 The Technology: Has the Digital Communication Technology Changed the Way Markets Function? Cooperation or Competition?Swati Bhatt
Chapter 1 in How Digital Communication Technology Shapes Markets, 2017, pp 1-16 from Palgrave Macmillan Abstract: 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. Keywords: Granularity; Organizational restructuring (OR); Disintermediation; Organizational behemoths (OB); Competition as information (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:paiecp:978-3-319-47250-8_1 Ordering information: This item can be ordered from DOI: 10.1007/978-3-319-47250-8_1 Access Statistics for this chapter More chapters in Palgrave Advances in Economics of Innovation and Technology from Palgrave Macmillan |
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