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Re-Intermediation and Deferment through E-Commerce: Neo-Austrian Interpretation of Capital and Time

Copyright © 2005. 18 pages.
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DOI: 10.4018/978-1-59140-363-0.ch002
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MLA

Banerjee, Parthasarathi. "Re-Intermediation and Deferment through E-Commerce: Neo-Austrian Interpretation of Capital and Time." Digital Economy: Impacts, Influences and Challenges. IGI Global, 2005. 21-38. Web. 28 Jul. 2014. doi:10.4018/978-1-59140-363-0.ch002

APA

Banerjee, P. (2005). Re-Intermediation and Deferment through E-Commerce: Neo-Austrian Interpretation of Capital and Time. In H. Kehal, & V. Singh (Eds.) Digital Economy: Impacts, Influences and Challenges (pp. 21-38). Hershey, PA: Idea Group Publishing. doi:10.4018/978-1-59140-363-0.ch002

Chicago

Banerjee, Parthasarathi. "Re-Intermediation and Deferment through E-Commerce: Neo-Austrian Interpretation of Capital and Time." In Digital Economy: Impacts, Influences and Challenges, ed. Harbhajan Kehal and Varinder Singh, 21-38 (2005), accessed July 28, 2014. doi:10.4018/978-1-59140-363-0.ch002

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Abstract

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 e-commerce 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.
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