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"The book is about the future development of the digital society, social search engines of the new generation, and crowdsourcing (collaboration) in information processing. The book examines future development of social networks and their way to monetization. It presents the business model for content producing industries, which further existence is questionable due to rapidly decreasing copyright working capacity. Some chapters are about the economics of people's personal time and laws of emotional asymmetry in information perception, knowledge of such laws helps people to manage their subjective sensation of happiness. How do social networking services earn money? What is the 'second hand of the market' and how does it operate? Why does society need so many different kinds of goods? What does happiness economics not reveal about happiness? What is the link between talent, success and 'stardom'? What is the business development model for the entertainment and media industry? What is emotional hysteresis? How can we measure cultural values? What is subjective time and how can it be made qualitative? What is club economics? You can find the answers to all these questions in the book. It describes the main trends in development of our digital society. It appeals to those who are curious about what will replace search engines, and how social networking services will evolve. It is about the profit from different forms of informational collaboration (crowdsourcing, collaborative filtering) and how it will affect the structure of the society."

"ABSTRACTThe notion that something that cannot be measured does not exist seems to apply to the absence of consideration of culture in economics, where the role of institutions is at the center of the link between the two. Yet, economic prosperity, crisis, and deprivation result from human behavior, reflecting the outcome of social learning a central concept of culture. Institutions and culture interact and evolve in complementary ways. Each can affect the process of exchange and transaction costs, which in turn determine economic performance. Although more work has been done to better understand the interrelation between economics and culture, most falls on deaf ears among mainstream economists, despite the fact that real world cases show the critical role of this interrelation. This paper discusses demonstrates a deficiency of mainstream economics in its disregard of the role of culture and institutions."