Second part of the interesting attempt by Gregory J. Rader, to map out and distinguish different kinds of exchanges such as the market, the gift economy, etc ..
In the first part we presented his “Mapping the Value Universe” ; here, how he attempts to apply it.
Gregory Rader:
“In the introduction I posed a number of questions with the promise that this framework will help us answer them. Some of those questions have been answered simply by clarifying the four quadrants.
The conception of attention economy presented above unites two definitions that superficially contradict each other. In marketing conversations, attention economy refers to the usage of various tactics that convert attention into sales (represented in the image below by the vertical arrow). In discussions of peer-to-peer social media, attention economy refers to analogous tactics that empower individuals to convert weak ties into strong relationships (represented by the horizontal arrow).
Both definitions are consistent if we recognize that both conversion processses begin with analogous behaviors, but apply them towards distinct ends. If I were a better artist the two green arrows would be drawn as funnels to indicate that both processes involve drawing a sub-population out of the overall audience.
The framework also identifies a distinct definition of gift economy by locating the current wave of unmonetized production in other quadrants:
* Peer-to-peer social media content converts attention into relationships
* Content marketing and brand-based social media content convert attention into money (or more attention and eventually money)
* Emerging collaborative arrangements expand the scale and scope of the relationship economy
Lastly, the framework allows us to visualize the big shifts affecting the economy. Up to this point I have drawn each quadrant as approximately equal in size. Instead, we might vary the size of each quadrant to represent the volume of economic activity occurring within a given domain.
One obvious big shift rocking the economy is the advent of social technologies that enable the maintenance of vastly expanded social circles. Though these technologies may not override the psychological limits described by Dunbar’s number, they undoubtedly enhance the ability to maintain weak ties.
This shift might be represented as follows:
Another significant shift in recent years has been the overwhelming volume of ‘amateur’ and intrinsically motivated content that is now produced.
This shift could be characterized as growth in unrefined production, and added to the previous image as follows:
These last two are offered for illustrative purposes only and are not meant to accurately depict the current economy. Prior to recent trends, the scope of the transactional economy overwhelmed the other three quadrants. As such, an accurate depiction would need to start from a baseline in which the quadrants skewed significantly in the opposite direction.
Questions For Further Consideration
This post only scratches the surface. Assuming the reasoning above survives peer review, this framework provides a consistent language with which to analyze a wide array of questions. Here is a sampling for your consideration:
* How would you depict various alternative currencies?
o Time-bank
o Facebook credits
o Barter
* Would they exist within a single quadrant or would they cross axes?
* How would you plot a retweet? A ‘Like’?
o An influence metric that measures retweets?
* Do people you know personally retweet your content less? Why?
* How would you depict the following series of exchanges:
o Staying in a hotel
o AirBnB
o Couchsurfing
o Staying with a friend
* What does that series suggest about the future health of ‘the economy’?
* Plot the life-cycle of an ‘open enterprise’
* What does indirect monetization look like?
* Which quadrants are underutilized?
o What mechanisms would enable greater utilization?
* What would a personal equity investment look like?