session one an overview of the terrain january 20, 2010
TRANSCRIPT
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THE NETWORK ECONOMY
Session OneAn Overview of the Terrain
January 20, 2010
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Economics??
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What Me Worry?
Courtesy of JustUptown
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You Don’t Have to Be an Economist to Study the Economy!
Courtesy Schlunzi
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What is a Discipline?
icvet.tafensw.edu.au
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Self Discipline
Pilgrimage of the Self - Disciplinefrom Emerald watcher
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I Dare Say!
domino.lancs.ac.uk
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Boundaries are Blurring
Got no boundaries and not limitsfrom GioPhotos
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Who Carries Out Economic Activities?
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How Are These Processes Coordinated?
Where is the invisible hand?from emstrur
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What About Interactions: Are They All Dyadic?
Courtesy of Katrinket
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What About Groups/Firms?
Courtesy Chris_Parker Photo Stream
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Is There A New Economy?
welcome to the new economyfrom Sangroncito
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Or Is It Just Business as Usual?
Duckk and Flea’s Photostream
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SomeThink So!
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How Do We Explain the Crash?
Bull Market? (Market Failure #5)from David Lewis-Baker
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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. (Beinhocker p. 161)
Courtesy of Miketbh
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What is the Role of Technology?
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In What Ways Do Networks Play a Part?
networkfrom Binkiexxx
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Are New Analytical Tools In Order?
me tools...from tdub303
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.
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Begin With Definitions!
Dictionary Definitions #2from Mukumbura
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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.
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Some Alternative Perspectives On the New Economy
Courtesy of Kate Ferarra
Classical economic theorySocio-economicsTransaction Costs AnalysisInstitutional EconomicsOrganizational/innovation theoryNetworking economicsEvolutionary economicsEconomic geographyOrganizational fieldsComplexity Theory
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Blogging Question
Trackingfrom Imapix
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?