The Evolution of New Markets

The Evolution of New Markets

The Evolution of New Markets

The Evolution of New Markets

Synopsis

How do markets evolve? Why are some innovations picked up straightaway whilst others take years to be commercialized? Are there first-mover advantages? Why do we behave with 'irrational exuberance' in the early evolution of markets as was the case with the dot.com boom? Paul Geroski is a leading economist who has taught economics to business school students, managers, and executives at the London Business School. In this book he explains in a refreshingly clear style how markets develop. In particular he stresses how the early evolution of markets can significantlyshape their later development and structure. His purpose is to show how a good grasp of economics can improve managers' business and investment decisions. Whilst using the development of the Internet as a case in point, Geroski also refers to other sectors and products, for example cars, television,mobile phones, and personal computers. This short book is an ideal introduction for managers, MBA students, and the general reader wanting to understand how markets evolve.

Excerpt

Some years ago, the famous physicist Steven Weinberg wrote a short book called The First Three Minutes. It was, appropriately enough, about what happened to the Universe in the first three minutes after the 'Big Bang' created the world we now inhabit. A bang as big as the one which (allegedly) created our world is, of course, an intrinsically interesting thing to study (the physics of it all is pretty challenging, particularly for someone like me who never made it into Physics 101). However, what is particularly interesting about this book is its basic premise, namely the idea that understanding what happened in those first three minutes is probably the key to understanding more or less everything else that has happened to our (ever expanding) Universe ever since.

This book has a much more modest subject, but it shares something of the same point of view as Weinberg's book. Our concern here is with what happens in the very early phases of the development of a new market. Like the origin of the universe, this is a subject which is interesting in its own right—the

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