web analytics

Big Think: Jeremy Rifkin on zero marginal costs and the Internet of things

Click to enlarge video or view it below.

Economic theorist and author Jeremy Rifkin explains his concept of The Internet of Things. Rifkin’s latest book is The Zero Marginal Cost Society: The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism.

Marginal cost is the change in the total cost that arises when the quantity produced has an increment by unit. Profit maximization requires that a firm produces where marginal revenue equals marginal costs in a perfectly competitive market.