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Under the recently proposed EU Digital Markets Act (DMA), ‘gatekeeper’ digital platforms have to comply with a number of ex-ante obligations, including narrow ex-ante data-sharing mandates that have been proposed as a viable solution to the phenomenon of data-driven market tipping. Digital platforms will also be subject to ex-post competition interventions, some of which are already ongoing. Given that both ex-ante regulatory and ex-post competition enforcement can address the issue of data-driven market tipping, there is a significant chance that thought from one policy domain will influence the other. This can be readily seen in the DMA, which heavily borrows from competition doctrine. Such intellectual cross-fertilization needs to be approached with care, however. For one, the objectives and reasons of existence of the two domains are different. Second, data-driven markets are dynamic and always evolving, which means that rigorous ex-post effects analysis that does not simply fall back on ideas and practices from ex-ante regulation is of pivotal importance for i) correctly assessing anti-competitive behavior and ii) devising an appropriate ex-post remedy. This latter point can be seen with regard to data-sharing mandates, which will continue being important as possible ex-post competition remedies even after the adoption of the DMA with its ex-ante solution in that regard. However, a fine-grained, effects-driven assessment of the need for data sharing obligations in an ex-post enforcement setting will be vital, given new political and business-led data-sharing initiatives, novel techniques for generating synthetic data, and companies’ increasing skill at drawing powerful conclusions from small data sets. In sum, authorities need to proceed carefully with regard to ex-post interventions in dynamic data-driven markets already governed by ex-ante obligations, in particular in two respects: i) establishing that abuse of dominance has taken place (especially given that ex-ante obligations will soon be in place) and ii) choosing the right remedies if such abuse is found. With regard to the former, we propose a ‘multiple counterfactual causation test’ for establishing anticompetitive foreclosure. With regard to the latter, we maintain that ex-post data-sharing mandates should only be imposed after careful proportionality analysis vis-a-vis the counterfactually identified abusive behavior; otherwise, they are unlikely to be effective remedies and other remedial actions need to be considered.

An examination of the manufacturing output of Britain and the U.S. (the two advanced industrial countries most associated with neoliberalism and "the Anglo-Saxon model") over time shows striking parallelism but also striking differences. In particular an examination of United Nations' statistics on the matter indicates a significant divergence after 1990, with British manufacturing stagnating in per capita terms, and America's continuing to expand. This paper examines that data, and explains the differences in terms of the U.S. enjoying successes in a small number of sectors (computer and electronic products, petroleum and coal products, chemicals and aerospace-defense goods), and suggests that to the extent that the U.S. has outdone Britain here, it is a matter of the government support that created its historic strength in the relevant sectors, notably computers and aerospace-defense; the country's continued high levels of defense spending; and the fossil fuel resources exploited in the shale boom (of which not just the oil and gas-oriented sectors, but chemicals especially and other parts of the industrial base have been beneficiaries); which have in at least some measure offset the broader trend of decline in the sector.

The new economy and its neoliberal ethos raise questions about the “capital” of hyperpolyglots, and whether they perceive it as such, particularly with regards to the hegemonic growth of English as deployed in the new economy. This paper explores the literature on languages in the new economy, and suggests that the International Association of Hyperpolyglots does not share the neoliberal ethos of the new economy, even as its members appear adept at navigating its dynamics.

This article considers some of the theories and ways in which some modern scientists and economists have claimed that a "new economy" could emerge; the shift from manufacturing to services, technological transformation and flexible labour markets or telework. The advantages and disadvantages of economic change, its benefits and costs, are discussed as people desperately try to balance the pressing demands of work and personal life in times of crisis.

The academic accounting literature usually applies a retrospective approach in capturing reality. Accounting topics are explored considering past implementation in the economic practice in a ‘backtesting’ approach. This is very much criticized outside academia, as academia may thereby miss the practical relevance due to this backward approach. Accounting in academia is said to therefore fail to treat real practical business issues on time as for lacking the intention to perform any predictive statements. Accounting is the language of business, however, the landscape of business is changing dramatically at breakneck speed with a technological disruption ongoing in the wake of the artificial intelligence, algorithms and robotics introduction into our contemporary economy. This paper intends to follow a prospective approach and future-oriented direction in attempting to predict the future of digital accounting. The main research question is how accounting will be impacted by digitalization and how will the dynamic business in reverse impact the future of accounting? The method applied is a qualitative. In a focus group, in which accounting experts were asked to brainstorm on future trends with regards to accounting, four mega trends were identified. Those four mega trends are: (1) Blockchain/Distributed Ledger Technology, (2) Big Data, (3) Agile organizational model and (4) artificial intelligence, which are analyzed applying a behavioral approach in this paper to assess from which accounting will be the most impacted and how. The discussion reflects on the fact that the digital accounting revolution may be completely novel as – for the very first time in a historical line of economic disruptions and market innovations – this time decision making will be given up to algorithms. The results of this conceptual paper are structured applying Scott’s model of Financial accounting to the four mega trends. The final outlook projects the need for measuring economic growth differently and legally prepare for a preponderance of artificial agents. The paper is of unprecedented value in a current market of rising corporate debt as the outlook can aid the integration of novel economic growth features derived from the new economy that are not accounted for in neither standard economic growth theory nor accounting standards.

SWFs have pursued VC investments for a variety of reasons, that can be summarized in three main motivations: 1) Strong returns from innovative technologies (disrupting incumbents); 2) Asset class diversification; 3) Diversification of local economies and other positive economic spillovers The focus on returns is perhaps most obvious, but also one of the more difficult to achieve. While VC has enjoyed historically high returns, a flood of investors into the space, often driven by a need to overcome low returns in debt assets, risks making the asset class a victim of its own success. While SWFs are eager to invest in venture capital, many SWFs are also recognizing that they must be careful in selecting when and how to invest. The search of stable and durable returns may include hedging against incumbent leaders. When they invest in a unicorn, they also aim to be part of the new economy that will lead the corporate world in the coming decades and back those companies that will amass the industry profits and market share. For example, it is reasonable for a SWF with a strong portfolio exposition to the banking industry to invest also in fintech companies that may disrupt the whole financial sector in the near future. The same logic applies to sectors such as retail, logistics, healthcare, hotel management, or transportation, that are being already disrupted by startups using new technologies, procedures and solutions. SWFs’ interest in VC is not drive solely by returns, however. Venture investing is also part of a broad strategy of diversification. SWFs want to diversify their portfolios to balance and smooth their exposure to different asset-classes. There is a third reason for SWF interest in VC that is specific to government-owned funds such as SWFs: economic development and the logic of learning how to foster innovation ecosystems. When a pension fund invests in tech-based startups it pursues the first two objectives mentioned above: returns and diversification. Yet, in the case of SWFs, implementing a VC investment program may have a third motivation and benefit: the economic spillovers. SWFs can use these new technologies developed in their portfolio companies to foster economic development, enhance change, and diversify their economies beyond natural resources into stronger value-added economic sectors. In this way, getting access to the latest technologies would allow developing economies with established SWFs (recall that most of SWFs are located in developing economies) to leapfrog in terms of economic development. SWFs can help to transfer the most advanced technologies used by innovative startups in their portfolios to the rest of the economy, looking for efficiency gains in traditional and new sectors.

The paper deals with the impacts of the traditional economic environment, explores the dynamics of population welfare and social inequality. Recommendations on the need and perspectives for the formation of new economic are proposed.

As global macroeconomic uncertainties grow, there are notable shifts and oscillations in Chinese outbound investment and cross-border investment flows. This study shows China’s key investment characteristics including geographical preferences, investment compositions, and structural changes in industrial and foreign policies, such as Made in China 2025, financial liberalization, and OBOR. While these trends seem contradictory at times, opportunities are available for nimble and creative players who could capitalize on China’s increasing demand in the new economy (“xin jing ji”), with adequate consideration of regulatory scrutinies.Keywords. Cross-border, China, Outbound, Investments, Regulations.JEL. F21, F68, O53, K23.

The functioning of the film production sector strongly depends on the use of copyrights and related rights. Problems regarding their clearing could badly harm the functioning of companies and in some cases lead to serious financial problems. The development of a proper method for calculating the value of copyrights and related rights is an important task in the current climate of the new economy. This type of valuation is not a typical task for film producers or copyright owners. There is a problem with using common methods. The largest set of operating costs for companies like television companies and VoD platforms are usually content costs related to copyrights and neighborhood rights. Broadcasters, TV stations, cable operators and Pay TV providers pay producers content fees. Additionally, Copyright Management Organizations (CMOs) collect fees for copyright-protected content that is broadcast and rebroadcast. There are many court disputes related to copyright fees. The main reason for disputes is the lack of a common methodology for calculating compensation for copyright owners and the potential for misunderstanding the real value of copyrights. The objective of this analysis is to show basic methods for financial valuation of copyrights related to film. The author has carefully analyzed and described common methods applicable for the financial valuation of copyrights and described their advantages and disadvantages.

This paper examines the prevalence of non-standard workers in EU-28, rules for accessing social security, and these workers’ risk of not being able to access it. It focuses on temporary and part-time workers, and the self-employed, and offers a particularly detailed analysis of their access to unemployment benefits. It focuses on eligibility, adequacy (net income replacement rates) and identifies those workers which are at the greatest risk of either not receiving benefits or receiving low benefits. It offers a special overview of foreign non-standard workers, who may be particularly vulnerable due to the absence of citizenship in the host country. The paper also analyses access to maternity and sickness benefits for these three groups of workers, as well as their access to pensions. Its key contribution is in bringing together the different dimensions of disadvantage that non-standard workers face vis-a-vis access to social protection. This allows us to comprehensively assess the adaptation of national social security systems across EU-28 to the changing world of work over the past 10 years. The paper shows that there is a lot of variation between the Member States, both in the structure of their social security systems, as well as the prevalence of non-standard work. Most notably, the paper concludes that: i) access to unemployment benefits is the most challenging component of welfare state provision for people in non-standard employment; ii) policy reforms vis-a-vis access to social benefits have improved the status of non-standard workers in several countries, while they have worsened it in others, particularly in Bulgaria, Ireland and Latvia; iii) some Eastern European countries can offer lessons to other Member States due to their experiences with labour market challenges during transition and the subsequent adaptations of their social security systems to greater labour market flexibility. The paper also implies that a country’s policy towards non- standard work cannot be examined in isolation from its labour market conditions, as well as its growth model, and that uniform policy solutions for non-standard work cannot be applied across EU-28.

Out of necessity, humans have engaged in centralized thinking since the emergence of tribal societies and throughout urbanization and the industrial revolution. Emerging decentralized technology transcends traditional economic notions of capitalism versus socialism and inaugurates new forms of economic exchange. The author examines the evolution of decentralized solutions for commerce and society as well as associated opportunities and obstacles.

The report engages with one of the most crucial questions of our time, the public governance of the digital economy, in particular focusing on the new forms of competitive interaction in the era of digital capitalism. New questions emerge out of the transition from the old to the new economy, which require ‘outside of the box thinking’ in order to inform policymakers and help to broaden the current narratives. Competition authorities have recently engaged in significant preparatory work, often in partnership with academics, in order to reflect on the challenges set by the digital economy to modern competition law enforcement. There have been a number of insightful reports already published the last few months and more work in the making. None of these reports has nevertheless so far engaged with the rapidly developing digital economy of emerging and developing jurisdictions, and in particular the BRICS, which represent a third of the world economy and a significant part of the global digital economy. The report fills this gap. The report also provides a holistic perspective on the regulation of competition in the digital economy, inspired by the principles of "polycentric competition law" and engages in an in-depth analysis of the digital economy by a large interdisciplinary team coming from different BRICS partner academic institutions, and coordinated by the BRICS Competition Law and Policy Centre at HSE National Research University.

Indeed, the world economy is a complex system that has undergone many different phases in the past century. Particularly, the African economy is undergoing a series of transformations (transitions) that subject the future to considerable uncertainty, complexity and unpredictability. In fact, some transformations are cyclical while others are longer-term and more structural in nature. Yet, these transitions or emergence interact in shaping the future; making extrapolation from the past an increasingly unreliable source for future predictions. Thus unlike the previous revolutions, the fourth industrial revolution is characterized by the emergence of various technologies such as virtual (augmented) realities, nanotechnologies, 3D printing, machine learning, big data, cloud computing, drones, autonomous vehicles, robotics, artificial intelligence and blockchain technologies. Again, in this digitization era, work is constantly reshaped by technological progress, while firms adopt new ways of production and markets expand. In other worlds, digital technology brings opportunity, pave the way to create new jobs and increase productivity. Unfortunately, this paper argued that while the digital revolution has forged ahead, its analog complements (regulated entry and competition, new economy skills access and accountable institutions) have not kept pace in Africa. Consequently, African governments should formulate digital development strategies that are much broader than current ICTs strategies. That is, they should create a policy and institutional environment for technology that fosters the greatest benefits to African people of twenty-first century and beyond.

Bitcoins and other cryptocurrencies are still generating opposing views ranging from being a fraud to being the source of a new economy. Those differences are stemming from confusion, bias and vested interest. This paper is an attempt to generate an unbiased, unified market definition to fill a literature gap and to provide guidance using a bottom-up approach to enable a better understanding of the cryptocurrency’s potentials using the market own lens.

The Internet consists of disparate websites that, though built independently by separate developers, must interact with each other to provide users a seamless online experience. Application Programming Interfaces (APIs), which enable these interactions, were originally built out of necessity but expanded as business models evolved. Some of the most familiar names on the Internet — Facebook, Amazon, and Google — have long made APIs available to allow smaller players the chance to gain a foothold in a data marketplace controlled by a concentrated few. In turn, these platforms rose to prominence as the downstream success of these third parties using APIs generated upstream value for the provider via user traffic or valuable data. Unfortunately,, these platforms increasingly close off access to information and features by restricting APIs. This Note shows APIs are critical to Internet interoperability, which in turn fosters a truly competitive online marketplace, overly restrictive APIs can amount to prohibited anticompetitive practices. However, this Note argues that traditional antitrust is ill suited to redress these harms but the Federal Trade Commission’s Section 5 authorities are sufficiently flexible to fill the void. Given the political push to check “big tech” and the rise of Section 5 activity in data privacy, now is the time for the FTC to begin using this authority to monitor anticompetitive API designs.

In the era of continuous and steadily accelerating technological change that started with the industrial revolution, economies and societies were repeatedly transformed in ways that can be linked to ownership of the essential and scarce factor of production of the day and command of the economic rents that flow to that factor. While history allows many narratives to be spun, the contours of conflict, both internal and between states, can be seen as aligned with the contest over rents – from the wars of territorial acquisition of the feudal era when land was the main source rents, to the wars of mercantilist expansion when the economies of scale generated by the machinery of mass production became the main source of rent, to the resource-rent-fuelled oil wars of the modern era, and in recent decades the proliferating conflicts over intellectual property. With the digital transformation we are seeing the emergence of a new type of economy – the data-driven economy, in which data is the essential factor of production. Data generates massive rents, fuels the rise of superstar firms, and generates powerful incentives for strategic trade and investment policy. The emergence of this new economy signals a new era of conflict, on new battlegrounds, with new tools or weapons, between new coalitions within and amongst countries. This conflict is already upon us. The vast rents prospectively at play in the data-driven economy arguably constitute a major (perhaps the major) trigger for the open trade and technology war between the United States and China. They also are at the heart of the brewing conflicts over taxation of digital platform firms. This note describes the contours of the conflicts that are to be expected with the digital transformation as it realigns interests, compares these expectations with actual developments, and comments on the implications for the rules-based system of international commerce.

The development of a proper method for calculating the value of copyrights and related rights is an important task in the current climate of the new economy. Costs of royalties paid to collecting societies are significant and disputable in many industries, like hotels or gastronomy. There are many disputes and law cases related to indicating the fair value of copyrights. The dominant position of collecting societies has resulted in a number of decisions of the European Commission and judgments of the European Court of Justice as well as national courts, concerning the activities of collecting societies and the level of fees collected. The problem has been widely analyzed, mainly by law specialists. In the case of the valuation of copyrights, methods based on income and market comparison are preferred, however, the fact that only a limited market exists in the case of dealing with collecting societies, should be taken into consideration. Author presents method based on income approach. Proposed model links financial results of the hotels with advantages of using TV and radio sets by the hotel guests in income approach. The presented method is useful to indicate the fair value of copyrights and was prepared to help in law disputes relating to the misuse of the dominant position by CMOs.

This study investigates the listing of IPOs and the delisting from the Prime Standard, the highest regulated stock exchange segment in Germany. The German Stock Exchange instituted this market segment subsequent to the high-technology new economy period in 2003. For a sample of 531 firms, we analyze the economic reasons and consequences of firms entering and leaving this stock market segment during the 2003 to 2015 period. The main reasons are bankruptcy, acquisitions, delisting and most importantly transfers to lower market segments. We used several logit and firm-fixed effects regressions to provide new evidence for firms’ delisting and segment change decisions. Low growth opportunities and low operating performance increase the probability that firms switch to a lower market segment. Consequently, the firms’ cost-benefit considerations are an important explanation for selecting the preferred stock market segment and the transfer to a less regulated market environment.

Sharing economy reshapes the distribution of unused or underutilized asset through digital platforms to individuals who are willing to pay for the services. The new economy model has introduced dramatic impact on the traditional industries by matching the demand and supply in real time. In this paper, we examine how the entry of Uber, a ride-sharing services digital platform, influences the demand of public transportation. Significant debate has surrounded whether the new ride-sharing model siphoned riders from public transit, or made transit feasible for more riders. However, limited empirical research has been done to uncover whether Uber is helping or hurting public transportation systems. Leveraging a natural experiment setting, the entry of Uber, with a difference-in-differences approach, we find a significant drop in the number of passenger trips with bus. Further, our results suggest that the effect of Uber is not uniform – the reduction in bus passenger trips is mitigated when the proportion of old age people in a local urban area is large; the decrease is amplified when the populations of disable people, including with language difficulty, and self-employed people are large. However, the moderating effect of poverty is mixed. We discuss the implications for research and practice.

The American economy changed rapidly in the last half-century. The National Income and Product Accounts (NIPA) were designed before these changes started. They have stretched to accommodate new and growing service activities, but they are still organized for an industrial economy. It is hard to fit finance into the measurement of national product and of economic growth, and similar problems bedevil efforts to include other intangible investments as well. I describe how our current accounts deal with these problems, and I argue that existing NIPA data fail to describe the future path of growth in our new economy because they lack output data on financial, human and social capital investments. They fail to show that the United States is consuming its capital stock now and will suffer later, rather like killing the family cow to have a steak dinner.

The world of high technology companies is seen as a dynamic area with a rapid pace of creative destruction. There is, however, a class of industries where there are strong network effects, where the market tends to collapse into a narrow set of players. After one burst of innovation where a new online business is born, there is the possibility of entrenched market power with the extraction of consumer surplus. Many firms, global and Indian, have resorted to the strategy of making large losses by subsidising users, as a way to obtain those network effects. This has created a new class of concerns about predatory pricing, with unprecedented negative profit margins on a sustained basis, being supported by equity capital infusions. In the short run, discounts are popular, but recoupment is inevitable and market power will adversely affect consumers in the future. We argue that the existing competition law regime in India needs to be fine tuned, for technology-enabled markets with significant network effects, to address the possibility of new kinds of abusive conduct. We offer a series of tangible proposals through which the Competition Commission of India can better handle these emerging situations. We also look into the role and responsibilities of the investors who back these online businesses and the impact of their conduct on competition in the underlying markets.

The paper shows that, at the present moment, intangible assets are considered “goods” and, as such, the practice of classical accounting considers intellectual capital in the same category of “goods assimilated/similar to those visible/tangible”. From the research it results that the professional literature on measuring knowledge assets/intellectual capital, both in Romania and worldwide, is not large enough and does not provide finite significant, “strong” aggregates regarding the semantic classifications, of content and quality, of the issues in the field. The book titled New Economy between Knowledge and Risk (Ioan I. Gâf-Deac) presents the original systematization and classification of some models and methodologies for measuring knowledge assets, and intellectual capital in socio-economic sciences, and, as such, in this present article, we have resorted to the applied extension of formalizing the measurement of intangible assets in the areas of natural resources’ operation and exploitation.

The purpose of the State New Economy Index is to measure states’ economic structure. Unlike other reports that assess state economic performance or state economic policies, this study focuses more narrowly on a simple question: To what degree does the structure of the 50 state economies match the ideal structure of the innovation-driven New Economy? For example, we know that a defining characteristic of the New Economy is that it is global. Therefore, the Index uses a number of variables to measure state economies’ degrees of global integration. This edition of the Index builds on seven prior editions, which were published in 1999, 2002, 2007, 2008, 2010, 2012, and 2014. It now uses 25 indicators, which are divided into five categories that best capture what is important about the New Economy: 1. Knowledge jobs: Indicators measure employment of IT professionals outside the IT industry; jobs held by managers, professionals, and technicians; the educational attainment of the entire workforce; immigration of knowledge workers; migration of domestic knowledge workers; worker productivity in the manufacturing sector; and employment in high-wage traded services. 2. Globalization: Indicators measure foreign direct investment; export orientation of manufacturing and services; and the share of each state’s output that goes to high-tech goods and services exports. 3. Economic dynamism: Indicators measure the degree of business churn (i.e., the percentage of new business start-ups and failures); the number of fast-growing firms (businesses listed in the Inc. 5000 index); the number and value of initial public stock offerings (IPOs) by companies; and the number of individual inventor patents granted. 4. The digital economy: Indicators measure Internet and computer use by farmers; the degree to which state governments use information technologies to deliver services; adoption rates and speed of broadband telecommunications; and use of information technology in the health care system. 5. Innovation capacity: Indicators measure the number of jobs in high-tech industries such as electronics manufacturing, telecommunications, and biomedical industries; the number of scientists and engineers in the workforce; the number of patents granted; industry investment in research and development; non-industry investment in research and development; movement toward a clean energy economy; and venture capital investment.

Laboring in the new economy has recently drawn tremendous social, legal, and political debate. The changes created by platform-facilitated labor are considered fundamental challenges to the future of work and are generating contestation regarding the proper classification of laborers as employees or independent contractors. Yet, despite this growing debate, attention to gender dimensions of such laboring is currently lacking. This Article considers the gendered promises and challenges that are associated with platform-facilitated labor, and provides an innovative empirical analysis of gender discrepancies in such labor; it conducts a case study of platform-facilitated labor using computational methods that capture some of the gendered interactions hosted by a digital platform. These empirical findings demonstrate that although women work for more hours on the platform, women’s average hourly rates are significantly lower than men’s, averaging about 2/3 (two-thirds) of men’s rates. Such gaps in hourly rates persist even after controlling for feedback score, experience, occupational category, hours of work, and educational attainment. These findings suggest we are witnessing the remaking of women into devalued workers. They point to the new ways in which sex inequality is occurring in platform-facilitated labor. They suggest that we are beholding a third generation of sex inequality, termed “Discrimination 3.0,” in which discrimination is no longer merely a function of formal barriers or even implicit biases. The Article sketches Equality-by-Design (EbD) as a possible direction for future redress, through the enlisting of platform technology to enhance gender parity. In sum, this Article provides an empirical base and analysis for understanding the new ways sex inequality is taking hold in platform-facilitated labor.

Russian Abstract: На основе сравнительного анализа показателей, отражающих результаты экономического развития России и ведущих стран мира (ВВП, производство и потребление энергетических ресурсов, имеющих стратегическое значение, затраты на исследования и разработки и др.) обосновывается, что в условиях сокращения потребления традиционных источников энергии переход России от сырьевой к инновационной модели развития является залогом сохранения ее геополитического статуса и обеспечения национальной конкурентоспособности. Рассматриваются проблемы реиндустриализации и формирования новой экономики как факторов устойчивого развития России и обосновываются пути их решения, а также источники финансового обеспечения данного процесса.English Abstract: On the basis of the comparative analysis of indicators reflecting results of economic development of Russia and the world's leading countries such as GDP, production and consumption of energy, the cost of research and development, etc. the author substantiates, that in condition of the diminution of consumption of traditional sources of energy Russia's transition from raw materials to the innovative model of development is the key to the preservation of geopolitical status and national competitiveness. Author discusses the problems of re-industrialization and the formation of the new economy as factors of sustainable development of Russia, as well as sources of financial support in this process.

Women form critical core input of the development of any economy. They contribute two third of the world’s work hours produce 50 percent of the world’s food supplies, account for 60 percent of the work force and contribute up to 30 percent of the official labour force. The prosperity and balanced development of a country depends upon its women, because they not only constitute approximately half of the population, but also have equally significant roles along with men in creating a better life for the family. The role of women in economic development of our country is equally important as that of man. Women’s share in the labour force increased between 1970 and 2000. The new economy offers a plethora of opportunities for women. The participation of women in the labour force is increasing in almost all the field.

Credit Card industry which has recovered from the aftershocks of global meltdown in new economy has changed drastically. As the industry slowly recovered consumer preferences also changed. Consumer which preferred low interest rates and charges now focus on having mutually beneficial relationship with the credit card issuers. Reward programs have emerged as an important tool for a long term association between the cardholders and card issuers in the new economy. Rather than having multiple cards as before, cardholders have now consolidated their spending into a single card which offer them valuable rewards. Card issuers have further customized the reward program to suit the different needs of customers and create more value. Thus it is very important to study customer preferences for credit card reward programs in this ever changing new economy. The purpose of this research paper is to determine important factors for credit card reward program and to explore credit card usage behavior. Variables are adopted from a study conducted by O’Brien and Jones (1995). Five factors Cash value, Redemption Choice, Aspirational Value, Relevance and Convenience have been identified. The sample was selected from the National Capital Region of Delhi because consumers have greater exposure to credit cards. This study based in India has relevance because of changing consumers’ preferences and usage behaviour in the new economy.

These are exciting times: society changes at an astounding pace, driven by rapid innovation. One area in which this change is prominent is the New Economy, in which new business models and technologies recurrently challenge established legal principles. Authorities and academics are increasingly confronted with Internet businesses. In antitrust (competition law) difficulties arise with market definition, the assessment of market power, or regarding practices specific to a type of online business. The traditional antitrust tools (such as the hypothetical monopolist test or SSNIP test) are not adapted to these cases. The question arises how practitioners, authorities and regulators should respond to this challenge. This is a broad discussion, involving many facets of law and antitrust more specifically. This paper aims to contribute to one part of the debate: how to define the market for free online goods or services. Specifically, the study focuses on the possibility of conceptualizing personal data as the price consumers pay for free goods or services, for the purpose of performing the SSNIP (Small but Significant and Non-Transitory Increase in Price) test to define the market. To that aim, the paper assesses the concept of price and the requirements for a good to be considered a medium of exchange. The first part of the paper discusses the notion of ‘free’ on the Internet and its challenges. It explores the concept of market definition when no monetary price is charged for the service provided. The possibility of personal data as the price paid by the consumer is put forward. The second part discusses the requirements data have to meet to be considered as a price. Traditionally, eight requirements are put forward as the qualities of the ideal medium of exchange (stable value, durability, acceptability, portability, divisibility, storability, recognisability and homogeneity). The paper further analyses two of them, value and acceptability, engaging with the literature on media of exchange, and with research regarding consumer behavior and economics.Finally, the paper recognizes the pros and cons of this new notion of personal data as a price. Many argue that data is ‘the currency of the 21st Century’, invoking an exciting prospect for new economic and legal thinking. Nonetheless, an in-depth analysis of the limits of this categorization is required before this can be accepted in future practice, which is what this author’s research aims to do. The paper shows that rapid changes in society need not be an obstacle to legally sound decisions. With the necessary flexibility and creativity, traditional tools can become modern solutions.

Since around 1980, communication and information technology moved the U.S. economy from an industrial base to an informational base. There was promise for economic growth, jobs, and a growing prosperity that would be generally shared in the population. However, this “new economy” turned out to be an era of instability and unfulfilled promise. A financial crisis and a major recession occurred. Moreover, instead of accelerating economic growth and jobs, the result was declined growth, loss of traditional jobs, and significant income inequality. The paper is authored by a retired finance professor who developed and presented a course to senior learners in Florida State University’s Osher Lifelong Learning Institute. It tells the story of the new economy by presenting a considerable amount of economic data and citing relevant works by contemporary authorities on the subject. Its purpose is to provide a resource to help understand the evolution and progress of the contemporary economy.

In spite the fact that individuals or even some companies neglect knowledge as one of key resources of contemporary business, knowledge occupies very important position within these successful companies. Dominant opinion of these individuals is that knowledge can’t be measured, and according to that it is not possible to govern with knowledge. Different researches how to implement knowledge and how to maintain required level of knowledge among the company employees proves that this is wrong assumption. Investment in the people, in creation of new knowledge and employee intellectual capital management makes a weapon of new economy in which knowledge is main product and that what is buying and selling. In this globalized market with fierce competition, demand and knowledge creation is key factor. The goal of this paper is to present overview of knowledge management in knowledge society, with point to new trends and challenges. This work is licensed under aCreative Commons Attribution-NonCommercial 4.0 International License.

This discussion paper documents gaps in professional legal support for small-scale sustainable economy initiatives (SSEIs) in Australia. It draws on (Section 2 and Appendices) data from multiple sources, including a three-year research project on the legal and regulatory support structures for SSEIs, two small surveys of social enterprise, a review of eight cognate initiatives, a review of law firm websites and direct contact with nine social enterprise-related capacity building programs around Australia.The paper first discusses what we mean by SSEIs and their relevance to current debates about innovation, the new economy and the need to respond to urgent economic and environmental challenges (Section 3). Broadly, SSEIs are small-scale enterprises that place a high value on economic democracy, social relationships and community development in their organisational design and provide services that are directly relevant to environmental goals. The definition of an identifiable ‘sector’ in this context remains diffuse, in part because the legal, financial and organisational structures of our current economy do not sit comfortably with these types of initiatives.The paper then identifies existing patterns of support and their limitations (Section 4), especially when understood in the context of the distinctive needs of SSEIs (Section 5). Many of these limitations are shaped by assumptions of a divide between not-for-profit and for-profit legal structures, which maps onto a related gulf between pro bono advice and expensive commercial advice. The paper seeks to transcend this divide and work towards a vision of legal advice and support as a common pool resource.There are three main sources of existing professional legal support for SSEIs. Some law firms provide advice to social enterprises, but most focus on not-for-profit and limited pro bono advice. However, recently some smaller firms are emerging with more of a creative and hybrid focus. There are also a number of cognate initiatives that service social enterprise specifically and in some cases SSEIs, though they have various limitations of scope and resources. Finally, social enterprise capacity-building programs broker select initiatives to access legal advice, sometimes at ‘low-bono’ fee levels.Overall, pro bono legal practitioners appear to have access to well-developed networks to help them identify each other and to share knowledge. In contrast, those attempting to build their expertise and skills around working with social enterprises and SSEIs report difficulty in identifying a network and limited opportunities to share knowledge and expertise around the specific needs of SSEIs.

This paper outlines the current economic problems of Syria’s war-time economy and the frameworks and policies needed to rebuild post-conflict Syria. The paper covers the monetary, fiscal, military, and foreign exchange issues, and GDP growth and agriculture. It then draws conclusions and recommendations from related economic literature and the experiences of other countries that underwent post-conflict recovery. The paper recommends that the future post-conflict Syrian government build a new economy rather than rebuild the old economy that led to the civil war; the new economy should be based on new values of inclusiveness and openness.

There is abundant literature on knowledge management, but we know of only two articles (of Mulej and co-authors) acknowledging interdependence of the human knowledge and the human values, recently. Mulej addressed this interdependence since his formulation of his 'Dialectical Systems Theory' in a Slovenian article in 1974 and in his best-seller book 'Creative Work and the Dialectical Systems Theory' in 1979 (in Slovenian). His co-authored English book 'Dialectical Systems Thinking and the Law of Requisite Holism concerning Innovation', Emergent Publications, Litchfield Park, Arizona (2013), contains the related novelties. The point can be simply exemplified: 'If somebody has gained knowledge on shooting with a rifle, does the person's choice to shoot whether at a paper target or at a human being depend of the person's knowledge or values?' The paper is aimed to address generation of human properties on which one's bases for action, called the subjective starting points in the Dialectical Systems Theory, and their impact over the human capacity to generate inventions and innovations in a socially responsible manner, meaning consideration of interdependence and holism in order to minimize one's detrimental impact over society, i.e. humans and nature. The addressed thesis reads: Knowledge management that fails to consider human values and other emotions is too one-sided to prevent failures, which tend to result from one's / team's lack of requisite holism; it is irrational to be only rational in human decision making and action.

This paper presents a parametric Cournot type of game theoretic model that uses Rogers’ Diffusion of Innovations Theory to construct a model that simulates the strategic interaction between firms. The constructed model simulates the strategic interaction of old economy firms that compete with the adoption of an innovative information and communication technologies based product, which is produced by a monopolistic New Economy firm. The model incorporates the accelerated product innovation process, globalization and interaction of firms in competitive environment. This paper confirms the expected result that innovator firms gain by adopting profitable New Economy products; however, surprisingly, under some circumstances market competition might decrease even when there is globalization. It is proven that this result is valid for markets with large (customer) demands when firms of the New Economy that produce innovative products charge high prices for their products. Firms of the New Economy that produce innovative products are given the privilege to be monopolists for the duration of their patent, but according to the findings of this paper they need to be regulated by competition authorities.

The sharing economy raises important new questions about public accommodation laws. Such laws originally were enacted to prohibit establishments open to the public — for example, hotels, restaurants, taxi services, and retail businesses — from discriminating on the basis of characteristics such as race, color, religion, and national origin. Sharing economy businesses are functional substitutes for these traditional public accommodations. Yet existing public accommodation laws are not always a good fit for the unique features of the sharing economy.This Article is the first to argue that public accommodation laws must evolve to address race discrimination in the sharing economy. Available evidence suggests that, in many circumstances, race discrimination affects the sharing economy in much the same way it affects the traditional economy. Sharing economy businesses use online platforms to connect providers of goods and services (drivers; landlords) with users of those goods and services (passengers; renters). These platforms often make race visible to both providers and users by requiring that they create profiles that include names, photographs, and other information. Such profiles may trigger conscious and unconscious bias and result in discrimination even if the parties never meet in person. Moreover, sharing economy businesses encourage or even require providers to rate users. Rating systems aggregate biases, and users who are members of disfavored racial categories may begin to receive worse service, or, eventually, to be denied service altogether. This Article examines existing public accommodation laws — Title II of the Civil Rights Act of 1964, 42 U.S.C. § 1981, 42 U.S.C. § 1982, and the Fair Housing Act — and concludes that they hold considerable promise for remedying discrimination in the sharing economy. Nonetheless, the sharing economy presents new issues that existing laws do not entirely address. To the extent that sharing economy businesses perform the same function as traditional public accommodations yet escape existing laws, we argue that those laws should be amended and briefly describe the form the new laws should take.

Technology, coupled with present economic conditions and the interest of younger Americans in sustainability, is enabling a climate favorable to collaborative consumption. More individuals will be engaged over time in this “sharing economy” because underemployment of the middle class, and a majority of all non- or under-skilled workers, is a chronic condition eluding public sector solution. This new resources “lending” and social networking culture - not your ordinary "home occupations" - assures ongoing introductions of sharing producers and consumers to each other and into residential neighborhoods. The results will include increased traffic trips, overtaxed curbside parking spaces, additional ambient noise and stress upon electric and other utility grids tapped by sharing enterprises. Since these neighborhood burdens are not addressed in the form of sales taxes or license fees returned directly to host enclaves, many of these burdens are borne uniquely by the neighboring dwellers. Local persons not participating in the sharing economy expect their daily routines to continue without interference from unfamiliar persons, noises and odors, free from the disadvantages of increased traffic and reduced curbside parking.Communities now are challenged to regulate sharing uses in this new economic order while accommodating opportunities for such enterprises to generate revenue and taxes that will rebuild a struggling middle class. In one regard, accommodation invites struggles between established neighborhood dwellers and later - arriving sharing producers working outside zoning regulations. Yet outright prohibiting of entrepreneurial models in residential zoning districts counters local governments’ efforts to remake the economic and social landscape of urban communities, especially those precariously mired in joblessness, crime and other evidence of disorder. Many sharing economy voices argue that today’s good land use decisions mandate subordinating traditional-neighborhood inconvenience to this new economy's benefit to the larger community - serving thereby the “greater good.” This is among the first papers in American academic legal literature addressing how communities comprehensively can respond to this challenge, through productively modernizing governmental spatial regulatory prerogatives while incorporating “big data” along with crucial citizen inputs at this land use crossroads.

Australia's history of developing and managing the intellectual property rights of domestic innovations is – at best – mixed. The relevant immaturity of Australia's public sector commercialisation infrastructure has, over recent decades, been the subject of both stinging academic commentary and not insubstantial juridical disbelief. That said, improvements have been observed, and increasingly, private sector involvement in public sector innovation has allowed for a deepening refinement of domestic approaches to IP retention and ongoing management. Rather than a bare critique of Australia's IP management track-record, or a call for specific law reform, this manual engages at a more practical level some of the foundational questions that ought be asked by entities involved in the 'cleantech' industries. Beginning simply at what is IP and why it matters, this manual examines the models of IP management available to market participants around the world. The process of IP management is defined and assessed through a commercial lens; assessing the 'pros' and 'cons' of each management choice with a view to equipping the reader to determine which approach may be best adapted to their given clean tech project. The manual concludes with a brief survey of alternative models of Intellectual Property management, including relevant examples from overseas and prominent suggestions arising out of the academic discourse. It appears inevitable that the global warming challenge will prompt specific legislative, regulatory and multi-lateral responses by nation states, however, the ultimate form of any such response remains a highly contested political and social issue. Accordingly, the structure of this manual, and the discussion points raised herein, seek introduce the reader to some of the more contentious debates occurring around the world at the intersection between IP and climate change.

Structural Change is the basis for many decisions such as government fiscal and monetary policies, government interventions, corporate-expenditure decisions, corporate strategic decisions, portfolio management decisions in finance; household allocation decisions, etc.. Structural change in industries and national economies is increasingly more difficult to detect partly because of the growth and dominance of Complex Systems and “Networks” in modern industries and economies – such Networks and Complex Systems include GVCs (global value chains), retail store networks; franchising networks; internet networks; services networks; credit-chains in industries; online social networks; etc.. The relationship between Complexity and Structural Change is well established in the physics, applied math and economic dynamics literatures. Traditional definitions and modeling of structural change have erroneously focused on changes in labor, technological progress, market share, and or capital – which are grossly inadequate in the new economy and post- global financial crisis (as confirmed by changes in the global retailing and housing industries and other industries). Also the modeling of structural change seems to be constrained by the availability of data, and often omits the relationship between structural change on one hand, and globalization, financial stability and international financial contagion. This article: i) introduces the Operations Strategy Model of structural change, explains how it differs from the Lewis Model of Structural Change; and explains the often omitted relationship between operations strategy (of companies and government agencies) and structural change; ii) reviews the relationship between Complexity and Structural Change; iii) introduces other new models/theories of Structural Change in industries; iv) explains the symbiotic relationship between structural change on one hand, and economic growth, financial stability, financial contagion and globalization; v) discusses the significant gap between academic research and practice and explains some issues and factors that should be considered in the development and testing of structural change models; vi) explains how alternative risk premia can be generated from new models of structural change. Some of the innovations in this Article are that: i) Structural Change is analyzed and modelled as time-sensitive large-scale aggregated Network-Decisions (or sets of Network-Decisions) in Complex Systems, wherein Structural Change begins, evolves and ends as groupings of decisions made by individuals (mostly), corporations and government agencies over time. ii) Structural Change is modelled as being subject to “Short-term” Chaos (and short-term sensitivity to “Initial Conditions”, time and variable/processes) which is muted in many cases by changes in “Aggregated Decisions” and Decision Patterns.

Throughout much of its history, the Pee Dee region of northeastern South Carolina has been home to small-town merchants, talented craftspeople, and progressive farmers, all willing to take the risks necessary to build their businesses and live the life of their choosing. It is a legacy of entrepreneurship and small business ownership of which the people of the region are proud.However, the Pee Dee region is facing rapidly evolving pressures from today’s global, new economy. Past economic successes based on the availability of cheap labor and land are fading as current economic prospects are being shaped by new categories of regional assets such as workforce skills, lifestyle amenities, access to capital and information, and innovative activity. Thus, future regional economic success is highly dependent on finding new ways to exploit these assets. One promising approach to regional economic growth is entrepreneurship. It has been associated with the creation of employment (Hornaday and Aboud, 1971). Research has demonstrated that entrepreneurial firms are responsible for creating a disproportionate number of new jobs in the economy (Birch, 1979) and for stimulating regional economic prosperity (Acs and Armington, 2003). In addition, both the frequency and degree of entrepreneurial behaviors involves the innovative uses of other regional assets and resources such as innovation, risk taking and pro-activeness (Colvin and Slevin, 1989; Miller, 1983; Morris and Sexton, 1996). In fact, studies have demonstrated that the entrepreneurial process is a critical mechanism impacting the overall creation of new products and processes, value creation, new technologies, profit, jobs, economic growth, and societal wealth (Birch, 1981; Morris and Lewis, 1991).Despite the growing acceptance of entrepreneurship as a strong driver of regional economic growth, acceptable ways of measuring entrepreneurship still are not widely available. Researchers have reported success in measuring a company’s entrepreneurial orientation and in linking that orientation to various strategic and performance variables (Colvin and Slevin, 1989, 1990; Davis, Morris and Allen, 1991; Morris and Sexton, 1996). Without standard measures of entrepreneurship, it is difficult to evaluate a region’s entrepreneurial activity and to assess ways to stimulate the pace of regional economic growth.Fortunately, the Center for the Study of Rural America of the Federal Reserve Bank of Kansas City has developed measures of entrepreneurial activity for every county in the United States (Low, 2004). The Center’s measures focus on the breadth and depth of entrepreneurship. Entrepreneurship breadth is the widespread dispersion of entrepreneurial activity across a region. Entrepreneurial breadth reflects the size and variety of small businesses in a region that create the foundations of economic growth. The second measure, depth of entrepreneurial activity in a region, represents the value these small businesses generate for themselves and their local economies.

This paper provides some elements to explain the observed takeover in some urban areas of a new kind of elite associated with new economy jobs, also known as “bourgeois bohème” (bobos). This takeover has been associated with greater investment in urban amenities and “clean” means of transport, with adverse effects on commuting time. The model allows us to explain those developments by productivity growth in the new economy, and by the differences in production processes between the new and old economies. The consequences of bobo takeover for house prices and employment of unskilled service workers are also discussed. A bunkerized equilibrium in which skilled workers in the old economy no longer reside in the city and have been replaced by service workers is studied. In such an equilibrium urban amenities are at their maximum and commuting flows have been eliminated. For some parameter values, bobos are better-off under bunkerization, in which case they may gain by favoring it with a “diversity” subsidy for unskilled workers to reside in the city.

My paper points to the fact that the generation of innovations is very weakly financially supported all over the world, and even if innovations occur, the appropriate regulation lacks. In particular, the innovation doctrine in case of the control of concentrations in the European Union does not exist, and, in general, there are no research scholarships in antitrust aimed at promoting the adequate regulation of innovation – both in the United States and the European Union.

Sales people of an organization tend to exhibit different skills to complete the sales pitch, which sometimes may prove to be more effective. Their effectiveness is difficult to measure, unless a thorough primary survey is conducted on the field. The present competitive situation demands a successful effective tool in closing down a sale. In this scenario, a traditional and much debated communicative skill along with a high caliber interpersonal skill is found to be lacking among the sales persons due to the penetration of online resources. The present study had made an attempt to find out the relevance of the interpersonal skills in one industry where still the salespeople are considered as bread winners.

During the last decade both US and Europe have regulated internet service providers liability (hereinafter referred to as ISPs). In 1998, the Congress has approved the Digital Millennium Copyright Act (DMCA) which has modified the Copyright Act of 1976, stating that ISPs are not liable if their activity is limited to a mere technical role which consists in transmitting information on digital networks.The same inspiration has been followed by the E-commerce directive (directive 2001/31/EC) which has imitated, verbatim in some cases, the American law. Two are the main differences among these laws. Firstly, the DMCA covers exclusively copyright infringements, while e-commerce directive can be applied both to criminal and civil liabilities. The latter difference is that e-commerce directive is limited to some activities developed by ISPs (mere conduit; caching; hosting), while the DMCA also regulates liability of search engines (like Google) and hyperlinks.The DMCA as well as the EU directive is based on the neutrality principle: ISPs are not liable as long as they do not select contents or recipients of the information transmitted. The most remarkable issue, however, is probably the fact that both regulations have refused to apply strict liability to ISPs. Starting from these regulations, the paper will analyze some examples of private regulations. It will be specifically examined YouTube’s Video ID and eBay’s Vero Program, probably the most relevant examples of cooperation between ISPs and IP holders, and the recent cases which has involved these tools in US, Spain, France and Italy. The paper aims at demonstrating that IP violations are not the crucial matter of these legal actions, which reflects a clash between different business models.Private remedies for IP violations, even if efficient, have not reached their goals. The reason is probably extralegal and is given by the fact that new economy services are attracting customers in the entertainment sector from traditional media (people watching YouTube rather than TV programs) and are diverting luxury brands consumers from traditional shops (people buying luxury products on eBay rather than on local dealers).

While the Commission’s investigation into Google’s behavior is ongoing, the question has emerged whether established European competition law principles and instruments are fit to address the challenges posed by the specific characteristics of the New Economy industries on competition analyses. This thesis has researched the challenges that arise when conducting antitrust analyses involving the market for search engines as part of the New Economy industry and the implications for the competition case against Google. The aim of this thesis was to establish how the European Commission should incorporate the dynamic considerations in its analyses when assessing Google’s position.

The rush for land for hard economic infrastructure projects has shot to global attention lately capturing media space and invading the language of informed discourse. Suddenly the votaries of a liberal economic policy are not so sure anymore, and traditionalists skeptical of the inevitability of the new economy feel vindicated. I propose in this paper to study the management of public lands and the related problems of land grabbing and land acquisition for large infrastructure, housing & development projects.The land rush takes various forms: acquisition, encroachment, purchase, conversion and grab. It erodes varied spaces: green belt lung space, grazing land for cattle, cultivable land for agriculture, forests and lakes. It uses various means: notification, denotification, persuasion, use of state pressure and coercion. I argue that while land is undoubtedly an economic resource, the framing of this problem as an economic one is limiting, and it needs to be seen as a larger political economy and sociological issue. I see the conflicts over land as framed within a larger conflict between social groups; with the polity and bureaucracy and thereby the state itself playing multiple roles: adjudicator, mediator, colluder, developer and beneficiary. I use grounded theory methodology and an embedded case study design, grounding my study in India with the state of Karnataka as my local context, drawing global parallels as appropriate.

Until two years ago the majority of the world and the EU distinguished economists were convinced that the EU may proceed more quickly and efficiently forward into a brighter future abolishing Keynesian macroeconomic management and the welfare state and bringing back "flexible markets" following as closely as possible neoclassical economic mantra.At beginning of 2009 and in the midst of world economic crisis the future of the EU seems less clear.- The EU might eventually prove efficient and able to survive discovering its own and new way out of crisis.- The EU might be split into smaller parts if a new interventionism let alone protectionism prevail.- The EU future is not known even in a case that the dogmas of the New Economy survive challenge of crisis. Rules of the game of New Economy may form megaregion as a new substructure within the territory of the EU with unpredictable consequences.In the paper we try to analyze in short the future position of the EU depending upon accepted system of value within the EU and economic paradigm chosen.

Today, we are living in competitive and information world. Economical presence of business on international scene is very important for every country. It helps enable competitive advantage of goods in the businesses by introducing new technologies and also tends to offer better competitive products on international marketplace. Web presence enables the Internet users to get information fast, in the right time and in the right manner.As the number of Internet users grows up, the e-readiness of business in every country acquires special meaning. In the Republic of Macedonia (RM), the business sector makes efforts for achieving a higher level of e-readiness and bigger presence on international scene. Therefore, this paper refers to the situation with e-business and ecommerce in RM and readiness for international advent.

For many years, it has been fairly well documented that, as a whole, women do more than their equal share of communal "care" – household and parenting – work in households across America even when both partners in a heterosexual couple with children work outside the home. Whether such statistical disparity is a result of cultural expectations, men’s larger share of paid work, or the slow pace of achieving gender equality is debatable. Meanwhile, gendered responses to the global recession and to the contraction of the labor market also present interesting phenomena for American feminists to examine. Some call the recent unemployment crisis in America the "Mancession" because of the types of labor sectors most heavily affected, namely middle class manufacturing jobs. Others argue that American females have been more successful in finding new employment during the global recession because they are more adaptable. Still others warn that as the economy turns around and middle class manufacturing jobs return, women will fare worse in the employment comparisons. Questions needing further examination as the data emerge are: 1) whether female employment will increase, decrease or change as the economy turns around, and 2) whether female adaptation will create more success in employment numbers and compensation. Equally ripe for study is the gendered face of American legal education, particularly as legal educators are challenged to change and, I posit, to engage in "feminine" behavior: 1) to work communally rather than individually and 2) to adapt and change in a new economy. This "call for change" stems not simply from the 2008 financial crash, and its concomitant loss of legal jobs, but from the spiraling costs of legal education and the restructuring of the legal market. Critiques of American legal education such as those found in the Carnegie Foundation’s Educating Lawyers, the Clinical Legal Education Association’s Best Practices for Legal Education, and Brian Tamahana’s Failing Law Schools all underscore the need for American law school faculties to work in an integrated and communal manner instead of as independent contractor-experts. The question arises whether the need to act in a more holistic, integrated and communal manner will create or exacerbate gendered differences in the legal academy. I argue that there have been longstanding gender differences, as a whole, in American law faculty members’ willingness to engage in the "care/household" work of law schools, namely in the production of tangible value for the students, alumni and the profession. These differences can be observed in the gender disparity among the "workhorse" administrative positions such as the Dean of Students and/or Academics, and may also exist in the day to day committee work that is the governing structure of the academy. It can also be demonstrated by the gender identity of those who do the "care" work of the institution – the formation of students for real practice (clinicians) and the challenge of teaching students the most fundamental skills needed for American attorneys - legal research and writing (lawyering /legal writing faculty). That does not mean, of course, that all female faculty members are selfless and all male faculty members are self-involved. One finds both types of individuals in both gender types. However, for American law schools to continue to flourish, they will need individuals who work communally, who know how to adapt and change for the good of the whole, and who place student or institutional needs above individual inclinations and individual goals. As the work of law school Deans becomes more burdensome and less well-compensated, I believe it is more likely we will see an increasing number of women at the helm of law schools. Contrasting with that argument, however, and on a less cynical and more hopeful note, I explore whether the "feminization of law schools" including the modeling of and teaching of adaptability, flexibility and communal problem solving will redeem American legal education and better prepare law students for the new economy.

For over a decade, we have been witnessing massive changes of social behaviours regulated by copyright law. At the same time we’ve also witnessed the emergence of new forms of expression, new channels of content distribution and a growing sphere of informal, unauthorized exchange of content. Each of these is a case of democratisation – or rather popularisation – of practices regulated by copyright law, which until recently applied to only a small group of professional creators and intermediaries.Changes to ways of enjoying and using culture (and other content regulated by copyright law) are so vast and common, and so far removed from the law currently in force, that keeping it in its present form is becoming increasingly difficult – especially if we recognise the fact that social reality and the law should be coherent with one another. We face a serious risk: the new copyright law, instead of addressing the situation, may become a new system for digitally controlling citizens. It may also create a justification for attempts to invigilate society. Such solutions have been at the core of international agreements such as ACTA or TPP. New attempts to tune network space with the realities of politics will no doubt be made, and today the danger of limiting citizens’ freedom is very real.The matter of the unavoidable copyright law reform is too vital and concerns too many people – more than 10 million Polish Internet users – to be left in the hands of a narrow group of stakeholders and lawyers representing the interests of creative sector businesses. It is not relevant whether those businesses operate within the old or the new economy. It is crucial to include the users of content in the public debate and allow the interests of this key group to be represented. At present this group remains absent from the public debate: it has no representation, no voice.Our report is an attempt to give it a voice. We describe the dominating norms and perceptions that function in Polish society and that revolve around the issue of content usage constituting intellectual property, mostly in the digital environment. What is permitted, and what is not? What is right, and what is wrong? By defining the subject of our study in this way we can widen its scope beyond merely assessing a general aware- ness of copyright regulations currently in force. Instead, we aim to provide a framework for reconstructing norms, on which reformed copyright law can be based.

Although stock returns of intangibles-intensive firms tend to exceed physical assets-intensive firms, risk-adjusted returns of actively managed mutual funds significantly decrease (increase) with their portfolios’ exposure to intangibles-intensive (physical assets-intensive) firms. Fund managers tend to exhibit skill when they focus on difficult-to-value (e.g., small) firms, except when the firms are intangibles-intensive. In sum, the worst-performing funds are in areas of the market that seem to offer ample opportunities for professional investors due to exacerbated mispricing. The negative impact of investments in intangibles-intensive firms on fund performance appears to be driven by extrapolation bias and decreases with learning from experience.