%0 Generic
%A Parthasarathi, Banerjee
%A NISTADS, India,
%F UNY:5554
%T Re-Intermediation and Deferment through E-Commerce: Neo-Austrian Interpretation of Capital and Time
%U http://eprints.uny.ac.id/5554/
%X 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.