“Perhaps the single most dramatic example of this phenomenon of software eating a traditional business is the suicide of Borders and corresponding rise of Amazon.”
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And once you get instantaneous communication with everybody, you have economic activity that's far more advanced, far more liquid, far more distributed than ever before.
More and more major businesses and industries are being run on software and delivered as online services - from movies to agriculture to national defense.
Today's stock market actually hates technology, as shown by all-time low price/earnings ratios for major public technology companies.
People are so bad at driving cars that computers don't have to be that good to be much better. Any time you stand in line at the D.M.V. and look around, you're like, Oh, my God, I wish all these people were replaced by computer drivers.