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Showing posts with the label digital economy

A Course in the Digital Economy

- May 08, 2021

It would be an understatement to talk that the world is very different than it was let us say twenty years ago. When the new century dawned, there were number of things that one could not have imagined would exist barely twenty years later. In 2000, the Google was not yet born. While the www was in its infancy about to slowly evolve into an adult, it was very different. The connections were very slow and the internet penetration was minimal. The emails were making an appearance. It would not be unusual to find in those days many creating their first email ids during their post graduation days. Those were the days when the teachers of information technology would offer assignments on basic MS-Word, which perhaps is now taught to kids in the primary school. People were barely exposed to MS-office or its numerous facets. There was hardly anything called a smart phone. The internet enabled phones could perhaps be counted in a hand. Yet twenty years down the line the world has changed. It

Studying the Knowledge Economy

- March 27, 2021

On April 30, 1993, the WWW became open to public. So the era in the human society could very well be defined before the www era and the www era. The vision of Tim Berners Lee came to fruition on this day. He had visualized the interconnectivity among systems in the early 1980s which came to become the internet in 1989 at CERN. While the first website might have come around in 1991 or so, it was in 1993, the access was open to the public. It heralded into a revolution few could have imagined. As the world entered 1990s, it was believed computers would be here to stay but more of a standalone systems or at the most local area connected networks. The concept of wide area networks would again be a private or rather a club good. In the years following 1993, the expansion of the internet was beyond the expectations of its most ardent advocates. As information or even before it, the data began to pile up, it had become virtually difficult to search for something one needed in the internet.

Jargon in the Digital Economy-I

- September 03, 2020

The world is growing increasingly digital. Some twenty five years ago, the dotcom boom flourished on a premise that buyers would not want to go shopping and instead prefer to be delivered of their needs in the comforts of their home. Not surprisingly, the idea seem to have failed then. Numerous dotcom firms simply collapsed. Hardly one or two survived and it was they who went on to redefine the industry. Today, these ideas hardly look outlandish. There is growing traction among the buyers who want to order online from groceries to vegetables to fruits to toiletries to what not. In the earlier days, many writers and scholars viewed internet as an extension of the distribution medium. To them, the distribution, instead of happening in physical stores would happen in virtual stores. Yet with passage of time, the notions of internet and the accompanying business models have significantly expanded. As the internet based business models morph into something radically new, it would be perti

The Digital and the Market

- January 06, 2020

Internet, predictably, provoked the time-honored silhouette of business, government and society interfaces. Critics notwithstanding, pervasive digitalization, indubitably, is causative to geometric spread of organically evolved markets. The ubiquitous internet ecosystem, chaotic as it may seem, is trenchant in dismantling the sources of market failure. Changing Price Elasticity Price discrimination manifests itself from airfare differentials across portals; loan and deposit rate differential across banks and among customers of similar hue, inter-firm differentials in insurance premium, among others. Information asymmetry surfaces in consequence of cognitive costs of choice evaluation thus making the goods price inelastic. Sites like momondo.com, Google flights, policybazaar.com, paisabazaar.com, confused.com etc. by presenting a simple comparison of prices across firms reduce switching costs thus making products price elastic, consequently lower prices. Narrowing price dif

Externalities of Openness and Sharing

- January 04, 2020

Noted authors Don Tapscott and Anthony Williams in their book Macrowikinomics describe current system as the driven through networks leading them to describe it economy resting on networked intelligence. To them, collaboration, openness, sharing, integrity and interdependence emerge key success determinants in the networked information economy. The emergent network intelligence was itself a product of rapid diffusion of internet downstream at a pace that surprised even its most exuberant adherents. Rather than irrational exuberance, the diffusion of internet seems to be an outcome of rational exuberance. Long deprived of information access, analysis and distribution thanks to the constraint of brick and mortar economy, internet threw open the floodgates. The principles illustrated above without doubt have defined a new stream of thinking and practice. Dynamic environmental indicators have changed the way we perceive environmental impact of our socio-economic activity. Organ

Overview

- June 10, 2012

The blog is to understand corporate life, public policy and life of common man through the prism of theoretical frameworks provided by social sciences particularly economics. It is aimed at all students of social sciences in particular economics who have developed a phobia for the subject. Also aimed for those who find the concepts too abstract and find no relevance or applications in real life

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