Speaker unverified: belief

Transcript context

…Chenyi, can you walk us through your work on how to assess platform power? I guess even before that, we're not trying to understate. I think we just said platforms are not tied to a particular form of technology, but there's an important thing to notice that technology is really important. There's a particular form that gets reflected in the platform which is technology that lowers transaction costs and it lowers it so radically that what you see is entirely new markets that were non-existent before. Our way of framing the relationship between platform technology is that platform is not bound to a form of technology, but technology is the driver for new platforms to emerge. That's something I guess all the entrepreneurs and inventors out there would have a very clear sense of what is the technology trend they're writing and creating new markets with their platforms. Fascinating. It's definitionally true, be it by reducing distribution costs or by reducing the friction to make a transaction. Every step change in technology dramatically reduces transaction costs.…

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