In a marketplace that depends so thoroughly on cutting-edge information technology, can classic economic principles still offer any real strategic value? Yes! say Carl Shapiro and Hal Varian. In Information Rules, they reveal that many long-standing economic concepts can provide the insight and understanding necessary to succeed in the information age. Shapiro and Varian argue that if managers seriously want to develop effective strategies for competing in the new economy, they must understand the fundamental economics of information technology. Whether information takes the form of software code or recorded music, is published in a book or magazine, or even posted on a web site, managers must know how to evaluate the consequences of pricing, protecting, and planning new versions of their information products, services, and systems. The first book to distill the economics of information and networks into practical business strategies, Information Rules is a guide to the winning moves that can help business leaders-from writers, lawyers, and finance professionals to executives in the entertainment, publishing, and hardware and software industries--navigate successfully through the information economy.
Information Rules: A Strategic Guide to the Network Economy
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Chapter 1 of Information Rules begins with a description of the change brought on by technology at the close of the century--but the century described is not this one, it's the late 1800s. One hundred years ago, it was an emerging telephone and electrical network that was transforming business. Today it's the Internet. The point? While the circumstances of a particular era may be unique, the underlying principles that describe the exchange of goods in a free- market economy are the same. And the authors, Carl Shapiro and Hal Varian, should know. Shapiro is Professor of Business Strategy at the Haas School of Business at the University of California, Berkeley, and has also served as chief economist at the Antitrust Division of the US Justice Department. Varian is the Dean of the School of Information Management and Systems at University of California, Berkeley. Together they offer a deep knowledge of how economic systems work coupled with first-hand experience of today's network economy. They write:
Sure, today's business world is different in a myriad of ways from that of a century ago. But many of today's managers are so focused on the trees of technological change that they fail to see the forest: the underlying economic forces that determine success and failure.Shapiro and Varian go to great lengths to purge this book of the technobabble and forecasting of an electronic "woo-woo land" that's typical in books of this genre. Instead, with their feet on the ground, they consider how to market and distribute goods in the network economy, citing examples from industries as diverse as airlines, software, entertainment and communications. The authors cover issues such as pricing, intellectual property, versioning, lock-in, compatibility, and standards. Clearly written and presented, Information Rules belongs on the bookshelf of anyone who has an interest in today's network economy--entrepreneurs, managers, investors, students. If there was ever a textbook written on how to do business in the information age, this book is it. Highly recommended. --Harry C. Edwards, Amazon.com
From the Publisher
The book is clearly written, and easy to read
If you think you can apply traditional economics to the new information economy, then you are ... right. That is the message from the economist authors of this informative and readable book from Shapiro and Varian.
If you think you can apply traditional economics to the new information economy, then you are ... right. That is the message from the economist authors of this informative and readable book from Shapiro and Varian.
The book uses a range of products from the network economy to outline strategies for pricing information goods. These range from the obvious (introductory pricing, competitive upgrades, basic versus deluxe) through to more complex strategies such as versioning (producing different versions of a product for different groups of customers - and charging different prices accordingly).
The book is full of examples, ranging from HDTV and railroads through to the computing industry. For me, some of the most interesting examples come from the content side, and this includes Encyclopaedia Britannica's move to supplement its hard copy business with digital delivery.
In fact, there is a lot of overlap in the book between the very different markets of software, hardware and content, and this can make it difficult sometimes to apply the rules to the area in which you are interested (probably "content" if you bought the book after the hype). Also, I'm not convinced that there really is a direct comparison between these very different industries. For instance, there is much talk about network economies and lock-in (with companies using closed standards) which I believe isn't directly applicable to the information content industry as I would define it.
However, all of the examples are suitably analysed and each chapter ends with a summary of the rules learned. This is a good way to make you think about the interesting issues raised.
The book is clearly written, and easy to read with little jargon. Much of this material you will probably have read something about elsewhere (first mover advantage, network effects and externalities, economies of scale, etc.) but it is nice to have it clearly summarised in one place.
This is not, however, a "How to make money by selling information on the Internet" book for Net entrepreneurs. Also, it may not contain much new material for those who already work in the industries covered. However, even though it may tell you some things you already know, it is well worth a read for bringing it all together and getting you thinking about the important issues raised.
FreePint - June 1999
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As the century closed, the world became smaller. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
As the century closed, the world became smaller. Read the first page
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Most Helpful Customer Reviews
3 of 3 people found the following review helpful
By A Customer
Format:Hardcover
This book is a very strong and accessible primer on the underlying economics of the information and network economy. It is NOT a bunch of speculative conjectures on the next new hyped up techno-babble concept and/or technology that will soon revolutionize the world. If you're looking for spin, whether to guide you in business choices or co-op for you own marketing, you won't find it here. The point of the book is to clearly communicate economic theories that can help one make sense of the economic of the computer/internet/information economy. As such, it may seem a bit academic (though I found the real world examples provided very grounding).
I would heartily recommend it -- if you are interested in learning some concepts to help you make sense of the *NEW* economy. The authors do a great job of avoiding the typical economic jargon that makes these sorts of ideas opaque. However, like any academic book, it requires that you take the concepts you learn from it and apply them YOURSELF to the business world around us. Unlike a lot of HYPE TECHNO books, these concepts will not go OUT OF STYLE. They are basic, fundamental and informative, if you're willing to think a little bit about them.
1 of 1 people found the following review helpful
Format:Hardcover
New technologies always suffer in their development because people overestimate them in the near term and underestimate them in the long term.
INFORMATION RULES is a valuable guide to thinking through your decisions about information-based businesses.
By using microeconomics, it makes the points clearer to those who are quantitative thinkers, and more familiar to those who already know about this tool. The case histories are well done, and are varied in a way that is helpful.
Do buy, read, enjoy, and apply the valuable information in this excellent book.
1 of 1 people found the following review helpful
By Robert
Format:Hardcover
An interesting and informative read on network economics. Plenty of examples and the authors have concealed their economic arguments in very simple terms.
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Most Recent Customer Reviews
5.0 out of 5 stars
Road map for the information economy
I first read Information Rules in 1999-2000, enjoyed it, and kept it on shelf. 8 years later, I am reading it again, it is as fresh as it was then, because it is grounded in solid... Read more
Published on 19 Nov 2007 by Mubbasher Khanzada
5.0 out of 5 stars
Outstanding!
An outstanding book which has influenced both academics and practitioners. There is extensive coverage of both firm-level and industry-level issues. Read more
Published on 15 Jan 2007 by K. Maroukian
5.0 out of 5 stars
Keep this Network Economy strategic guide close to your hand
You will have to come back to it many times to improve continually your understanding and practices in the network economy... Read more
Published on 23 July 2002 by Jean-Claude LE GAL
4.0 out of 5 stars
A must read for any information goods executive
The Gist:
"Technology changes. Economic laws do not." Ignore basic economic principles at your own risk. Read more
"Technology changes. Economic laws do not." Ignore basic economic principles at your own risk. Read more
Published on 21 Dec 2001 by Charles Heaton- The Fusebox (ch@thefusebox.com)
5.0 out of 5 stars
Excellent work!
A very practical and concise blueprint to the network economy. Read it and understand the differences between the old and the new economy.
Published on 25 Jan 2001 by Marque Pierre Sondergaard
4.0 out of 5 stars
Easy read, good microeconomic fundamentals and examples
It may to too remedial for industry veterans or any recent graduate from an MBA program. It is, however, an excellent primer for those entering the IT industry. Read more
Published on 3 Sep 1999
5.0 out of 5 stars
It all comes down to economics!
Anybody looking to invest in a high tech company should read this book - it made me realize exactly why companies like Microsoft and AOL are dominating.
Published on 20 July 1999
5.0 out of 5 stars
This is first time to contact to your company.
Information Rules:A Strategic Guide to the Network Economy by Carl Shapiro.Hal R. Varian
Published on 7 July 1999
5.0 out of 5 stars
Understanding the Network Economy is easy!
Understanding the Network Economy is easy, why? The rules to understand you already know. It is not magic, the same rules that businesses and markets, followed for many rules... Read more
Published on 25 Jun 1999
5.0 out of 5 stars
A business book with real meat
Information Rules is the rare business book that's actually better the second time you read it. Chock full of interesting examples and advice for running a business in the new... Read more
Published on 21 Jun 1999
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