Some specific Austrian insights on markets and the "new economy"
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.
|Date of creation:||2004|
|Date of revision:|
|Publication status:||Published in J. Birner and P. Garrouste. Austrian Perspectives on the New Economy, Routledge, pp.221-240, 2004|
|Note:||View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00271371|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
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- Michael Smith & Erik Brynjolfsson, 1999.
"Frictionless Commerce? A Comparison of Internet and Conventional Retailers,"
Computing in Economics and Finance 1999
1022, Society for Computational Economics.
- 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.
- 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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