How to Thrive in Social Media's Gift Economy - Mark Bonchek - Harvard Business Review - 0 views
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In a market economy, the focus is on transactions. In a gift economy, the focus is on relationships.
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In a market economy, people use money as a medium of exchange — a financial currency. In a gift economy, people use social currencies.
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Social media are fundamentally gift economies. People are there to cultivate relationships, not conduct transactions. They exchange social currencies, not financial currencies. And status is earned not bought.
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