Online baking classes represent a fascinating convergence of traditional culinary arts with modern technology. They are a manifestation of the age-old desire for knowledge dissemination, now enhanced by the ubiquity and accessibility of the internet. To fully appreciate their merits, let's discuss the key dimensions of these online baking classes, the mechanics behind their operation, and their potential benefits and drawbacks.

Online baking classes are essentially virtual platforms that provide structured lessons on the art of baking. They follow a curriculum, akin to conventional culinary schools, but the delivery medium is digital. The classes are usually facilitated through pre-recorded videos, live streaming, digital textbooks, and interactive forums. These resources are available to learners at a click of a button, making them an enticing option for anyone who wants to learn at their own pace and convenience.

The underlying technology that powers online baking classes is quite sophisticated. It hinges on the robustness of Learning Management Systems (LMS), web conferencing tools, and bandwidth capabilities. LMS, like Coursera or Udemy, offer an organized structure for course material and allow the tracking of progress. Web conferencing tools, like Zoom or Google Hangouts, facilitate live interactions. Bandwidth capabilities determine the quality and speed of video streaming.

Online classes are typically offered by established culinary schools, professional chefs, or enthusiastic bakers. They cater to a wide range of skill levels - from beginners who are just starting out, to seasoned bakers looking to refine their skills or learn new techniques. The course content can vary significantly, from basic baking principles and techniques, to more specialized classes focusing on specific types of baked goods or dietary baking like gluten-free or vegan.

One of the remarkable things about online learning is its flexibility and accessibility. There is no geographical limitation as these classes can be accessed from anywhere in the world, provided there is a stable internet connection. This unlocks a global classroom, allowing for the exchange of ideas and techniques from various cultures and traditions. Furthermore, online baking classes can be taken at any time, making it ideal for those with busy schedules.

However, like every technology, online baking classes have their limitations. For instance, baking is a practical, hands-on skill, and the virtual environment can never fully replicate the tactile, olfactory, and taste experiences of a physical classroom. Also, immediate feedback or personalized guidance from instructors is often lacking, which could impact the learning curve.

Nonetheless, despite these limitations, online baking classes have gained significant traction in recent years, a trend that was accelerated by the COVID-19 pandemic. The pandemic forced us to retreat to our homes, and in the ensuing quest for productive pastimes, many turned to online classes, including baking.

From an economic perspective, online baking classes present an intriguing case study. They possess the characteristics of what economists call a 'non-rivalrous' and 'non-excludable' good. Once produced, an online class can be consumed by an additional student at no extra cost, making it non-rivalrous. Non-excludability refers to the idea that once the class is available online, it is impossible to prevent people who haven’t paid from accessing it. This can lead to a free-rider problem, but also provides an opportunity for wider dissemination of knowledge, making it a double-edged sword.

Wrapping up, online baking classes represent a novel way of learning that leverages the power of technology. They offer convenience, flexibility and a global perspective, making them a viable alternative to traditional baking classes. However, they also present unique challenges, and it will be fascinating to observe how these classes evolve to overcome these limitations.

In the grand arc of human knowledge progression, online baking classes are a testament to our relentless pursuit of innovation and our ability to adapt. They hold a mirror to our society, reflecting our ongoing transition towards an increasingly digital world. And who knows, one day, we may crack the code and find a way to digitally replicate the smell and taste of freshly baked bread.