B2C direct emarkets

These markets are those to which commentators refer when they interpret the NE as the achievement of the type of market coordination analyzed in the CEE model. Strong objections can, however, be raised against the idea of tendency to desintermediation on these markets. Quite the reverse, a process of reintermediation or substantial changes in intermediation is presently occurring on these markets. Usual intermediaries are indeed replaced with infomediaries. These new forms of intermediation are...

Akerlof lemons and Hayek entrepreneurs

The canonical example of Akerlofs lemons model is the used car market. Determining whether a car is a lemon (poor quality) or a cream puff (high quality) requires experiencing the good - driving for a period of time in order to ascertain defects in the vehicle. Owners of used cars have this experience and, therefore, have better knowledge of the car's quality than potential buyers. They know whether it has been properly maintained, whether it has been in an accident, whether the brakes are...

Digitally connected networks

The first three contributions land us right in the middle of the Internet economy and its Austrian features. All three discuss aspects of computer software engineering and its potential consequences, but they range from the highly speculative and philosophical the creation of value, Lavoie through a detailed organization theoretical analysis of open source software Garzarelli to a concrete proposal for applying smart contracts to unblock potential wealth in third-world countries Miller and...