CHAPTER 13
The Power of Swarms
One exciting aspect of the recent fall in TxCs is the emergence of many swarms. Swarms are groups of independent small-sized suppliers or buyers of goods or services where the whole is far more powerful than the sum of the parts. Working as a team enables them to lower TxCs on behalf of their customers in imaginative and valuable ways that they couldn’t as independent suppliers. Think of Uber, Etsy, eBay, Upwork, merchants on Amazon, and associations of professionals.
For example, it is great if I have the phone number of a good, trustworthy driver who might be available to drive me to the airport or home from the pub. But it is even better if I can plug into a swarm of thousands of good, trustworthy drivers, and ...
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