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New Economy Forum Briefing
J. Bradford DeLong
Standards and Markets
- For past two generations US
Government rule making kept a strategic focus: create and preserve
institutional and market openness and lively competition.
- Consider the rapid expansion
of the Internet.
- Decisions that provided open
access for Internet Service Providers and assured a fixed monthly
charge for the local modem dial-in to the internet, over the
local telephone system, to the local Internet Service Provider
-- though the accessed sites were distributed around the globe
-- facilitated the rapid residential expansion.
- Consider the flood of venture
- The change in what is called
the "prudent man rule" permitted pension funds to participate
in the venture business. The consequence was a substantial increase
in the scale of funds available for entrepreneurial start-ups
and innovative undertakings.
- All market economies require
rules of the road;
- For markets to work there must
be rules about property
- There must also be rules about
- The rules
for that E-conomy will increasingly define not only how individual
markets work, but also how the over-all market economy works.
- Debate will ultimately be about
the regulations and rules that shape the kind of network world
we have, what kind of code-constructed realities and businesses
we develop, and hence what kind of economy we build.
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of Economics J. Bradford DeLong, 601 Evans Hall, #3880
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