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

In: How Digital Communication Technology Shapes Markets

Author

Listed:
  • Swati Bhatt

    (Princeton University)

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.

Suggested Citation

  • Swati Bhatt, 2017. "The Technology: Has the Digital Communication Technology Changed the Way Markets Function? Cooperation or Competition?," Palgrave Advances in Economics of Innovation and Technology, in: How Digital Communication Technology Shapes Markets, chapter 1, pages 1-16, Palgrave Macmillan.
    • Handle: RePEc:pal:paiecp:978-3-319-47250-8_1
    DOI: 10.1007/978-3-319-47250-8_1
    as

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