J. Bradford DeLong
- First, I agree with Arthur and Castells.
- Economies of scale and network externalities are key to understanding the future.
- A network economy will be profoundly different from the large-scale organization economy that we have lived in for the past hundred years.
- But the problem--and the source of my uncertainty and hesitancy--is the difficulty of specifying how and when.
- So let me focus on the big tendencies, and try to turn them into shorter-range forecasts.
- Second, industry structure is going to change.
- The potential breakdown of the Progressive-Era political-economic equilibrium.
- Third, intellectual property is going to be key.
- But we don't know how to make an intellectual property system for the coming e-conomy.
- Fourth, asset values will.... fluctuate.
- Inconsistent expectations dominate today's financial markets.
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