No sooner do I write and post an essay on the literally evolutionary nature of modern information technologies (http://coloradoconfluence.com/?p=577), then I come across an article in The Economist zeroing in on one aspect of exactly what I’m talking about (http://www.economist.com/node/17091709?story_id=17091709).
In my novel (http://coloradoconfluence.com/?p=126), a wizard ruminates that “the genius of the many is a captive giant, whose freedom is the ends and the means of all other things.” Wikinomics is about another large step in the liberation of that captive giant, by reducing the transaction costs involved in massive decentralized network communications. Ronald Coase famously said that in the absence of transaction costs, we would bargain our way to maximum utility. Some have interpreted Coase’s Theorem to be more about the formidable obstacle posed by transaction costs than the efficacy of bargaining our way to paradise. But, in either case, the internet has dramatically reduced the size of that obstacle.
