The internet is a great invention that has revolutionized every aspect of life. Businesses wonder how they ever got along before, information snaps around the world in an instance, and communication has never been faster. As a result the global economy has become tied directly with the internet. However, will the internet promote the old principles of economic thought, or will economics change from the inside out.
The classic economic front was to produce the best products at the cheapest price and use whatever permitted method to gain ground in the industry. This system creates a lack of collaboration and both producers and consumers alike are always looking out for themselves. As the internet becomes a greater part of our society, will we let it transform our economic thoughts.
With the Internets vast possibilities to connect people, social and collaborative networks have emerged. Will collaborative economics emerge? There are many programs like Freecyle, and other sharing programs, but will they take hold? I believe there are several aspects that will make internet economics change the global market and provide a collaborative front of consumers.
The first aspect which makes internet a great market is pricing. Producers can offer consumers much lower prices online and consumers can easily compare more companies prices for the same item in less time. Second, groups on the internet need to make sharing and purchasing a group and convenient effort. If people see how convenient sharing items and consuming as a large body instead of an individual person, then this new thought of economics will catch on. People are naturally lazy (no offense to humanity) and will chose the easiest and cheapest option most of the time. By making collaborative consumption easier through the convenience of the internet, we can create a new world of efficiently consuming individuals that produce less debt and consume as a whole.
