Platforming economics: tech economics, market design, and the transformation of markets

Economic methodologists join economists in crediting market designers for taking a pragmatic approach toward improving markets for the common good. Accordingly, the new wave of market design, designated 'tech economics,' now accepts responsibility for pursuing efficiency, as well as a myriad of other policy goals. Yet, ambiguity surrounds the targets they hold out for intervention and therefore the justifications they have offered for the continued deployment of their designs. By scrutinizing the theoretical and practical features of these designers' 'markets,' this paper finds that market designers have offered to assist platforms in extending their domains of governance. While this stance has opened up multitudes of design opportunities, the attendant conceptual shift raises questions not only about the activities undertaken by specific tech economists, but more generally about the plausibility of the economist's professed stance to improve markets for the benefit of all.