Embracing Co-Creation Thinking in Economics

July 16, 2013 Leave a comment

Embracing Co-Creation Thinking in Economics

Avik Chakrabarti University of Michigan – Stephen M. Ross School of Business

Venkatram Ramaswamy Stephen M. Ross School of Business at the University of Michigan

June 2013
Ross School of Business Paper No. 1188

Abstract: 
Economics without the lens of co-creation, in the new evolving economy, blurs visibility. We provide a framework that can reshape economic thinking with co-creation at the core. In particular, an individual’s experience from co-creation is at the foundation of our economic apparatus. This is consistent with the mounting evidence on the new evolving economy where the conventional firm-centric view is of little relevance. We compare and contrast key elements of our co-creation thinking with conventional economic thinking. We show how fundamental economic concepts, such as surplus and efficiency, must be modified in order to incorporate co-creation experiences. We also posit a principle of co-creative advantage to guide efficient co-creation.

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