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2017 | OriginalPaper | Buchkapitel

1. The Technology: Has the Digital Communication Technology Changed the Way Markets Function? Cooperation or Competition?

verfasst von : Swati Bhatt

Erschienen in: How Digital Communication Technology Shapes Markets

Verlag: Springer International Publishing

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Abstract

As social beings, humans have traded goods and services for generations. The mechanics of exchange have adapted over time to the changing environment but the underlying incentives remain the same. Differences in preferences and resources are bridged by connecting with individuals in other parts of the economic network using digital communication technology (DCT). DCT has generated new scarcities and new mechanisms for resource allocation, enlarging the scope of exchange along three dimensions. One is the trend toward organizational restructuring (OR) precipitated by granularity and disintermediation. The second trend is the emergence of organizational behemoths (OB), fostered by network effects. And third, competition for scarce resources is channeled into cooperation as individuals adapt to a rapidly changing context for exchange, and this adaptation itself changes the environment.

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Nächstes Kapitel The Three Drivers: Connectivity, Data and Attention
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Fußnoten
1
I use the acronym Internet to refer to the architecture of mobile, digital communication technology as well as the entire cyberspace of connectivity. In 1995, Tim Berners-Lee called this the World Wide Web (WWW) or a multi-purpose network of packet switched data.
 
2
By granular, I mean “small,” comparable to grains of sand. In other words, no economic participant is distinguishable in size from another. However, the character of each grain will differ.
 
3
For more on the Kauffmann Index [1], see Chap.​ 3.
 
4
I discuss the term business dynamism in Chap.​ 3.
 
5
Joseph Schumpeter writes, “Aristotle no doubt sought for a canon of justice in pricing, and he found it in the ‘equivalence’ of what a man gives and receives. Since both parties to an act of barter or sale must necessarily gain by it in the sense that they must prefer their economic situations after the act to the economic situations in which they found themselves before the act – or else they would not have any motive to perform it – there can be no equivalence between the ‘subjective’ or utility values of the goods exchanged.…[However] the just value of a commodity is indeed ‘objective’ but only in the sense that no individual can alter it by his own action” [5].
 
6
Economic models contextualize trade by positing environmental coordinates or exogenous parameters such as number of firms, consumer tastes, production technology, social and political institutions, and organizational structure of trading units. Business strategy is essentially about endogenizing these parameters, as, for example, in changing the organizational architecture of firms from a hierarchical to a flatter layout.
 
7
While granularity of economic units in the network economy means a decrease in the size of the trading unit, there is concomitantly an increase in the number of buyers and sellers when the overall population is fixed.
 
8
This fairly common phrase is the tag line used by Fareed Zakaria in his weekly CNN broadcast, Global Public Square (GPS). I use it here to provide a perspective on the central issues raised in each chapter.
 
9
A detailed exposition of graph theory and its application to networks is in the excellent textbook by David Easley and Jon Kleinberg [14].
 
Literatur
[1]
[2]
[3]
Morris, Ian. Why the West is Winning – For Now, pp. 190. McMillan, 2014.
[4]
Guanzhong, Luo. The Romance of Three Kingdoms. Translated by C.H. Brevitt Taylor. E-book distributed by XinXii at www.​xinxii.​com
[5]
Schumpeter, Joseph. History of Economic Analysis, pp. 61. Oxford: Oxford University Press, 1954.
[6]
McMillan, John. Reinventing the Bazaar: A Natural History of Markets. New York: W.W. Norton, 2002.
[7]
Dixit, Avinash. Microeconomics: A Very Short Introduction. Oxford: Oxford University Press, 2014.
[8]
Economist. “The Truly Personal Computer.” February 28, 2015.
[9]
[10]
Rifkin, Jeremy. The Zero Marginal Cost Society: The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism. New York: Palgrave Macmillan, 2014.
[11]
Lohr, Steve. “Sizing Up Big Data, Broadening Beyond the Internet”, The New York Times, August 17, 2014.
[12]
Goodwin, Matthew. “Passive Telemetric Monitoring: Novel Methods for Real-World Behavioral Assessment.” Chapter 14. In Handbook of Research Methods for Studying Daily Life, edited by Matthias Mehl and Tamlin Conner. New York: The Guilford Press, 2012.
[13]
Jackson, Matthew. “Networks in the Understanding of Economic Behaviors.” Journal of Economic Perspectives, vol 28, no 4, Fall (2014).
[14]
Easley, David, and Jon Kleinberg. Networks, Crowds and Markets: Reasoning about a Highly Connected World. New York: Cambridge University Press, 2010
Metadaten
Titel
The Technology: Has the Digital Communication Technology Changed the Way Markets Function? Cooperation or Competition?
verfasst von
Swati Bhatt
Copyright-Jahr
2017
Buch
How Digital Communication Technology Shapes Markets

Print ISBN: 978-3-319-47249-2

Electronic ISBN: 978-3-319-47250-8

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-3-319-47250-8_1

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