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Online Companies Like Facebook Have Created a Meaningless Economy



Douglas Rushkoff

Big Think

Posted: May 2, 2016


Online businesses were originally measured by how much they sold. Makes sense, right? That’s how economics is taught. But today, the largest online companies depend on an “economy of likes” to make money, says media theorist and IEET Fellow Douglas Rushkoff. Valuations for companies like Facebook depend largely on their user base, he says, rather than their actual profits. An interesting case in point is Jay-Z’s partnership with Samsung.


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