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Let’s look at a slightly less frivolous example. On Sunday, July 30th, 2006, in response to the news that Blackboard had obtained a patent on certain learning technologies, I created a Wikipedia page entitled History of Virtual Learning Environments . One of the primary motivations was to begin gathering prior art that was relevant to the patent. The text of my entry consisted of exactly one sentence:

This page will chronicle the history of virtual learning environment (VLE) development.

One week later, there were more than 160 edits logged for the page. Almost none of them were mine. In fact, the vast majority of them were by people who each contributed one single entry about projects about which they had personal knowledge. Looking at the page today, it is a highly structured scholarly work with 89 external references and a consistent editorial style, despite the fact that literally hundreds of people have contributed to it. As of this writing, the last edit to it was on October 27, 2007. Yesterday. So it is still under active development by somebody, even though the first author (me) hasn’t touched it in over a year. None of these people were paid to contribute, and there was no formal editorial process or approval structure. And yet, people do continue to invest their time in the document. Some of them may be doing so out of concern over the Blackboard patent (either because they have a direct economic stake in seeing it invalidated or because they have a more idealistic commitment to the principles involved); others may simply be interested in documenting the history of an aspect of their profession and in ensuring that their contribution to it gets recognized. Still others may have no specific interest in the subject matter but may be interested in maintaining the overall editorial quality of Wikipedia. The important point is that, when costs of participation are low enough, any of these motivations may be sufficient to lead to a contribution.

It turns out that this is the key to understanding both Coase and Benkler, both capitalist firms and open source communities.

Friction, intertia, and economics

Despite a reputation for practicing the “dismal science,” Adam Smith and many of his intellectual progeny are fundamentally optimists. You have to be optimistic to believe, as Smith did, that the cumulative effect of individuals pursuing their self-interest in a free market would result in the collective good via the “invisible hand” of the markets. The genius of economist Ronald Coase is that he was able to articulate the force behind this invisible hand—and its limits—in a clear, sensible formula with predictive power. Think of him as the Isaac Newton of economics.

Coase claimed that, in a perfect world, the invisible hand would always prevail. For example, given a farmer and a cattle rancher who both need the same land, the two will always work out a mutually advantageous agreement. One will always offer to compensate the other in return for giving up access to the land such that they both benefit. Importantly, Coase argued that this would be true regardless of who owned the land. In that perfect world, property rights—which many of us have come to understand as a cornerstone of capitalism—are completely superfluous to a properly functioning market. People would trade to mutual benefit without the need for property or companies. Think of this as the economic equivalent of Newton’s First Law of Motion: economic transactions in motion tend to stay in motion.

Questions & Answers

where we get a research paper on Nano chemistry....?
Maira Reply
what are the products of Nano chemistry?
Maira Reply
There are lots of products of nano chemistry... Like nano coatings.....carbon fiber.. And lots of others..
Even nanotechnology is pretty much all about chemistry... Its the chemistry on quantum or atomic level
no nanotechnology is also a part of physics and maths it requires angle formulas and some pressure regarding concepts
Preparation and Applications of Nanomaterial for Drug Delivery
Hafiz Reply
Application of nanotechnology in medicine
what is variations in raman spectra for nanomaterials
Jyoti Reply
I only see partial conversation and what's the question here!
Crow Reply
what about nanotechnology for water purification
RAW Reply
please someone correct me if I'm wrong but I think one can use nanoparticles, specially silver nanoparticles for water treatment.
yes that's correct
I think
Nasa has use it in the 60's, copper as water purification in the moon travel.
nanocopper obvius
what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
How we are making nano material?
what is a peer
What is meant by 'nano scale'?
What is STMs full form?
scanning tunneling microscope
how nano science is used for hydrophobicity
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
what is differents between GO and RGO?
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
analytical skills graphene is prepared to kill any type viruses .
Any one who tell me about Preparation and application of Nanomaterial for drug Delivery
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
The nanotechnology is as new science, to scale nanometric
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
what school?
biomolecules are e building blocks of every organics and inorganic materials.
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
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Source:  OpenStax, The impact of open source software on education. OpenStax CNX. Mar 30, 2009 Download for free at http://cnx.org/content/col10431/1.7
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