Hi Elizabeth, in the scheme of Financial History, all disruptive technologies are comparable, only difference being the degree in which the mania spread, as measured by
(a) % of GDP devoted to the further buildout of the technology (in bonds, stocks, and other IOU instruments) at the peak of mania,
(b) % penetration of the technology into society (however one chooses to measure density),
(c) number of publications devoted to the subject matter of the technology, and
(d) total sustainable economic return attributable to the use of said technology.
One can debate the extent of benefit of highways compared to Internet or telephone. On the cost side, it is simply the case that I.com E.net is the biggest absolute and relative mania there ever was, in scale, pervasiveness, waste, especially as compared to probable residual value (value left after the proverbial implosion). The proof will be in the extent of direct and splash damage yet to occur.
As far as Yale is concerned, it is probably still a socialist school, keeping pace with the rest of US society, especially New York and California.
Chugs, Jay |
