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The Network Economy. Session One An Overview of the Terrain January 20, 2010. Economics??. What Me Worry?. Courtesy of JustUptown. You Don’t Have to Be an Economist to Study the Economy!. Courtesy Schlunzi. What is a Discipline?. Boundaries.

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the network economy

The Network Economy

Session One

An Overview of the Terrain

January 20, 2010

what me worry
What Me Worry?

Courtesy of JustUptown

what is a discipline
What is a Discipline?


from Imapix

narrowing the focus
Narrowing the Focus


self discipline
Self Discipline

Pilgrimage of the Self - Discipline
fromEmerald watcher

i dare say
I Dare Say!

boundaries are blurring
Boundaries are Blurring

Got no boundaries and not limits

how are these processes coordinated
How Are These Processes Coordinated?

Where is the invisible hand?

what about groups firms
What About Groups/Firms?

Courtesy Chris_Parker Photo Stream

is there a new economy
Is There A New Economy?

welcome to the new economy

or is it just business as usual
Or Is It Just Business as Usual?

Duckk and Flea’s Photostream

how do we explain the crash
How Do We Explain the Crash?

Bull Market? (Market Failure #5)
from David Lewis-Baker

consider the longue duree
Consider the Longue Duree!

Depressions, recessions, and inflation are not exclusively modern phenomena: they are patterns that have recurred since the beginning of recorded history. There are other patterns in economics that are equally old, including the long-run growth in wealth per person. . . and the distribution of wealth. . . For these patterns to be so old, they must be the result of causes that are deep in the workings of economics, cases that are independent of the technologies, government policies or business practices of a particular age. (Beinhockerp. 161)

Courtesy of Miketbh

are new analytical tools in order
Are New Analytical Tools In Order?
  • The need for humility.
  • Anecdotal evidence tells us what is happening, not why.
  • The role of theory.
  • How do we define the realm of economics & economic theory.

me tools...
from tdub303

begin with definitions
Begin With Definitions!

Dictionary Definitions #2
from Mukumbura

polanyi s substantive view
Polanyi’s Substantive View!

Economics entails the meeting of material needs through a process of interaction between humans and their environments.

Polanyi’s substantive definition allows us to conceive of many ways of achieving our ends.

The formal definition presumes scarcity—a networked economy is characterized by many externalities and non zero sum outcomes.

some alternative perspectives on the new economy
Some Alternative Perspectives On the New Economy

Classical economic theory


Transaction Costs Analysis

Institutional Economics

Organizational/innovation theory

Networking economics

Evolutionary economics

Economic geography

Organizational fields

Complexity Theory

Courtesy of Kate Ferarra

blogging question
Blogging Question


Track your economic interactions during the week, and comment about them in the light of today’s conversation and next weeks readings. On the basis of your experiences, how would you define the economy?