Archive for May, 2012

Coase on NPR

| Peter Klein |

Last week.

11 May 2012 at 3:07 pm 2 comments

IT and Higher Ed

| Peter Klein |

Joshua Gans’s Forbes piece on Stanford’s online game theory course brought up a larger point about higher education. I’ve been involved in various online, distance, web-based educational activities for many years. When designing an online course, the typical professor imagines each element of a traditional course, then creates a virtual equivalent. I.e., paper syllabus = html syllabus; books, articles, handouts = pdf files; classroom lecture = webcast lecture; office hours = chat session; pen-and-paper exams = online exams; and so on. The elements are exactly the same as before; only the method of delivery has changed.

This is almost certainly the wrong way to leverage the information technology revolution. The pedagogy is exactly the same. But isn’t this just what we would expect of entrenched incumbents? The record companies didn’t create iTunes. The online New York Times is pretty much like the paper New York Times; it took Google and Flipboard and other innovators to revolutionize the newsreading business. As we’ve noted before, isomorphism and stasis is exactly what we would expect from a protected cartel — disruptive innovation, in the Christensen sense, will almost certainly come from outside. (Hopefully after Yours Truly is comfortably retired.)

11 May 2012 at 10:45 am 4 comments

With the Pols

| Peter Klein |

Two years ago I was in D.C. on Hayek-Klein day and found myself on an elevator with Ben Bernanke, upon which I persuaded him to sing me a few bars of Happy Birthday. True story. This year I was in D.C. again, this time to give an organizational economist’s perspective on the Federal Reserve System to the House Financial Services Committee’s Subcommittee on Domestic Monetary Policy and Technology. You can read my written testimony here and see the oral remarks at C-SPAN which has archived the event.

That’s Jeff Herbener to my right and John Taylor to my left, with Jamie Galbraith by Taylor. The one on the end is not Yoda, but Alice Rivlin.

Because the hearing was televised, I can truthfully say, “I’m not a macroeconomist, but I play one on TV.”

8 May 2012 at 2:52 pm 4 comments

Darden Entrepreneurship and Innovation Research Conference

| Peter Klein |

The Darden Entrepreneurship and Innovation Research Conference is now underway in Charlottesville, Virginia. Keynote and roundtable sessions will be streamed on the conference website.

4 May 2012 at 7:39 am Leave a comment

Crowdsourcing in Academia

| Peter Klein |

It’s called “fractional scholarship.”

American universities produce far more Ph.D’s than there are faculty positions for them to fill, say the report’s authors, Samuel Arbesman, senior scholar at the Kauffman Foundation, and Jon Wilkins, founder of the Ronin Institute. Thus, the traditional academic path may not be an option for newly minted Ph.D.s. Other post-graduate scientists may eschew academia for careers in positions that don’t take direct advantage of the skills they acquired in graduate school.

Consequently, “America has a glut of talented, highly educated, underemployed individuals who wish to and are quite capable of effectively pursuing scholarship, but are unable to do so,” said Arbesman. “Ideally, groups of these individuals would come together to identify, define and tackle the questions that offer the greatest potential for important scientific results and economic growth.”

Given the level of relationship-specific investment many research projects require, this isn’t likely to work without some kinds of long-term commitments. But the model may be effective for other projects. And it beats the alternative.

1 May 2012 at 6:43 pm 2 comments

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Nicolai J. Foss and Peter G. Klein, Organizing Entrepreneurial Judgment: A New Approach to the Firm (Cambridge University Press, 2012).
Peter G. Klein and Micheal E. Sykuta, eds., The Elgar Companion to Transaction Cost Economics (Edward Elgar, 2010).
Peter G. Klein, The Capitalist and the Entrepreneur: Essays on Organizations and Markets (Mises Institute, 2010).
Richard N. Langlois, The Dynamics of Industrial Capitalism: Schumpeter, Chandler, and the New Economy (Routledge, 2007).
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