A theory is presented which predicts that performance will stabilize at an equilibrium level in a long-term token economy. This prediction is based on the joint consideration of consumption schedules (relationships between income and expenditure) and a hypothesized critical range of savings (a range of savings above which performance deteriorates and below which performance improves). Procedure...

When a firm changes its unique mix of products, markets, and technologies, some of employees’ previously acquired human capital depreciates. As a result, the firm can credibly renegotiate down employees’ quasi rents, which it had promised them as a reward for their human capital investments. We show that linking employees’ pay to total firm value, a widely observed phenonemon in practice, can m...

This paper analyzes the real effects of differences in structures on financial markets, especially concerning quasi-equilibrium unemployment. It argues that a vibrant venture capital market is an important prerequisite for financing structural change and thus for keeping unemployment low in the ongoing transition to the “new economy”. It furthermore points out the crucial importance of extensiv...

Economics-related ICT research has moved from the fringes of the discipline to penetrate all of its branches. It is, therefore, not a separate economics sub-discipline. It is also unlikely to become part of an ‘ICT or Internet Research’ proto-discipline. Instead, it should be seen as only one part of a bigger agenda toward a proper ‘information and knowledge economics’ and possibly a future pro...

The industrial transformation of the American Midwest during the mid-nineteenth century played a considerable role at a critical period in the emergence of an integrated, national economy. The Midwest's significance lies not only in its obvious central location but also in the apparently paradoxical industrial development of a region that initially had such a noticeable comparative advantage in...

Generation and exploitation of knowledge became one of the most significant components in the new economy. This paper first investigates influence of information and communications technology on economy, with specific emphasis on Internet economy and electronic commerce. The paper then describes characteristics of the knowledge economy, discusses knowledge, presents main issues relevant for bui...

The transition to the New Economy accelerated in the last half of the 1990s. Using new economy index measures, one can see that rapid growth in service sector activity from 1990 to 2000, at 45 percent, overshadowed the performance of the nation’s manufacturing sector, at 22 percent (Atkinson and Court). We now live in an economy where 80 percent of all workers do not produce things. Even within...

This paper will first review existing literatures and empirical results from national statistics on employment transformation, underemployment and gender effects on occupational restructuring. Then, we further examine the relation between unemployment and underemployment by conducting an empirical survey. From the national statistics, we found that the employment structure by industry in Taiwan...

The idealistic beginnings of the sharing economy made ways to an entrenched battle to win over the public opinion and for law makers to appreciate its benefits and its risks. The stakes are high as the success of services like Airbnb reveals that under-utilized assets (e.g. spare rooms or apartments left vacant) can be efficiently matched to individual demands to generate a significant surplus ...

Sullivan’s model presents an opportunity to explore the management of intellectual property (IP) as a specialised activity in the discipline of knowledge management. The model is analysed in terms of strengths and weaknesses to gain a better understanding of the relationship between knowledge, the demands of the new economy and the role of intellectual property in organisations. The analysis fo...