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Some specific Austrian insights on markets and the "new economy"

Author

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  • Richard Arena

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique)

  • Agnès Festré

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique)

Abstract

In section 1 of this contribution, we will recall the usual arguments which are put forward to analyze the New Economy (NE) as the empirical realization of the Competitive Economic Equilibrium (CEE) model. After having stressed the limits of these arguments, we will try to show that some Austrian concepts and developments better fit to explain the economic impact of Information Technologies on present markets. This purpose is characterized in section 2 of this contribution. Finally, in section 3, we will refer to some concrete examples taken from the reality of electronic markets, in order to emphasize how these concepts and developments allow a better understanding of the working of markets in the NE, even if they exhibit some limitation.

Suggested Citation

  • Richard Arena & Agnès Festré, 2004. "Some specific Austrian insights on markets and the "new economy"," Post-Print halshs-00271371, HAL.
    • Handle: RePEc:hal:journl:halshs-00271371
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00271371
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    References listed on IDEAS

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