PROPERTY RIGHTS AND THE KNOWLEDGE ECONOMY
PROPERTY RIGHTS AND THE KNOWLEDGE ECONOMY
Author(s): Călin ValsanSubject(s): Economy
Published by: Universitatea Nicolae Titulescu
Keywords: Human capital; property rights; public goods; positive sum games; economic surplus
Summary/Abstract: This paper outlines several important changes in our economic model brought about by the emergence of the knowledge economy. Until now, property rights have acquired a solid track record for being the most reliable and efficient societal device for coping with economic uncertainty. In the industrial age, property rights have made the separation between ownership and control tenable and have generated the now ubiquitous archetype of economic organization represented by the public corporation. In the knowledge economy, the most important factor of production is human capital, meaning that the importance of property rights is greatly diminished, as one cannot separate ownership from control without interfering with the right of self-ownership.
Journal: LESIJ - Lex ET Scientia International Journal
- Issue Year: XVI/2009
- Issue No: 2
- Page Range: 376-383
- Page Count: 8
- Language: English