A free(er) market is emerging and has been emerging ever since the advent of the Internet and the Web. Newer technologies have accelerated this. Old inefficiencies in knowledge and access to the market are quickly disappearing. Participation is increasingly peer-to-peer (P2P). Participants can produce, create, curate, give, lend, sell, share, auction, consume, take, borrow, buy, reuse, rent and/or barter goods, services, cash, credit, currency, equity, debt and/or knowledge. The resultant economy is highly collaborative and is sometimes referred to as the ‘ sharing economy ’. Efficiencies are being introduced and value is being created in the smallest of markets. Non-profit activities are thriving as well, in addition to for-profit ones. The marketplace is becoming, at once, global and local. An important subset of the new economy is collaborative and crowdsourced , and may be described as commons-based peer production . Asymmetries in information are diminished by algorithms (Google
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