Blockchain and Institutions (II): Is The Platform Economy The New Rentier Capitalism? Actualising Achille Loria’s Analysis Of Rent And Its Elision

Plinio Limata () and Paolo Santori ()
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Plinio Limata: LUMSA University
Paolo Santori: LUMSA University

No wpC37, CERBE Working Papers from CERBE Center for Relationship Banking and Economics

Abstract: Today there is a growing consensus on the benefits of the platform economy. All the stakeholders are fairly remunerated, and the market sphere is grounded on the parties’ mutual advantage; points of equilibria are reached more efficiently, and costs of production and transaction are lowered thanks to the channels created by the platforms. We question this idyllic picture highlighting their role as value extractors in current market societies, which parallels the role of rent in the modern era’s economic system. Therefore, we employ Achille Loria’s (1857–1943, dubbed ‘the Italian Marx’) philosophical and economic categories to understand whether the platform economy is a form of contemporary rent-seeking and, if so, to suggest steps to avoid its continued, yet hidden, value extraction.

Keywords: platform economy; rent; Achille Loria; value extraction (search for similar items in EconPapers)
Pages: 20 pages
Date: 2021-01
New Economics Papers: this item is included in nep-com, nep-hme and nep-pay
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