IDEAS home Printed from https://ideas.repec.org/p/hal/journl/halshs-00271371.html
   My bibliography  Save this paper

Some specific Austrian insights on markets and the "new economy"

Author

Listed:
  • Richard Arena

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique)

  • Agnès Festré

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique)

Abstract

In 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.

Suggested Citation

  • Richard Arena & Agnès Festré, 2004. "Some specific Austrian insights on markets and the "new economy"," Post-Print halshs-00271371, HAL.
  • Handle: RePEc:hal:journl:halshs-00271371
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00271371
    as

    Download full text from publisher

    File URL: https://shs.hal.science/halshs-00271371/document
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Pierre Garrouste, 1999. "La firme 'hayékienne' entre institution et organisation," Post-Print halshs-00274292, HAL.
    2. Salvatore Rizzello, 1999. "The Economics of the Mind," Books, Edward Elgar Publishing, number 1900.
    3. Erik Brynjolfsson & Michael D. Smith, 2000. "Frictionless Commerce? A Comparison of Internet and Conventional Retailers," Management Science, INFORMS, vol. 46(4), pages 563-585, April.
    4. Pierre Garrouste, 1999. "Is the Hayekian evolutionnism coherent?," Post-Print halshs-00274293, HAL.
    5. Richard Arena, 2001. "À propos de la place de l'organisation et des institutions dans l'analyse économique de Marshall : une interprétation évolutionniste," Revue d'Économie Industrielle, Programme National Persée, vol. 97(1), pages 103-122.
    6. Hayek, F. A., . "Money, Capital, and Fluctuations," University of Chicago Press Economics Books, University of Chicago Press, number 9780226321271 edited by McCloughry, R. K., September.
    7. Birner, J., 1995. "The surprising place of cognitive psychology in the work of F.A. Hayek," Research Memorandum 019, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Roberta Patalano, 2012. "Imagination and Perception as Gateways to Knowledge: The Unexplored Affinity between Boulding and Hayek," Chapters, in: Richard Arena & Agnès Festré & Nathalie Lazaric (ed.), Handbook of Knowledge and Economics, chapter 6, Edward Elgar Publishing.
    2. Scott Scheall, 2015. "A Hayekian Explanation of Hayek's 'Epistemic Turn'," Economic Thought, World Economics Association, vol. 4(2), pages 1-32, September.
    3. Richard Arena & Lauren Larrouy, 2015. "The Role of Psychology in Austrian Economics and Game Theory: Subjectivity and Coordination," GREDEG Working Papers 2015-15, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    4. Agnès Festré, 2012. "Carl Menger and Friedrich von Wieser on the role of knowledge and beliefs," Post-Print halshs-00346478, HAL.
    5. Agnès Festré & Pierre Garrouste, 2016. "Hayek on Expectations: The Interplay between two Complex Systems," GREDEG Working Papers 2016-13, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    6. Agnès Festré, 2012. "Carl Menger and Friedrich von Wieser on the Role of Knowledge and Beliefs in the Emergence and Evolution of Institutions," Chapters, in: Richard Arena & Agnès Festré & Nathalie Lazaric (ed.), Handbook of Knowledge and Economics, chapter 4, Edward Elgar Publishing.
    7. Roger W. Garrison, 2014. "Hayek and Friedman," Chapters, in: Roger W. Garrison & Norman Barry (ed.), Elgar Companion to Hayekian Economics, chapter 6, pages 116-137, Edward Elgar Publishing.
    8. Anindya Ghose & Avi Goldfarb & Sang Pil Han, 2013. "How Is the Mobile Internet Different? Search Costs and Local Activities," Information Systems Research, INFORMS, vol. 24(3), pages 613-631, September.
    9. Babur De los Santos & Sergei Koulayev, 2017. "Optimizing Click-Through in Online Rankings with Endogenous Search Refinement," Marketing Science, INFORMS, vol. 36(4), pages 542-564, July.
    10. Zhu, Hongwei & Madnick, Stuart & Siegel, Michael, 2003. "Global Comparison Aggregation Services," Working papers 4410-02, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    11. Moraga-González, José L. & Sándor, Zsolt & Wildenbeest, Matthijs R., 2014. "Prices, Product Differentiation, And Heterogeneous Search Costs," IESE Research Papers D/1097, IESE Business School.
    12. Edgardo Arturo Ayala Gaytán, 2009. "Social network externalities and price dispersion in online markets," Ensayos Revista de Economia, Universidad Autonoma de Nuevo Leon, Facultad de Economia, vol. 0(2), pages 1-28, November.
    13. Brett Danaher & Michael D. Smith & Rahul Telang, 2014. "Piracy and Copyright Enforcement Mechanisms," Innovation Policy and the Economy, University of Chicago Press, vol. 14(1), pages 25-61.
    14. Peter L. Stenberg & Mitchell Morehart, 2012. "The existence of pent-up demand for rural broadband services: an exploration," Chapters, in: Charlie Karlsson & Börje Johansson & Roger R. Stough (ed.), Entrepreneurship, Social Capital and Governance, chapter 9, pages 221-240, Edward Elgar Publishing.
    15. Gandal, Neil, 2001. "The dynamics of competition in the internet search engine market," International Journal of Industrial Organization, Elsevier, vol. 19(7), pages 1103-1117, July.
    16. Nitin Walia & Mark Srite & Wendy Huddleston, 2016. "Eyeing the web interface: the influence of price, product, and personal involvement," Electronic Commerce Research, Springer, vol. 16(3), pages 297-333, September.
    17. Khalil, Elias L., 2010. "The Bayesian fallacy: Distinguishing internal motivations and religious beliefs from other beliefs," Journal of Economic Behavior & Organization, Elsevier, vol. 75(2), pages 268-280, August.
    18. Gaurav Khatwani & Gopal Das, 2016. "Evaluating combination of individual pre-purchase internet information channels using hybrid fuzzy MCDM technique: demographics as moderators," International Journal of Indian Culture and Business Management, Inderscience Enterprises Ltd, vol. 12(1), pages 28-49.
    19. Gary E. Bolton & Elena Katok & Axel Ockenfels, 2004. "How Effective Are Electronic Reputation Mechanisms? An Experimental Investigation," Management Science, INFORMS, vol. 50(11), pages 1587-1602, November.
    20. Burdett, Ken & Smith, Eric, 2010. "Price distributions and competition," Economics Letters, Elsevier, vol. 106(3), pages 180-183, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:halshs-00271371. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.