The Future of the Internet and Economics

Sometimes on this blog, I like to take a step away from current events and talk about what is on my mind.

Economics is a growing discipline that seems to be invading all other disciplines. For example, the title of this blog comes from Public Choice Economics, which was a direct invasion into political science. At the same time, I have taken a class at George Mason University called the Economics of Religion. Both of these topics are of great interest to me along with many of the classic microeconomic problems we deal with everyday.

What is curious to me is how will the new social internet application be analyzed by Economics. Even though many Economists have blogs and are networking sites, we would imagine that it would take a while for Economists to get a full grasp on what is going on. One of the sub-disciplines I have always been interested in is the Economics of Dating and Relationships. All these sub-disciplines do is apply rational choice and methological individualism as a framework to analyze these certain areas. They also attempt to take models or simple laws of supply and demand and apply them to various things.

The internet is it’s own market. There are advertisements, spam, efficient ways to order stuff, and searches that will bring you to various producers you never knew existed. I mean the Economics of Spam would be a very interesting topic all in itself. I believe that 100% of the time the laws of supply and demand work, but if anything has ever brought doubt to my mind it is spam. Who buys stuff off of spam emails? After doing a quick search I found those guys over at Marginal Revolution have talked about it. But this proves my point the internet has revolutionized research and it will revolutionize Economics.

On a worse note, Economics has made a turn towards the math. I, in fact, could possibly be barred from being and economist due to my weakness in math (as I was rejected by the GMU Ph.d Program). With Economics’s turn towards math will that reinforce the view of the economist as a savior not as a person who studies how man acts? I, of course, believe we should move more towards the latter, but only time will tell.



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One CommentLeave a comment

  1. Ah.. the imperialism of economics.

    I think one of the major problems with economics is that it is trying to explain everything in this world. Economics and economists need to define its limits and then theorise.

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