Dan Ariely on a new type of economy

IdeasProject, an excellent Nokia site, interviewed behavioural economist, MIT Media Lab contributor and best-selling author Dan Ariely.

He said that web technologies like remote cameras can enable individuals to bypass traditional financial systems and engage directly in transactions like mortgages and business loans. Assuming we can created a mechanism to establish trust and legal guarantees he sees the potential for the rapid emergence of a new type of economy.

Ariely also outlined the requirements that are necessary to facilitate remote access financial transactions including a good technology for reputation, guarantees and legal language.

Dan Ariely is the author of the best-selling book, Predictably Irrational: The Hidden Forces That Shape Our Decisions, (HarperCollins).

– Watch video
– Read transcript

Also new on IdeasProject is an interview with Third World entrepreneurship advocate Iqbal Quadir talking about mobile phone banking and global communication opportunities.

If you want more background, check Quadir’s talk at TED 2008 and a reportage about his work in Bangladesh.