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Electronic Commerce—Markets, Competition, and Social Welfare: A Clash with History of Economic Thought

In: Comparative Economic Studies in Europe

Author

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  • David M. Kemme

    (University of Memphis)

Abstract

Household references are endogenous and markets themselves influence their formation. The introduction of electronic markets for goods and services and labor effect tastes, preferences, values, and interpersonal relationships in new and sometimes unpredictable ways. Further digital markets provide massive amounts of information for consumers and producers, but that information may be asymmetric and create market power on either side of the transaction. In the past central planning was thought to be an alternative to markets in determining production and consumption opportunities, but as a practical matter failed due to the information requirements. Today that information is available and may be utilized by private entities, government entities, or even machines to influence or control the production and allocation of labor, goods, and services, and thereby social norms as well. Whether the Internet will be enslaving, or liberating is an open question.

Suggested Citation

  • David M. Kemme, 2021. "Electronic Commerce—Markets, Competition, and Social Welfare: A Clash with History of Economic Thought," Studies in Economic Transition, in: Wladimir Andreff (ed.), Comparative Economic Studies in Europe, edition 1, pages 357-376, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-030-48295-4_17
    DOI: 10.1007/978-3-030-48295-4_17
    as

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    More about this item

    Keywords

    Electronic commerce; Market power; Social welfare; Socialist controversy; JEL code: P51; B55; B19; A13; I30;
    All these keywords.

    JEL classification:

    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • B55 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Social Economics
    • B19 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Other
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General

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