Summary of Reputation Economics
Why Who You Know Is Worth More Than What You Have
Reputation Economics. Copyright © Joshua Klein, 2013, reproduced with permission of Palgrave Macmillan
Imagine a world without banks or money, in which giving things away makes everyone richer.
Technology expert and futurist Joshua Klein speculates on the economic impact of the Internet. He conceives an economic world where reputation plays a part in every exchange; web-based commerce circumvents established institutions; and the Internet resurrects barter, gifting and personal relationships. And Klein’s not far off the mark: Crowdfunding, cloud computing and Bitcoin already exist. But his speculations that major geopolitical institutions will collapse under reputation-heavy innovators seem far-fetched, and his arguments suffer from his blog-like format, wandering style and shortage of empirical evidence. Nonetheless, getAbstract sees valuable insights and imagination in Klein’s iconoclastic projections and recommends them to economists, executives and futurists.
In this summary, you will learn
- What “reputation economics” entails,
- How the Internet has revived the earliest models of exchange, and
- How reputation economics could transform geopolitical entities and financial institutions.
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