Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Around the world, there is enormous enthusiasm for the type of technological innovation symbolized by Silicon Valley.There is a puzzle: It is difficult to detect the benefits of this innovation in terms of GDP statistics.Or perhaps this innovation is less significant than its enthusiasts believe.Upon closer inspection, it became clear that most of this innovation involved devising better ways of scamming others, manipulating markets without getting caught (at least for a long time) and exploiting market power.The net social contribution of all of this "innovation" was negative.In a simpler world, where innovation simply meant lowering the cost of production of, say, an automobile, it was easy to assess an innovation's value. But when innovation affects an automobile's quality, the task becomes far more difficult. Still, one cannot avoid the uneasy feeling that, when all is said and done, the contribution of recent technological innovations to long-term growth in living standards may be substantially less than the enthusiasts claim.
Don’t blame Greece, it’s the European Union that has failed
Don’t allow rich corporations to dictate how we will live
The United States is a beacon of failure on children’s rights
FOLLOW THIS ARTICLE