 Electronic Commerce—Markets, Competition, and Social Welfare: A Clash with History of Economic ThoughtDavid Kemme () A chapter in Comparative Economic Studies in Europe, 2021, pp 357-376 from Palgrave Macmillan Abstract: Abstract Household references are endogenous and markets themselves influence their formation. The introduction of electronic markets for goods and services and labor effect tastes, preferences, values, and interpersonal relationships in new and sometimes unpredictable ways. Further digital markets provide massive amounts of information for consumers and producers, but that information may be asymmetric and create market power on either side of the transaction. In the past central planning was thought to be an alternative to markets in determining production and consumption opportunities, but as a practical matter failed due to the information requirements. Today that information is available and may be utilized by private entities, government entities, or even machines to influence or control the production and allocation of labor, goods, and services, and thereby social norms as well. Whether the Internet will be enslaving, or liberating is an open question. Keywords: Electronic commerce; Market power; Social welfare; Socialist controversy; JEL code: P51; B55; B19; A13; I30 (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:stuchp:978-3-030-48295-4_17 Ordering information: This item can be ordered from DOI: 10.1007/978-3-030-48295-4_17 Access Statistics for this chapter More chapters in Studies in Economic Transition from Palgrave Macmillan |
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