it clearly has a similar effect in speeding up change and has to be changing the path money takes through the economy in a analogous way (with the stock market recognizing this fact by pumping up the value of Amazon, Google, etc)...
...the Internet must be hugely disruptive for some market niches that once had it made (Blockbuster anyone?)
it clearly has a similar effect in speeding up change and has to be changing the path money takes through the economy in a analogous way (with the stock market recognizing this fact by pumping up the value of Amazon, Google, etc)...
...the Internet must be hugely disruptive for some market niches that once had it made (Blockbuster anyone?)*****
No, the internet is not anywhere close to the magnitude of change in the 20’s. E.g., Amazon did not put Borders out of business, they are still opening new stores and are profitable.
Currently, the government measures the increases in productivity. If you look at the productivity increase during the internet boom, you don’t see any huge jumps. The internet did not put many brick and mortar stores out of business.
I think the computer, itself, would be a better example. But it took 50 years for computerization to be phased in. I can remember using time sharing, on a main frame, back in the late 60’s for some manufacturing research. In terms of our total economy, the computer and/or the internet has been a very incremental change.
BTW, Blockbuster is still around and doing ok. Not as well as its hay day, but still pretty good. I was in the video rental business back in the early 90’s and it was not the internet that hurt it as much as satellite tv. Dish Network and Directtv hurt video rentals much more than Netflex. If you want to watch a movie “tonight”, you have pay per view or your local DVD store today.
The Great Depression was pretty much centered in the USA. In the eastern hemisphere, land was scarce so the huge increases in farm productivity did not occur. A tractor made it easier to farm 100 acres, but you could not expand to 400 acres.
Thank you for giving the idea some consideration. Not many people do.