science, 2d ed. (London: Macmillan, 1969), p. 16.Google Scholar
  11. 27.
    Arnold Plant, “The Economic Theory Concerning Patents for Inventions,” Economica, ns. Vol. 1, No. 1 (February 1934): 30.CrossRefGoogle Scholar
  12. 31.
    Richard R. Nelson, “The Role of Knowledge in R&D Efficiency,” Quarterly Journal of Economics, Vol. 97, No. 3 (August 1982): 466–67CrossRefGoogle Scholar
  13. Richard R. Nelson, The Sources of Economic Growth (Cambridge: Harvard University Press, 1996), pp. 147–58.Google Scholar
  14. 32.
    Kenneth J. Arrow, “Economic Welfare and the Allocation of Resources for Invention,” in The Rate and Direction of Inventive Activity: Economic and Social Factors, ed. Richard R. Nelson (Princeton: Princeton University Press, 1962), pp. 614–16.Google Scholar
  15. 35.
    Charles Jones and John Williams, “Measuring the Social Return to R&D,” Quarterly Journal of Economics, Vol. 113, No. 4 (November 1998): 1119–36.CrossRefGoogle Scholar
  16. 38.
    Hal Varian, “Markets for Public Goods,” Critical Review, Vol. 7, No. 4 (Fall 1993): 539–57.CrossRefGoogle Scholar
  17. 39.
    Paul A. Samuelson, “The Pure Theory of Public Expenditures,” Review of Economics and Statistics, Vol. 36 (1954): 387–99.CrossRefGoogle Scholar
  18. 40.
    Paul A. Samuelson, “Aspects of Public Expenditure Theories.” Review of Economics and Statistics, Vol. 40 (November 1958): 335.Google Scholar
  19. 41.
    Jora Minasian, “Television Pricing and the Theory of Public Goods,” Journal of Law and Economics, Vol. 7 (October 1964): 71–80.CrossRefGoogle Scholar
  20. 42.
    Paul A. Samuelson, “Public Goods and Subscription TV,” Journal of Law and Economics, Vol. 7 (October 1964): 83.CrossRefGoogle Scholar
  21. 43.
    Paul A. Samuelson, “Pure Theory of Public Expenditure and Taxation,” in J. Margolis and H. Guitton, eds., Public Economics: An Analysis of Public Production and Consumption and Their Relations to the Private Sector (London: St. Martin’s Press, 1969), p. 108.Google Scholar
  22. 44.
    See Harold Demsetz, “The Private Production of Public Goods,” Journal of Law and Economics, Vol. 13, No. 2 (October 1970): 273–306.CrossRefGoogle Scholar
  23. 47.
    United States Department of Agriculture, National Agricultural Statistics Service, Agricultural Statistics 2000 (Washington, D.C.: U.S. Government Printing Office, 2000), Table 9–1, http://www.usda.gov/nass/pubs/agr00.Google Scholar
  24. 51.
    Cited in Bryan Burrough and John Helyar, Barbarians at the Gate: The Fall of RJR Nabisco (NY: Harper & Row, 1990), p. 218.Google Scholar
  25. 53.
    Stephen R. Bond and Jason G. Cummmins, “The Stock Market and Investment in the New Economy: Some Tangible Facts and Intangible Fictions,1” Brookings Papers on Economic Activity, Vol. 1 (2000): 65.Google Scholar
  26. 54.
    Tom Vanderbilt, The Sneaker Book: Anatomy of an Industry and an Icon (NY: New Press, 1998), p. 43.Google Scholar
  27. 55.
    See Richard J. Barnet and John Cavanagh, Global Dreams: Imperial Corporations and the New World Order (NY: Simon & Schuster, 1994), p. 328.Google Scholar

Copyright information

© Michael Perelman 2002

Authors and Affiliations

  • Michael Perelman

There are no affiliations available

Personalised recommendations