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In the new economy, knowledge has become both the key production process component and an important object of exchange itself. While knowledge always has been a component of economic activity, it has become "the one factor of production" capable of increasing the productive capacity of both capital and labor. As it was the case in years past, the interests of employers and employees do not necessarily coincide when it comes to allocating rights regarding the ownership and exchange of knowledge. Interestingly, this transition towards a "knowledge economy," and the implications that it has in resolving the inherent conflict between management and labor, has gone almost totally unnoticed by courts, legislatures, and legal scholars alike. The laws that regulate U.S. labor markets are based on a value system reflective of the industrial economy of the 1900s. In particular, the laws regulating the ability of employees to own and share information about their jobs are based on the premises underlying last century's industrial economy. A disconnect thus has developed between the legal regime and the actual operation of labor markets, making our employment laws ineffective in handling the demands created by the shift towards the knowledge economy. This article expands current research by identifying the various implications of the transition towards a knowledge economy on the right of employees to exchange information about their jobs. We believe that the dynamics of the knowledge economy demand a better appreciation of the importance of information exchanges in the workplace. This greater appreciation requires that legal rules be made clear and strengthened regarding a possible general workplace right to information.
This volume focuses on the Information and Communication (ICT) revolution and its impact on economic growth. Even though the emergence of the knowledge economy is at the center of attention by media and is often a subject of economic policy debate, economic research on the issue is still relatively underdeveloped and many aspects of it are still awaiting proper theoretical and empirical scrutiny. One important question is whether, as many economists and opinion leaders maintain the knowledge economy and the new information technologies have fostered the birth of a 'new economy' which by inducing a strong productivity growth in most sectors, is behind the impressive growth of GDP experienced by the US economy. Empirical research has in fact been unable to provide a conclusive answer to this question. This book debates this issue and provides the opportunity to discuss the economic and social effects of the ICT revolution. It also focuses on the functioning and the micro-economic structure of the ICT sector, as well as on its impact on various industries, on the financial system and on the labor market. It analyses the role of the ICT revolution on regional development and it addresses important policy issues such as its consequences for antitrust legislation and government regulation.
Francis Gurry's renowned work, Breach of Confidence, published in 1984, was groundbreaking and invaluable in the field of intellectual property as the first text to synthesise the then burgeoning case law on breach of confidence into a systematic form. A highly regarded book, it was the first point of resort for practitioners and a key source for judges. Aplin, Bently, Johnson and Malynicz bring us a new edition of this important work, which remains faithful to the original in its approach, but is fully updated in light of the developments since the first edition. The authors expand upon the original work, in particular adding new material on the history and current relevance of the action for breach of confidence, . The authors stress both the advantages and disadvantages of the action for breach of confidence and, like Gurry, they constantly distinguish the action from associated legislative regimes which regulate the access to, acquisition, use and disclosure of information. The book extensively references the many analyses of the data protection regime and considers also issues of jurisdiction and choice of applicable law. Bringing together their particular skills and interests, the three authors produce a fresh re-writing of a highly significant text which retains the academic quality and precision of the original and stakes its claim once more as the leading authority in the field.
The U.S. stock market has been transformed over the last twenty-five years. Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light. High-frequency traders participate in a large portion of all transactions, and a significant minority of all trade occurs on alternative trading systems known as “dark pools.” These developments have been widely criticized, but there is no consensus on the best regulatory response to these dramatic changes. The New Stock Market offers a comprehensive new look at how these markets work, how they fail, and how they should be regulated. Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg describe stock markets’ institutions and regulatory architecture. They draw on the informational paradigm of microstructure economics to highlight the crucial role of information asymmetries and adverse selection in explaining market behavior, while examining a wide variety of developments in market practices and participants. The result is a compelling account of the stock market’s regulatory framework, fundamental institutions, and economic dynamics, combined with an assessment of its various controversies. The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.
Who Owns Knowledge? explores the emerging linkages between the extension of knowledge and the law. It anticipates that the legal system will not only be called upon to adjudicate in matters of creative minds, but will be expected to do so to an ever increasing degree. Linkages between the legal system and knowledge are bound to multiply in modern societies. Ironically, while increasingly relying on knowledge, we are simultaneously investing significant resources into controlling this same knowledge. This includes developing a system of legal governance over how knowledge is extended or enlarged. Such modes of governance may take the form of regulatory legal codes, or legal challenges and judgments that shape the evolution of modern society and potentially transform knowledge itself, as a productive force. Who Owns Knowledge? asks such questions as: What is the appropriate balance of public and private interests involved in this process? How can creative powers, natural resources and indigenous knowledge be protected from either public or private exploitation? Does the law have the power to prevent this exploitation, or is adaptive technology needed? Also, in this identity theft conscious age, how can the rights of the individual be protected against policies allowing access to any kind of information, especially confidential information? The editors and contributors demonstrate that the relationship between knowledge and the law needs to be further researched and discussed. Who Owns Knowledge? is a must-read for those interested in the subjects of intellectual property, the history and development of modern legal and economic systems and their entanglements, and how judicial systems make choices between the legal and economic systems and, especially, between the public and private good and their often opposing interests.
The Production and Distribution of Knowledge in the United States marked the beginning of the study of our postindustrial information society. Austrian-born economist Fritz Machlup had focused his research on the patent system, but he came to realize that patents were simply one part of a much bigger "knowledge economy." He then expanded the scope of his work to evaluate everything from stationery and typewriters to advertising to presidential addresses--anything that involved the activity of telling anyone anything. The Production and Distribution of Knowledge in the United States then revealed the new and startling shape of the U.S. economy. Machlup's cool appraisal of the data showed that the knowledge industry accounted for nearly 29 percent of the U.S. gross national product, and that 43 percent of the civilian labor force consisted of knowledge transmitters or full-time knowledge receivers. Indeed, the proportion of the labor force involved in the knowledge economy increased from 11 to 32 percent between 1900 and 1959--a monumental shift. Beyond documenting this revolution, Machlup founded the wholly new field of information economics. The transformation to a knowledge economy has resonated throughout the rest of the century, especially with the rise of the Internet. As two recent observers noted, "Information goods--from movies and music to software code and stock quotes--have supplanted industrial goods as the key drivers of world markets." Continued study of this change and its effects is testament to Fritz Machlup's pioneering work.
This book makes a strong and coherent contribution to the discussion of the knowledge economy and of innovation, offering a range of theoretical insights from different disciplinary perspectives. The role of knowledge, knowledge development, and knowledge diffusion is discussed at the micro level of individuals and firms, but also at the level of groups of firms and sectors, as well as at the level of the economy at large. Dolfsma analyses knowledge development and diffusion as a thoroughly social process, depending on communicative structures to support cooperation. The author combines insights from economics and management with perspectives from sociology (network theory), anthropology (gift exchange), social psychology, science studies and information theory (scientometrics), using empirical analyses to demonstrate where knowledge impacts the dynamics of an economy.
The importance of the Internet and information and communication technologies to the global economy has never been greater. This volume aims to facilitate knowledge sharing relevant to everyone, irrespective of background, thematic or goegraphic focus.
This highly original book provides an engaging and critical introduction to the knowledge economy. The knowledge economy is a potent force pervading global and national policy circles. Yet few people outside the field of economics understand its central ideas and practices. This book makes these accessible. But it does much more. It provokes 'conversations' between the knowledge economy and those marginalized economies that haunt it: the risk, gift, libidinal and survival economies. These illuminate the knowledge economy's shortcomings and point to alternative possible systems of exchange and sets of values. This multi-disciplinary study takes the knowledge economy out of the hands of the economists and brings it into creative tension with the ideas of key thinkers from sociology, anthropology, philosophy and ecology. Illustrating the benefits of conversing with the ghosts of alternative economies, this provocative book will unsettle the way in which the knowledge economy is understood. Groundbreaking and globally applicable, it has been authored by internationally respected authors and its conceptual breadth pertains to a range of disciplines and gives it its wide appeal.
This book explores the relationship between space and economy, the spatial expressions of the knowledge economy. The capitalist industrial economy produced its own space, which differed radically from its predecessor agrarian and mercantile economies. If a new knowledge-based economy is emerging, it is similarly expected to produce its own space to suit the new circumstances of production and consumption. If these spatial expressions do exist, even if in incomplete and partial forms, they are likely to be the model for the future of cities.