Craig Aaron and Timothy Karr
- Published in print:
- 2016
- Published Online:
- January 2017
- ISBN:
- 9780823271641
- eISBN:
- 9780823271696
- Item type:
- chapter
- Publisher:
- Fordham University Press
- DOI:
- 10.5422/fordham/9780823271641.003.0007
- Subject:
- Information Science, Communications
Since its inception Free Press has strived to create a world where people have the information and opportunities they need to tell their own stories, hold leaders accountable, and actively ...
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Since its inception Free Press has strived to create a world where people have the information and opportunities they need to tell their own stories, hold leaders accountable, and actively participate in policymaking. Progress on any important issue will be impossible without changes to the policies, laws and politics that created the media we have now. The only way to make such changes is by creating a broad, popular movement for media reform. To mobilize this movement Free Press uses an outside-in approach. For its Net Neutrality campaign Free Press relied upon the expertise and credibility of its “inside” experts, lawyers, researchers and advocates, while simultaneously mobilizing hundreds of organizational allies and millions of “outside” activists to sign petitions, call Congress and attend FCC hearings and local rallies. Though vastly outnumbered on Capitol Hill—and absent at industry cocktail parties at campaign fundraisers—Free Press has worked to connect with key congressional staffers, educate “grasstops” leaders, and conducted independent research and analysis. Whether working for Internet freedom in the U.S. or abroad, advocates won’t be able to enact the right policies unless we can motivate and mobilize millions of people to take up the larger cause.Less
Since its inception Free Press has strived to create a world where people have the information and opportunities they need to tell their own stories, hold leaders accountable, and actively participate in policymaking. Progress on any important issue will be impossible without changes to the policies, laws and politics that created the media we have now. The only way to make such changes is by creating a broad, popular movement for media reform. To mobilize this movement Free Press uses an outside-in approach. For its Net Neutrality campaign Free Press relied upon the expertise and credibility of its “inside” experts, lawyers, researchers and advocates, while simultaneously mobilizing hundreds of organizational allies and millions of “outside” activists to sign petitions, call Congress and attend FCC hearings and local rallies. Though vastly outnumbered on Capitol Hill—and absent at industry cocktail parties at campaign fundraisers—Free Press has worked to connect with key congressional staffers, educate “grasstops” leaders, and conducted independent research and analysis. Whether working for Internet freedom in the U.S. or abroad, advocates won’t be able to enact the right policies unless we can motivate and mobilize millions of people to take up the larger cause.
Matthew Hindman
- Published in print:
- 2018
- Published Online:
- May 2019
- ISBN:
- 9780691159263
- eISBN:
- 9780691184074
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691159263.001.0001
- Subject:
- Political Science, Political Economy
The Internet was supposed to fragment audiences and make media monopolies impossible. Instead, behemoths like Google and Facebook now dominate the time we spend online—and grab all the profits from ...
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The Internet was supposed to fragment audiences and make media monopolies impossible. Instead, behemoths like Google and Facebook now dominate the time we spend online—and grab all the profits from the attention economy. This book explains how this happened. It sheds light on the stunning rise of the digital giants and the online struggles of nearly everyone else—and reveals what small players can do to survive in a game that is rigged against them. The book shows how seemingly tiny advantages in attracting users can snowball over time. The Internet has not reduced the cost of reaching audiences—it has merely shifted who pays and how. Challenging some of the most enduring myths of digital life, the book explains why the Internet is not the postindustrial technology that has been sold to the public, how it has become mathematically impossible for grad students in a garage to beat Google, and why net neutrality alone is no guarantee of an open Internet. It also explains why the challenges for local digital news outlets and other small players are worse than they appear and demonstrates what it really takes to grow a digital audience and stay alive in today's online economy. The book shows why, even on the Internet, there is still no such thing as a free audience.Less
The Internet was supposed to fragment audiences and make media monopolies impossible. Instead, behemoths like Google and Facebook now dominate the time we spend online—and grab all the profits from the attention economy. This book explains how this happened. It sheds light on the stunning rise of the digital giants and the online struggles of nearly everyone else—and reveals what small players can do to survive in a game that is rigged against them. The book shows how seemingly tiny advantages in attracting users can snowball over time. The Internet has not reduced the cost of reaching audiences—it has merely shifted who pays and how. Challenging some of the most enduring myths of digital life, the book explains why the Internet is not the postindustrial technology that has been sold to the public, how it has become mathematically impossible for grad students in a garage to beat Google, and why net neutrality alone is no guarantee of an open Internet. It also explains why the challenges for local digital news outlets and other small players are worse than they appear and demonstrates what it really takes to grow a digital audience and stay alive in today's online economy. The book shows why, even on the Internet, there is still no such thing as a free audience.
Peter F. Cowhey, Jonathan D. Aronson, and Donald Abelson
- Published in print:
- 2009
- Published Online:
- August 2013
- ISBN:
- 9780262012850
- eISBN:
- 9780262255066
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262012850.003.0006
- Subject:
- Information Science, Communications
This chapter discusses the changing political economy of policy in the United States. It reviews the political and economic logic of debates over telecom competition policy, such as the debates over ...
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This chapter discusses the changing political economy of policy in the United States. It reviews the political and economic logic of debates over telecom competition policy, such as the debates over “net neutrality,” content, and information-market policies. The United States is the initial focus of the chapter so as to keep the analysis manageable. The chapter suggests that the United States remains the leading market for a wide swath of information and communication technology (ICT) solutions, and also examines the political economy of initial American choices in response to modularity at the inflection point. It shows that it is a challenge to find a political formula in the United States that allows for easy clearance of digital rights, reasonable fair use, and efficient charging and disbursement of fees for uses of copyright.Less
This chapter discusses the changing political economy of policy in the United States. It reviews the political and economic logic of debates over telecom competition policy, such as the debates over “net neutrality,” content, and information-market policies. The United States is the initial focus of the chapter so as to keep the analysis manageable. The chapter suggests that the United States remains the leading market for a wide swath of information and communication technology (ICT) solutions, and also examines the political economy of initial American choices in response to modularity at the inflection point. It shows that it is a challenge to find a political formula in the United States that allows for easy clearance of digital rights, reasonable fair use, and efficient charging and disbursement of fees for uses of copyright.
Ben Epstein
- Published in print:
- 2018
- Published Online:
- April 2018
- ISBN:
- 9780190698980
- eISBN:
- 9780190699017
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780190698980.003.0008
- Subject:
- Political Science, American Politics, Democratization
This chapter shifts the focus to the third and final stabilization phase of the political communication cycle (PCC). During the stabilization phase, a new political communication order (PCO) takes ...
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This chapter shifts the focus to the third and final stabilization phase of the political communication cycle (PCC). During the stabilization phase, a new political communication order (PCO) takes shape through the building of norms, institutions, and regulations that serve to fix the newly established status quo in place. This status quo occurs when formerly innovative political communication activities become mundane, yet remain powerful. Much of the chapter details the pattern of communication regulation and institution construction over time. In particular, this chapter explores the instructive similarities and key differences between the regulation of radio and the internet, which offers important perspectives on the significance of our current place in the PCC and the consequences of choices that will be made over the next few years.Less
This chapter shifts the focus to the third and final stabilization phase of the political communication cycle (PCC). During the stabilization phase, a new political communication order (PCO) takes shape through the building of norms, institutions, and regulations that serve to fix the newly established status quo in place. This status quo occurs when formerly innovative political communication activities become mundane, yet remain powerful. Much of the chapter details the pattern of communication regulation and institution construction over time. In particular, this chapter explores the instructive similarities and key differences between the regulation of radio and the internet, which offers important perspectives on the significance of our current place in the PCC and the consequences of choices that will be made over the next few years.
Joseph Stiglitz and Aaron Edlin (eds)
- Published in print:
- 2014
- Published Online:
- November 2015
- ISBN:
- 9780231160155
- eISBN:
- 9780231504324
- Item type:
- book
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231160155.001.0001
- Subject:
- Economics and Finance, Public and Welfare
The Economists’ Voice: Top Economists Take On Today’s Problems featured a core collection of accessible, timely essays on the challenges facing today’s global markets and financial institutions. This ...
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The Economists’ Voice: Top Economists Take On Today’s Problems featured a core collection of accessible, timely essays on the challenges facing today’s global markets and financial institutions. This book is the next installment in this series, gathering together the strongest essays published in The Economist’s Voice, a nonpartisan online journal, so that students and general readers can gain a deeper understanding of the financial developments shaping their world. The chapters tackle the plain economics and architecture of health care reform, its implications for society and the future of the health insurance industry, and the value of the health insurance subsidies and exchanges built into the law. The book considers the effects of financial regulatory reform, the possibilities for ratings reform, and the issue of limiting bankers’ pay. An objective examination of the financial crisis and bank bailouts results in two chapters on investment banking regulation after Bear Stearns and the positives and negatives of the Paulson/Bernanke bailout. The chapters weigh the merits of future rescues and suggest alternative strategies for addressing the next financial crisis. A final section examines a unique array of topics: the stability of pension security bonds; the value of a carbon tax, especially in fostering economic and environmental sustainability; the counterintuitive perils of net neutrality; the unforeseen consequences of government debt; the meaning of the Google book search settlement; and the unexploited possibilities for profit in NFL overtime games.Less
The Economists’ Voice: Top Economists Take On Today’s Problems featured a core collection of accessible, timely essays on the challenges facing today’s global markets and financial institutions. This book is the next installment in this series, gathering together the strongest essays published in The Economist’s Voice, a nonpartisan online journal, so that students and general readers can gain a deeper understanding of the financial developments shaping their world. The chapters tackle the plain economics and architecture of health care reform, its implications for society and the future of the health insurance industry, and the value of the health insurance subsidies and exchanges built into the law. The book considers the effects of financial regulatory reform, the possibilities for ratings reform, and the issue of limiting bankers’ pay. An objective examination of the financial crisis and bank bailouts results in two chapters on investment banking regulation after Bear Stearns and the positives and negatives of the Paulson/Bernanke bailout. The chapters weigh the merits of future rescues and suggest alternative strategies for addressing the next financial crisis. A final section examines a unique array of topics: the stability of pension security bonds; the value of a carbon tax, especially in fostering economic and environmental sustainability; the counterintuitive perils of net neutrality; the unforeseen consequences of government debt; the meaning of the Google book search settlement; and the unexploited possibilities for profit in NFL overtime games.
Victor Pickard
- Published in print:
- 2020
- Published Online:
- December 2019
- ISBN:
- 9780190946753
- eISBN:
- 9780190946791
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780190946753.003.0005
- Subject:
- Political Science, American Politics, Political Economy
Chapter 4 brings into focus various structural threats to journalism, including monopoly control over media infrastructures, the loss of public interest protections, digital divides, and the ...
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Chapter 4 brings into focus various structural threats to journalism, including monopoly control over media infrastructures, the loss of public interest protections, digital divides, and the “Facebook problem.” It examines how monopolies—from platforms to traditional conglomerates and broadband cartels—threaten the entire news media system. The chapter goes on to provide an overview of why media policy matters for journalism and how different ownership structures affect media content. It then concludes with an in-depth discussion of Facebook’s relationship to journalism and the different schools of thought on how we should rein in monopolies.Less
Chapter 4 brings into focus various structural threats to journalism, including monopoly control over media infrastructures, the loss of public interest protections, digital divides, and the “Facebook problem.” It examines how monopolies—from platforms to traditional conglomerates and broadband cartels—threaten the entire news media system. The chapter goes on to provide an overview of why media policy matters for journalism and how different ownership structures affect media content. It then concludes with an in-depth discussion of Facebook’s relationship to journalism and the different schools of thought on how we should rein in monopolies.
Kazys Varnelis (ed.)
- Published in print:
- 2008
- Published Online:
- August 2013
- ISBN:
- 9780262220859
- eISBN:
- 9780262285483
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262220859.001.0001
- Subject:
- Information Science, Communications
Digital media and network technologies are now part of everyday life. The Internet has become the backbone of communication, commerce, and media; the ubiquitous mobile phone connects us with others ...
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Digital media and network technologies are now part of everyday life. The Internet has become the backbone of communication, commerce, and media; the ubiquitous mobile phone connects us with others as it removes us from any stable sense of location. This book examines the ways that the social and cultural shifts created by these technologies have transformed our relationships to (and definitions of) place, culture, politics, and infrastructure. Four chapters provide a synoptic overview along with illustrative case studies. The chapter on place describes how digital networks enable us to be present in physical and networked places simultaneously—often at the expense of nondigital commitments. The chapter on culture explores the growth and impact of amateur-produced and remixed content online. The chapter on politics examines the new networked modes of bottom-up political expression and mobilization. And finally, the chapter on infrastructure notes the tension between openness and control in the flow of information, as seen in the current controversy over net neutrality.Less
Digital media and network technologies are now part of everyday life. The Internet has become the backbone of communication, commerce, and media; the ubiquitous mobile phone connects us with others as it removes us from any stable sense of location. This book examines the ways that the social and cultural shifts created by these technologies have transformed our relationships to (and definitions of) place, culture, politics, and infrastructure. Four chapters provide a synoptic overview along with illustrative case studies. The chapter on place describes how digital networks enable us to be present in physical and networked places simultaneously—often at the expense of nondigital commitments. The chapter on culture explores the growth and impact of amateur-produced and remixed content online. The chapter on politics examines the new networked modes of bottom-up political expression and mobilization. And finally, the chapter on infrastructure notes the tension between openness and control in the flow of information, as seen in the current controversy over net neutrality.
Gautam Bhatia
- Published in print:
- 2016
- Published Online:
- April 2016
- ISBN:
- 9780199460878
- eISBN:
- 9780199086351
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199460878.003.0013
- Subject:
- Law, Constitutional and Administrative Law
The final chapter of this book is tentative and exploratory. It explores issues that have recently come to the fore in India, but have not yet been analysed under the rubric of free speech law. Four ...
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The final chapter of this book is tentative and exploratory. It explores issues that have recently come to the fore in India, but have not yet been analysed under the rubric of free speech law. Four issues are discussed. Bulk surveillance (which is quintessentially thought of as raising privacy concerns) impacts upon the freedom of speech, via the chilling effect. In an age where the Internet is replacing the town square and the public park as a preferred forum of speech, network neutrality and the actions of gatekeepers such as the ISPs have assumed free speech dimensions. Investigative journalism as a crucial aspect of the ‘checking value’ of free speech needs strong source protection laws. And lastly, copyright law, by vesting a monopoly of speech upon the rights-holder, ought to be examined under the rubric of free speech.Less
The final chapter of this book is tentative and exploratory. It explores issues that have recently come to the fore in India, but have not yet been analysed under the rubric of free speech law. Four issues are discussed. Bulk surveillance (which is quintessentially thought of as raising privacy concerns) impacts upon the freedom of speech, via the chilling effect. In an age where the Internet is replacing the town square and the public park as a preferred forum of speech, network neutrality and the actions of gatekeepers such as the ISPs have assumed free speech dimensions. Investigative journalism as a crucial aspect of the ‘checking value’ of free speech needs strong source protection laws. And lastly, copyright law, by vesting a monopoly of speech upon the rights-holder, ought to be examined under the rubric of free speech.
Athanasios Psygkas
- Published in print:
- 2017
- Published Online:
- November 2017
- ISBN:
- 9780190632762
- eISBN:
- 9780190632793
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780190632762.003.0003
- Subject:
- Political Science, International Relations and Politics
This chapter presents the first country case. The French example is illuminating because the EU procedural mandates were transposed into a policymaking environment traditionally described as ...
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This chapter presents the first country case. The French example is illuminating because the EU procedural mandates were transposed into a policymaking environment traditionally described as “statist” and suspicious toward interest groups. This pattern has its origins in the French Revolution and the “republican” perception of the state which would squarely oppose the deliberative-participatory model of chapter 1. Chapter 3 examines how the EU push for new mechanisms of public accountability has translated into institutional practice in the electronic communications sector. It situates these developments in the historical context of the evolution of the French administrative model and state-society relations. It also discusses whether these new processes may gradually give rise to a different perception of the administrative state, one that will be more open to participatory influences in all sectors of administrative policymaking.Less
This chapter presents the first country case. The French example is illuminating because the EU procedural mandates were transposed into a policymaking environment traditionally described as “statist” and suspicious toward interest groups. This pattern has its origins in the French Revolution and the “republican” perception of the state which would squarely oppose the deliberative-participatory model of chapter 1. Chapter 3 examines how the EU push for new mechanisms of public accountability has translated into institutional practice in the electronic communications sector. It situates these developments in the historical context of the evolution of the French administrative model and state-society relations. It also discusses whether these new processes may gradually give rise to a different perception of the administrative state, one that will be more open to participatory influences in all sectors of administrative policymaking.
Ben Epstein
- Published in print:
- 2018
- Published Online:
- April 2018
- ISBN:
- 9780190698980
- eISBN:
- 9780190699017
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780190698980.003.0009
- Subject:
- Political Science, American Politics, Democratization
This chapter summarizes the key takeaways from the book and the utility of the political communication cycle (PCC) overall. Technological changes and political contexts matter a great deal in the ...
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This chapter summarizes the key takeaways from the book and the utility of the political communication cycle (PCC) overall. Technological changes and political contexts matter a great deal in the process of political communication change, but nothing is as consequential as the political choices that political actors and organizations make. These behavioral motivations explain much of the difference in innovativeness over time between different types of organizations, like the campaigns, social movements, and interest groups detailed in chapters 5 through 7. The conclusion applies these historical lessons to the current status of political communication, clarifying where we now are in the recurring cycle, and explaining why our position within the stabilization phase matters for political actors and consumers of political communication alike. Finally, this chapter sketches three possible paths forward and highlights related areas that could become subjects of future studies.Less
This chapter summarizes the key takeaways from the book and the utility of the political communication cycle (PCC) overall. Technological changes and political contexts matter a great deal in the process of political communication change, but nothing is as consequential as the political choices that political actors and organizations make. These behavioral motivations explain much of the difference in innovativeness over time between different types of organizations, like the campaigns, social movements, and interest groups detailed in chapters 5 through 7. The conclusion applies these historical lessons to the current status of political communication, clarifying where we now are in the recurring cycle, and explaining why our position within the stabilization phase matters for political actors and consumers of political communication alike. Finally, this chapter sketches three possible paths forward and highlights related areas that could become subjects of future studies.
David Casacuberta and Adolfo Plasencia
- Published in print:
- 2017
- Published Online:
- January 2018
- ISBN:
- 9780262036016
- eISBN:
- 9780262339308
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262036016.003.0020
- Subject:
- Society and Culture, Technology and Society
In this dialogue, the philosopher David Casacuberta starts out by reflecting on how, with the advent of digital technologies, people’s rights are threatened by new problems that require new ...
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In this dialogue, the philosopher David Casacuberta starts out by reflecting on how, with the advent of digital technologies, people’s rights are threatened by new problems that require new solutions. He goes on to argue why rights cannot be reduced in the age of technology and Internet. He defends the reasons why access to the Internet should be totally anonymous and argues that cryptography could be a core element for achieving this. He then explains his idea about “privacy as dignity”, and why privacy needs to be redefined. Next, he talks about why we must oppose surveillance from a cultural point of view, - and that doing so is a matter of respect and dignity -, as well as why the right to encrypt is an individual right. Casacuberta finishes by explaining why at present we are culturally faced with the dilemma of collective security, and what consequences this will have for us.Less
In this dialogue, the philosopher David Casacuberta starts out by reflecting on how, with the advent of digital technologies, people’s rights are threatened by new problems that require new solutions. He goes on to argue why rights cannot be reduced in the age of technology and Internet. He defends the reasons why access to the Internet should be totally anonymous and argues that cryptography could be a core element for achieving this. He then explains his idea about “privacy as dignity”, and why privacy needs to be redefined. Next, he talks about why we must oppose surveillance from a cultural point of view, - and that doing so is a matter of respect and dignity -, as well as why the right to encrypt is an individual right. Casacuberta finishes by explaining why at present we are culturally faced with the dilemma of collective security, and what consequences this will have for us.
Rohit Prasad and Varadharajan Sridhar
- Published in print:
- 2014
- Published Online:
- September 2014
- ISBN:
- 9780198099789
- eISBN:
- 9780199083060
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198099789.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
The demand for spectrum has never been so acute as today’s communication services extend beyond simple voice to complex data and video, augmented by evolving technologies, such as peer-to-peer ...
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The demand for spectrum has never been so acute as today’s communication services extend beyond simple voice to complex data and video, augmented by evolving technologies, such as peer-to-peer sharing, social networking, Big Data, and cloud computing. On the other hand, supply of spectrum, an essential resource for mobile services, is restricted due to competing nature of uses and vested interests of incumbent holders. This book begins by presenting the theoretical framework governing the technology, and economics of spectrum. Examples derived from practices around the world are given to illustrate the underlying principles. Future technologies that enable effective use of spectrum are documented along with the accompanying economic rationale and policy prescriptions. The significant addition in this book is the illustration of the migration from the command and control regime of spectrum allocation to flexible methods and further towards the spectrum of the commons. The regulatory and policy implications are discussed drawing parallels to practices around the world. The theoretical framework forms the basis of two extensive chapters devoted to the Indian case: the first chapter addresses spectrum management in India, starting from the initial allocation in 1995 to the substantial controversies surrounding the First Come First Serve principle practiced during the 2000s to the liberalization and auction of spectrum in 2012–13; the second on broadcast spectrum discusses the developments relating to digitization of terrestrial and satellite broadcasting and its implications for mobile services including release of digital dividend spectrum.Less
The demand for spectrum has never been so acute as today’s communication services extend beyond simple voice to complex data and video, augmented by evolving technologies, such as peer-to-peer sharing, social networking, Big Data, and cloud computing. On the other hand, supply of spectrum, an essential resource for mobile services, is restricted due to competing nature of uses and vested interests of incumbent holders. This book begins by presenting the theoretical framework governing the technology, and economics of spectrum. Examples derived from practices around the world are given to illustrate the underlying principles. Future technologies that enable effective use of spectrum are documented along with the accompanying economic rationale and policy prescriptions. The significant addition in this book is the illustration of the migration from the command and control regime of spectrum allocation to flexible methods and further towards the spectrum of the commons. The regulatory and policy implications are discussed drawing parallels to practices around the world. The theoretical framework forms the basis of two extensive chapters devoted to the Indian case: the first chapter addresses spectrum management in India, starting from the initial allocation in 1995 to the substantial controversies surrounding the First Come First Serve principle practiced during the 2000s to the liberalization and auction of spectrum in 2012–13; the second on broadcast spectrum discusses the developments relating to digitization of terrestrial and satellite broadcasting and its implications for mobile services including release of digital dividend spectrum.
B. Zorina Khan
- Published in print:
- 2020
- Published Online:
- June 2020
- ISBN:
- 9780190936075
- eISBN:
- 9780190936112
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780190936075.003.0012
- Subject:
- Economics and Finance, Development, Growth, and Environmental, Economic History
Administered systems involve regulation, while efficient markets in ideas require secure property rights and appropriate adjacent institutions. Disruptive technologies typically lead to institutional ...
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Administered systems involve regulation, while efficient markets in ideas require secure property rights and appropriate adjacent institutions. Disruptive technologies typically lead to institutional bottlenecks, which then require accommodations in legal rules and their enforcement. U.S. policy toward innovation and enterprise has always been distinguished by the central role of law and the judiciary. The evolution of legal rules and standards in the United States reveals a remarkable degree of flexibility and responsiveness to innovations. In the short run, the common law economized on legal adjustment costs through “adjudication by analogy,” whereas, in the long run, socioeconomic changes wrought by major inventions ultimately produced more fundamental adjustments in adjacent institutions. This institutional elasticity can be contrasted with the lack of transparency and rigidity that characterized most administered innovation institutions.Less
Administered systems involve regulation, while efficient markets in ideas require secure property rights and appropriate adjacent institutions. Disruptive technologies typically lead to institutional bottlenecks, which then require accommodations in legal rules and their enforcement. U.S. policy toward innovation and enterprise has always been distinguished by the central role of law and the judiciary. The evolution of legal rules and standards in the United States reveals a remarkable degree of flexibility and responsiveness to innovations. In the short run, the common law economized on legal adjustment costs through “adjudication by analogy,” whereas, in the long run, socioeconomic changes wrought by major inventions ultimately produced more fundamental adjustments in adjacent institutions. This institutional elasticity can be contrasted with the lack of transparency and rigidity that characterized most administered innovation institutions.