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You're reading: Digital Tonto: The semantic economy

Meanwhile, the new web darlings, Instagram and Pinterest, have built communities of millions of people in a matter of months, not years and they have done it with a staff that can fit in my living room (which, I might add, is not that big).

What’s amazing is that we have come to take things like these in stride. Such events have become not exactly the rule, but not the exception either. In short, we have witnessed the complete transformation of business as we knew it. The scale economy has become the semantic economy, where value chains have been subsumed by value networks.

To understand how things have changed, we first need to understand how corporations produced value in the past. As I noted in an earlier post about creating value there is no better place to start than Ronald Coase and his 1937 paper, The Nature of the Firm.

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