Lessons About Markets from the Internet
Abstract:Many of us have grown used to, tired of, and finally downright skeptical of claims of the transformative powers of the Internet. It was to usher in the New Economy, but we seem mostly to have the Old. It would transform retail, but Toys 'R' Us has outlasted EToys. Frictionless commerce would be the norm, but plenty of friction still exists. The Internet was also claimed to require a whole new economics with all new laws. While this, too, was very far from the truth—existing theories have mostly done quite well—the Internet has had a substantial effect on economic thought. In this paper, we discuss some ways in which the Internet has affected how economists think about markets.
Document Type: Research Article
Publication date: March 1, 2005
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- The Journal of Economic Perspectives (JEP) attempts to fill a gap between the general interest press and most other academic economics journals. The journal aims to publish articles that will serve several goals: to synthesize and integrate lessons learned from active lines of economic research; to provide economic analysis of public policy issues; to encourage cross-fertilization of ideas among the fields of thinking; to offer readers an accessible source for state-of-the-art economic thinking; to suggest directions for future research; to provide insights and readings for classroom use; and to address issues relating to the economics profession.
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