Work

Fictions and frictions: Promises, transaction costs and the innovation of network technologies

Year: 2019

Type: article

Abstract: New network technologies are framed as eliminating 'transaction costs', a notion first developed in economic theory that now drives the design of market systems. However, the actual promise of the elimination of transaction costs seems unfeasible, because of a cyclical pattern in which network technologies that make that promise create processes of institutionalization that create new forms transaction costs. Nonetheless, the promises legitimize the exemption of innovations of network technologies from critical scrutiny.

Source: Social Studies of Science

DOI: 10.1177/0306312719838339

Authors: Udo Pesch, Georgy Ishmaev

Institution: Delft University of Technology

Language: English

Topic: Economic Theory and Institutions

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Industry, innovation and infrastructure

Open Access status: hybrid

Estimated APC paid: $3,650