Can online platforms have a net positive effect on the econo

Can online platforms have a net positive effect on the economy and society?


Written by Mihalis Kritikos,
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Existing economic theories, based on foundational notions of ‘markets’ and ‘firms’, may not be sufficient to correctly interpret the behaviour of online platforms. This was one of the main conclusions of the study ‘Online platforms: Economic and societal effects’, which was carried out by Professor Annabelle Gawer of Surrey Business School, University of Surrey, at the request of the STOA Panel, following a proposal from Member of the European Parliament, Eva Kaili (S&D, Greece), Chair of the Panel for the Future of Science and Technology (STOA).
Online platforms, such as Google, Amazon and Facebook, play an increasingly central role in the economy and society. They have grown to an unprecedented scale, propelled by data-driven business models. Their rapid growth has caused concerns about market dominance and the widening information and power asymmetry between platforms and citizens, businesses and regulators. Online platforms have a massive impact on individual users and businesses, and are recasting the relationships between customers, advertisers, workers and employers. This has triggered a public debate on the economic dominance of platforms and their practices of pervasive data collection.

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