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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- Erik Brynjolfsson & Michael D. Smith, 2000.
"Frictionless Commerce? A Comparison of Internet and Conventional Retailers,"
INFORMS, vol. 46(4), pages 563-585, April.
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- Pierre Garrouste, 1999. "La firme 'hayékienne' entre institution et organisation," Post-Print halshs-00274292, HAL.
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