Congress takes a casual look at the peer-to-peer economy - “Finding new ways to monetise used or existing assets has the obvious and immediate effects of raising their value and the wealth of their owners, while simultaneously reducing the value of comparable stuff owned by incumbent companies — for whom monetisation already wasn’t a problem, and who find themselves burdened by the newly competitive environment. The innovations also provide a surplus to those consumers who previously would have paid more to an incumbent. And all without any new stuff actually having to be made.” [more inside]
Brad DeLong, recently installed at Equitablog, lays out a future (wonkish) where the returns to capital keep increasing relative to labor: "What do we people do to add value? Eight things... [more inside]
How The Economic Machine Works by Ray Dalio actually makes a case against austerity and for redistribution, but also for money printing (and, arguably, for bailouts), while stressing the need to keep making productivity-improving public and private investments. However, it could be equally entitled: How The Industrial Age Political-Economy Doesn't Work Anymore, viz. Surviving Progress (2011)... [more inside]
Economists and the theory of politics - "why unions were often well worth any deadweight cost" [more inside]
Wikipedia And The Death Of The Expert - "McLuhan prefigured the Internet era in a number of surprising ways. As he said in a March 1969 Playboy interview: 'The computer thus holds out the promise of a technologically engendered state of universal understanding and unity, a state of absorption in the Logos that could knit mankind into one family and create a perpetuity of harmony and peace' ... Wikipedia, along with other crowd-sourced resources, is wreaking a certain amount of McLuhanesque havoc on conventional notions of 'authority', 'authorship', and even 'knowledge' ... Knowledge is growing more broadly and immediately participatory and collaborative by the moment."
Trust, Coordination Technology* & The Experience Economy - "It could be that the nature of technological change isn't causing the slowdown** but a shift in values.*** It could be that in an industrial economy people develop a materialist mind-set and believe that improving their income is the same thing as improving their quality of life. But in an affluent information-driven world, people embrace the postmaterialist mind-set. They realize they can improve their quality of life without actually producing more wealth." (via mr) [more inside]