Rethinking Ricardian 'Sum of Enjoyments': Gains from Trade in a Co-Creational Economy
31 Pages Posted: 19 Nov 2013 Last revised: 14 May 2015
Date Written: May 1, 2015
The Ricardian principle of comparative advantage has long been at the foundation of a wide range of economic models. In the new Internetworked economy where co-creational experiences of value is rapidly gaining momentum, the vision of this principle has weakened. We provide a framework to align economic thinking on the principle of comparative advantage with co-creational value creation embedded at the core. We show how patterns of specialization and the resultant gains from trade, within or across borders, must be sensitive to value gained through co-creational experiences. In particular, an individual’s co-creational experience of value is at the foundation of what we posit as the principle of comparative co-creationaladvantage.
Keywords: Co-creational experience Economics, Specialization through Co- Creation, Diversification through Co-Creation, Gains from Trade through Co-Creation, Principle of Comparative Co-Creational Advantage
JEL Classification: B40, B41, D46, F1
Suggested Citation: Suggested Citation