Technology, markets and societal change

New information and communication technologies change existing markets, lead to the generation of new markets, and profoundly affect the actors in these markets. Companies have been able to leverage the availability of big data and new digital technologies to fundamentally change the functioning of existing markets. New technologies have also led to the creation of entirely new markets and labour relations. Many of these impacts of new technologies have the potential to be welfare improving. However, many new technologies pose at the same time grave and unprecedented challenges: Providers of platforms often not only match buyers and sellers but also sell to buyers themselves. Digital ecosystems lock in consumers and foster network externalities on a dramatic scale. In these cases, new technologies give rise to fundamentally new, problematic market dynamics, as evidenced by the dominance of key players such as Amazon or Google.

This specialisation analyses these challenges that arise from new technologies and how this changes society. 

After you have studied this specialisation, you will be able to answer the following questions:

• How do new technologies affect existing markets?
• How do new technologies lead to the creation of new markets?
• What are potential competition and antitrust issues?
• What is a responsible (governmental) reaction to new technologies?