Re-Intermediation and Deferment through E-Commerce: Neo-Austrian Interpretation of Capital and Time

Parthasarathi, Banerjee Re-Intermediation and Deferment through E-Commerce: Neo-Austrian Interpretation of Capital and Time. [Experiment/Research]

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Abstract

Contrary to the common belief that e-commerce disintermediates—or even while reintermediation takes place the economic circuit fails to get lengthened—this chapter argues following the Austrian perspective, that through e-commerce consumption gets deferred and the economic circuit lengthens. Inappropriate use of transaction cost theory, in particular, has often weakened the received theory. This implies that ecommerce increases capital because capital is time according to the Austrian theory. Consequently the efficiency-focus of received theory is replaced by a capital-enhancing theory of this new commerce. Several novel functions of intermediaries including coordination have been utilized to support the departure from the efficiency perspective. Citing several well-known examples from the literature has adumbrated this argument.

Item Type:	Experiment/Research
Subjects:	LPPM
Divisions:	LPPM - Lembaga Penelitian dan Pengabdian kepada Masyarakat
Date Deposited:	12 Sep 2012 16:16
Last Modified:	02 Oct 2019 02:16
URI:	http://eprints.uny.ac.id/id/eprint/5554

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