Old economics explains the new economy well. When we buy something, we spend time and money searching for it, comparing it with other products, negotiating a price, and ensuring that we get what we paid for. This is what economists call ‘transaction costs.’ The internet dramatically reduces these costs, making it cheaper for people, businesses and governments to do business.
This site uses cookies to optimize functionality and give you the best possible experience. If you continue to navigate this website beyond this page, cookies will be placed on your browser. To learn more about cookies, click here.
