All hail brave new world of Web 2.0 by Nicholas Gruen
Posted in: Internet Use/New Technologies at 02/05/2009 18:43
by Nicholas Gruen, chief executive of Lateral Economics
History plays tricks on us. The real internet revolution picked up after the internet bubble burst. And the economist whose framework helps most in thinking about the internet revolution is none other than Adam Smith, who kicked off economics over 200 years ago.
The internet boom involved firms using the net to broadcast to customers - like ads on TV - or to automate sales; for instance, with customers ordering books or booking their own airline tickets.