session one an overview of the terrain january 20, 2010

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THE NETWORK ECONOMY Session One An Overview of the Terrain January 20, 2010

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Page 1: Session One An Overview of the Terrain January 20, 2010

THE NETWORK ECONOMY

Session OneAn Overview of the Terrain

January 20, 2010

Page 2: Session One An Overview of the Terrain January 20, 2010

Economics??

Page 3: Session One An Overview of the Terrain January 20, 2010

What Me Worry?

Courtesy of JustUptown

Page 4: Session One An Overview of the Terrain January 20, 2010

You Don’t Have to Be an Economist to Study the Economy!

Courtesy Schlunzi

Page 5: Session One An Overview of the Terrain January 20, 2010

What is a Discipline?

icvet.tafensw.edu.au

Page 6: Session One An Overview of the Terrain January 20, 2010

Boundaries

Boundary*from Imapix

Page 7: Session One An Overview of the Terrain January 20, 2010

Narrowing the Focus

Focusfrom D50Manchester

Page 8: Session One An Overview of the Terrain January 20, 2010

Self Discipline

Pilgrimage of the Self - Disciplinefrom Emerald watcher

Page 9: Session One An Overview of the Terrain January 20, 2010

I Dare Say!

domino.lancs.ac.uk

Page 10: Session One An Overview of the Terrain January 20, 2010

Boundaries are Blurring

Got no boundaries and not limitsfrom GioPhotos

Page 11: Session One An Overview of the Terrain January 20, 2010

Who Carries Out Economic Activities?

Page 12: Session One An Overview of the Terrain January 20, 2010

How Are These Processes Coordinated?

Where is the invisible hand?from emstrur

Page 13: Session One An Overview of the Terrain January 20, 2010

What About Interactions: Are They All Dyadic?

Courtesy of Katrinket

Page 14: Session One An Overview of the Terrain January 20, 2010

What About Groups/Firms?

Courtesy Chris_Parker Photo Stream

Page 15: Session One An Overview of the Terrain January 20, 2010

Is There A New Economy?

welcome to the new economyfrom Sangroncito

Page 16: Session One An Overview of the Terrain January 20, 2010

Or Is It Just Business as Usual?

Duckk and Flea’s Photostream

Page 17: Session One An Overview of the Terrain January 20, 2010

SomeThink So!

Page 18: Session One An Overview of the Terrain January 20, 2010

How Do We Explain the Crash?

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

Page 19: Session One An Overview of the Terrain January 20, 2010

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

Page 20: Session One An Overview of the Terrain January 20, 2010

What is the Role of Technology?

Page 21: Session One An Overview of the Terrain January 20, 2010

In What Ways Do Networks Play a Part?

networkfrom Binkiexxx

Page 22: Session One An Overview of the Terrain January 20, 2010

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.

Page 23: Session One An Overview of the Terrain January 20, 2010

Begin With Definitions!

Dictionary Definitions #2from Mukumbura

Page 24: Session One An Overview of the Terrain January 20, 2010

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.

Page 25: Session One An Overview of the Terrain January 20, 2010

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

Page 26: Session One An Overview of the Terrain January 20, 2010

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?