Journal of Economic Perspectives
ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)
Lessons About Markets from the Internet
Journal of Economic Perspectives
vol. 19,
no. 2, Spring 2005
(pp. 139–158)
(Complimentary)
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.Citation
Ellison, Glenn, and Sara Fisher Ellison. 2005. "Lessons About Markets from the Internet." Journal of Economic Perspectives, 19 (2): 139–158. DOI: 10.1257/0895330054048632JEL Classification
- D40 Market Structure and Pricing: General
- L10 Market Structure, Firm Strategy, and Market Performance: General
- L81 Retail and Wholesale Trade; e-Commerce
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