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Full-Text Articles in Economic Policy
Coercing Consensus: Unintended Success Of The Octopus Electronic Payment System, Leung-Sea, Lucia Siu
Coercing Consensus: Unintended Success Of The Octopus Electronic Payment System, Leung-Sea, Lucia Siu
Prof. SIU Leung-sea, Lucia
This paper contrasts the success and failure of two electronic payment systems in Hong Kong, Octopus and Mondex, during 1996-2002. The case illustrates the new properties of electronic currencies, and provides insights for product designers and regulators. Mondex was endowed with the full legal status of money, launched by a mammoth banking group, with Mondex cards given away for free to consumers. Yet the Mondex system went into oblivion within five years. Octopus started as a modest stored value transport ticket that required a deposit. It ended up as a city-wide multipurpose payment card used by 95% of the adult …
On Building Clusters Versus Leveraging Synergies In The Design Of Innovation Policy For Developing Economies, Edward J. Feser
On Building Clusters Versus Leveraging Synergies In The Design Of Innovation Policy For Developing Economies, Edward J. Feser
Edward J Feser
This paper argues there are two broad ways policymakers might use industry cluster concepts to inform the design of regional innovation policy. The first, and clearly dominant approach, is to view identified technology-based clusters as targets for growth strategies, i.e., to nurture the growth of selected groups of innovative industries and research strengths in a limited set of regions as a means of increasing levels of innovation economy-wide (termed the cluster building approach). The second is to use cluster ideas to reorient development strategies so that they leverage synergies among businesses and non-market institutions, thus improving innovation rates (termed the …