The Economics of Programming Languages
Friday, May 19, 2006, 10:01 PM - Theory
David N. Welton proposes <i>the most salient points of the economics of programming languages, and describes their effects on existing languages, as well as on those who desire to write and introduce new languages</i>.
Programming languages, like any product, have certain properties. Obviously, like any other sort of information good, production costs in the sense of making copies are essentially zero. Research and development (sunk costs) are needed to create the software itself, which means that an initial investment is required, and if the language is not successful, chances are the investment can't be recouped. This applies to many information goods, but programming languages also have some qualities that make them special within this grouping. Namely, that they are both a means of directing computers and their peripherals to do useful work, but they are also a means of exchanging ideas and algorithms for doing that work between people. In other words, languages go beyond simply being something that's useful; they are also a means of communication. Furthermore, in the form of collections of code such as packages, modules or libraries, programming languages are also a way to exchange useful routines that can be recombined in novel ways by other programmers, instead of simply exchanging finished applications.
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