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

Listed author(s):
  • Richard Arena


    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - UCA - Université Côte d'Azur - CNRS - Centre National de la Recherche Scientifique)

  • Agnès Festré


    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - UCA - Université Côte d'Azur - CNRS - Centre National de la Recherche Scientifique)

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.

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Paper provided by HAL in its series Post-Print with number halshs-00271371.

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Date of creation: 2004
Publication status: Published in J. Birner and P. Garrouste. Austrian Perspectives on the New Economy, Routledge, pp.221-240, 2004
Handle: RePEc:hal:journl:halshs-00271371
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  1. Pierre Garrouste, 1999. "La firme 'hayékienne' entre institution et organisation," Post-Print halshs-00274292, HAL.
  2. Pierre Garrouste, 1999. "Is the Hayekian evolutionnism coherent?," Post-Print halshs-00274293, HAL.
  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. Birner Jack, 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).
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