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An Economic Framework for Understanding the Internet-driven New Economy

Infrastructure innovations have had far-reaching impacts on markets and marketing in the past. The latest such infrastructure revolution -the Internet -is presently underway. Marketers need to focus their attention on how Internet-based and other forms of electronic commerce will shape markets and marketing in the future. In this paper, an economic framework based on agency costs, transaction costs, and network externality is presented to examine how the Internet might transform electronic markets and marketing institutions and practices in general.