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9 Open systems and regional innovation: the resurgence of Route 128 in Massachusetts 1 Michael H. Best Introduction The Boston area has the highest concentration of colleges and universities, research institutes and hospitals of any place in the world. The plethora of graduate research programmes suggested that the industrial future of Massachusetts was secure in the emerging knowledge economy of the late twentieth century. However, the research intensity of the region has not insulated the state from the vicissitudes of the business cycle. For example, after
defense for serious crimes, has raised concerns about the quality of justice dispensed by the criminal justice system. In both child care and criminal justice markets are used, but no one is arguing that they should be unfettered. On the other hand, it is not clear just where or how to draw the lines. Market organisation 15 The governance of basic scientific research is another important area where, presently, the market plays a relatively modest role, but there is considerable debate about just what that role should be. The scientific community long has argued that
agglomeration on a number of levels. At the most basic, policy measures determine the competitive environment within which firms and individuals operate, most obviously in instituting a legal framework for competition. Moreover, governance agencies steer competitive processes in stewarding innovation in research and technology. Business support and start-up initiatives, meanwhile, foster the entry of new market competitors. In respect 124 Fran Tonkiss of agglomeration, on the other hand, the development of dedicated infrastructure, locational planning, training and labour
9 Conclusion Stan Metcalfe and Alan Warde In conclusion we draw together and evaluate a number of the themes raised in this volume and begin to sketch an agenda for future research about markets and the competitive process. Happily, this book resides within a now-flourishing broader stream of ideas at the interface between economics and sociology. Some of this new work signals the resurrection of economic sociology, while other aspects of it emanate from within the literature on innovation processes and, more generally, from evolutionary economics. There has
hand, and in a network of researchers clustered around the Applied Economics Department and the ESRC Centre for Business Research at Cambridge University, on the other. In an historical analysis of different forms of competition, Best argues that changing forms of competition are the outcome of complex interactions between industrial divisions and productive organisation, on the one hand, and formal competition regulatory systems, on the other. Thus, in the USA the multi-divisional Chandlerian corporation involved a form of competition in which Big Business mass
of the research conducted then suggested that, even though the whole stock market appears to be highly inefficient, based on the indices, ‘individual stock prices do show some correspondence to efficient markets theory.’ 24 Shiller quotes Paul Samuelson's dictum that the stock market is micro-efficient but macro-inefficient, That is, individual stock variations are dominated by actual new information about subsequent dividends, but aggregate stock market variations are dominated by bubbles. Modern markets show
, Houghton Mifflin. Reprinted Chicago, University of Chicago Press, 1971. Marshall, A. (1919), Industry and Trade, London, Macmillan. Marshall, A. (1920), Principles of Economics, London, Macmillan. Marshall, A. (1994), ‘Ye machine’, Research in the History of Economic Thought and Methodology, Archival Supplement 4, Greenwich, CT, JAI Press, pp. 116–32. Ménard, C. (1995), ‘Markets as institutions versus organizations as markets? Disentangling some fundamental concepts’, Journal of Economic Behavior and Organization, 28(2), pp. 161–82. Menger, C. (1976 [1871]), Principles
, S. (1999), ‘A whole new ball game? Why football needs a regulator’, in Hamil, S., Michie, J. and Oughton, C. (eds), A Game of Two Halves? The Business of Football, Edinburgh, Mainstream Publishing, pp. 23–39. Hamil, S., Michie, J., Oughton, C. and Shailer, L. (2001), The State of the Game: The Corporate Governance of Football Clubs 2001, Research Paper, No. 2001/02, Football Governance Research Centre, Birkbeck, University of London. Hamil, S., Michie, J., Oughton, C. and Warby, S. (eds) (2001), The Changing Face of the Football Business: Supporters Direct, London
be developed to integrate and manage more effectively the well-established technological assets of the region. The old 128 model is characterised in this account as vertically integrated and inflexible. The new model, by contrast, is described as vertically disintegrated but systems integrated – it is an open system constructed around flexible networks of firms, universities and research laboratories in the region. As an open system it has strong adaptive properties that arise from the combinatorial association of the many skills and Introduction 11 kinds of
Lehman's financial statement emerged, aided and abetted by David Einhorn's critique of the company's ‘accounting ingenuity’ in his presentation to the Ira W Sohn Investment Research Conference on 21 May. As the founder and President of Greenlight Capital, a very successful long-short value-orientated hedge fund with $6bn in assets, founded in 1996, Einhorn commanded the attention of the markets. He made it clear that Greenlight ‘was short on Lehman’. Some three weeks after the press release and the accompanying conference call in which Einhorn had participated, Lehman