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To: IceShark who wrote (54993)1/6/2001 2:16:43 PM
From: KyrosL  Read Replies (3) of 436258
 
I agree with marginmike. The productivity increase of the last few years is very real and will probably accelerate. The point of the computer revolution in the last few years is not the increase in compute power of individual machines and the fact you can recalculate the same old spreadsheets faster. It is universal cheap communications (the Internet) which ties together businesses, their suppliers and their customers and enables an enormous simplification and acceleration of business processes. At the individual level, the Internet simplifies and cuts costs of numerous services like banking, brokerage, news & entertainment, shopping, travel, etc., etc.

There is no question that the tech bubble created overcapacity and overinvestment, which will have to be painfully deflated. But it is a mistake to dismiss the Internet revolution. It is very real and has generated and will continue to generate enormous productivity increases, especially in services, which are almost three quarters of our economy.
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