Today’s market of all things social is consuming many conversations produced by people, organizations and institutions. In other words the same old same old is being produced and consumed by this thing we call social media.
Because social technology is still very new the usage of it to produce more relevancy than things we already know about will be the next phase of production.
What Current Markets Produce for Consumption
A market is any one of a variety of systems, institutions, procedures, social relations and infrastructures whereby businesses sell their goods, services and labor to people in exchange for money. Goods and services are sold using a legal tender such as money. This activity forms part of the economy. It is an arrangement that allows buyers and sellers to exchange items. Markets vary in size, range, geographic scale, location, types and variety of human communities, as well as the types of goods and services traded.
In mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services for money is a transaction. Market participants consist of all the buyers and sellers of a good who influence its price. There are two roles in markets, buyers and sellers. The market facilitates trade and enables the distribution and allocation of resources in a society. Markets allow any tradable item to be evaluated and priced. A market emerges more or less spontaneously or is constructed deliberately by human interaction in order to enable the exchange of rights of services and goods.
What “Social” Markets Produce and Consume
Notice in the traditional definition of “market” it implies “a market is any structure that allows buyers and sellers to exchange any type of goods, services and information“. The traditional definition of “market” also implies that producers sold products, services and information using a legal tender such as money. As such traditional markets are trying to sell products, services and information using this thing called “social”. Producers are simply applying the same old concept of “market” to the consumers engagement in all things social. Just maybe social is creating a different kind of market that produces things for consumption in different ways.
What we the people produce is information, knowledge, creativity and some create things that are significant and meaningful to the human network. Most of the exchanges are not for legal tenders such as money rather they are for the currency that comes from gaining productivity. Think about it. That which we learn from each other which yields the most consumption is creative things and ways in which we, whether individually or organizationally, can learn to become more productive.
Productivity is a measure of output from a production process. Social currency is derived from the value of information, knowledge and creativity produced by and from the human network. The irony is much of social currency is not tendered with money instead the exchange is a conversational transaction. Social participants consist of all the producers and consumers of information, knowledge and creativity that influence the dynamics of the old definition of a “market”.
The social market emerges more or less spontaneously or is constructed deliberately by human interaction in order to enable the exchange of information, knowledge and creativity that enhances the productivity of the human network.
Think about why Facebook brings a $50 Billion evaluation. Care to add your own thoughts to this? Are we creating a new type of market?