Models of economic production, Encarta vs Wikipedia, and sober economists

An excerpt from Dan Pink’s TED talk “The surprising science of motivation

The mid-1990s, Microsoft started an encyclopedia called Encarta. They had deployed all the right incentives, all the right incentives. They paid professionals to write and edit thousands of articles. Well-compensated managers oversaw the whole thing to make sure it came in on budget and on time. A few years later another encyclopedia got started. Different model, right? Do it for fun. No one gets paid a cent, or a Euro or a Yen. Do it because you like to do it.

Now if you had, just 10 years ago, if you had gone to an economist, anywhere, and said, “Hey, I’ve got these two different models for creating an encyclopedia. If they went head to head, who would win?” 10 years ago you could not have found a single sober economist anywhere on planet Earth who would have predicted the Wikipedia model.

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