Some specific Austrian insights on markets and the "new economy"
AbstractIn section 1 of this contribution, we will recall the usual arguments which are put forward to analyze the New Economy (NE) as the empirical realization of the Competitive Economic Equilibrium (CEE) model. After having stressed the limits of these arguments, we will try to show that some Austrian concepts and developments better fit to explain the economic impact of Information Technologies on present markets. This purpose is characterized in section 2 of this contribution. Finally, in section 3, we will refer to some concrete examples taken from the reality of electronic markets, in order to emphasize how these concepts and developments allow a better understanding of the working of markets in the NE, even if they exhibit some limitation.
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Bibliographic InfoPaper provided by HAL in its series Post-Print with number halshs-00271371.
Date of creation: 2004
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Publication status: Published, Austrian Perspectives on the New Economy, Routledge (Ed.), 2004, 221-240
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Austrian legacy; subjectivism; New Economy; economic analysis;
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