The first report in our series dealing with networks, platforms, markets and the economics of order (pdf, 18 pages). Details below, with a link to a downloadable pdf table of contents.
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In this report, we define networks, and a related category of goods we name “group” goods, and set out a better and deeper framework for understanding the mechanics of network demand and what distinguishes it from the demand for other goods. We explore the role of expectations and introduce the concept of “network fundamentals”. Our framework generates valuable and unexpected insights and addresses misconceptions common in mainstream economics and policy commentary. This report provides key foundations for a continued analysis of networks (and platforms) in subsequent reports.
The New Economics of Order