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PUBLIC POLICY FOR A KNOWLEDGE ECONOMY

In what ways are the laws that govern the new Economies differ from that of the old? To be sure، we still face the economics of scarcity. But just as the importance of land in production changed dramatically as the economy moved from agriculture to industry، so too does the movement to a knowledge economy necessitates a rethinking of economic fundamentals. Knowledge is different from other goods: it has many of the central properties of a public good، indeed of a global public good.While government has a key role in protecting all property rights، its role in intellectual property rights is far more complicated: the appropriate definition of these rights is not even obvious. an‎d in the knowledge economy، the dangers of a monopolization are perhaps even greater than in industrial economies. These are but three examples of the ways in which the role of government in the knowledge economy may differ markedly from that in the industrial economy with which we have become familiar over the past century.