University of Minnesota - UMN Executive Leadership Insights
A World Beyond Markets
Video

A World Beyond Markets

Jeremy Rifkin
RSA, 2014
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Editorial Rating

9

Qualities

  • Eye Opening
  • For Beginners
  • Engaging

Recommendation

The Internet democratized traditional media, and many publishers, newspapers, record producers and entertainment firms collapsed in the ensuing upheaval. Politic adviser Jeremy Rifkin explains the economic factor that led to this phenomenon and predicts that the manufacturing and energy industries are ripe for a similar overhaul. Rifkin delivers his thesis in an eloquent, accessible manner. While his ideas will intrigue a broad audience, getAbstract recommends his candid report especially to economists and to stakeholders in energy production and manufacturing.

Summary

According to the theory of capitalism, producers continually seek new technologies to reduce marginal cost – “the cost of producing an additional unit of a good or service once…fixed costs are absorbed.” Thus, they can manufacture goods more cheaply, and prices fall. Capitalist theory also states that marginal cost is “the optimal efficient state at which to price a good or service.” Yet in many sectors, the Internet has brought marginal cost close to zero. Now that consumers can produce and share content – music, videos, blogs and e-books – cheaply online at zero or near-zero marginal cost, they are circumventing the traditional media – the music...

About the Speaker

Political adviser Jeremy Rifkin is president of the Foundation on Economic Trends.

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