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The World of Technology on revoulation

It is time to stop looking backwards. In the years that followed the 2008 financial crisis, we spent a lot of time looking for ways to get back to the days of fast economic expansion. We were living in what I call a “post-crisis world”, certain that the challenges we faced were temporary blips in the system, hopeful that things would soon go back to the way they had been.

But now it has become clear that we have entered a new era – we are living in the “post-post crisis” world. What does this mean?

It means that almost everything we once knew is changing. For the foreseeable future, we will have to get used to slower growth rates. In the new world, it is not the big fish which eats the small fish, it’s the fast fish which eats the slow fish.

One of the defining features of this new era is the rapid pace of technological change. It is so fast that people are even referring to it as a technological revolution. This revolution is unlike any previous one in history, and it will affect us all in ways we cannot even begin to imagine.

  1. A smartphone is a a form of a cell phone and a telephone.
    Having the latter two primes a consumer to get the smartphone.
    And smartphones are only marginal different than cell phones in appearance and logistics.
    Some consumers(mostly elderly) get smartphones because they do not have a choice–the old style cell phones are rapidly obsoleted. And they still only use it like their old cell phone.
    Is a ‘smart-refrigerator'(with web surfing, auto inventory, and interconnectivity.) a whole new category of appliance or just a version of a standard refrigerator?
    Or a flat screen tv a new category or just a version of a television?
    OR a hybrid car and standard ICE cars?
    The rapid adoption of the smartphone is a special case of technology and consumerism, not a whole novel paradigm shift.

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    1. That’s not what the graph represents. The x-axis is not penetration, but time. What the longer bar for clothes dryers vs. Electricity means is that clothes dryers took longer to reach 51-80% penetration than electricity did.

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    2. Since The Economist released its app on the android market; I have dramatically increased my smartphone usage, and lowered wastage and procrastination from bus stops to strolls in the park!

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  2. “In time, business models, infrastructure, legal environments, and social norms will evolve, and the world will become a very different and dramatically more productive place.”

    Absolutely.

    I remember back in the day and not very long ago – to use a very minor example – that in order to get detailed stock information one had to access Value Line or Morningstar, on printed paper and with dated information, either from a local broker or at the local library.

    Now, the updated info is available with just a click on a smart phone.

    So, we now have a lot more information to a lot more people, and much more timely. Way, way more productive.

    To channel Joe Biden, this is a big friggin’ deal.

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  3. I think the adoption of smart phones is the start of a massive revolution that we are at the precipice of. Watch Amber Case’s presentation on how we are relying on our “external brains” more and more*1 or look at the Google Glass project*2 to see what is currently capable with portable mind supplement/information devices.
    One thing I feel that is left out of this report is how the cell phone industry pushes new phones. For the most part the industry is contract based, and on the renewal of a contract, mobile carriers will supplement the cost of a new phone to entice the subscriber to lock into another contract. This plays a drastic role in the rate of purchasing a new mobile device, and without it, I doubt that the adoption rate would be nearly as fast.

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  4. I think the best example of where smartphones will be headed in the future is that of the omni-tool, a fictional piece of technology featured in the Mass Effect video game series.

    These pieces of equipment are small and attached to a person’s arm, providing an interactable holographic display over the entire arm when activated. Capable of diagnostic, manufacturing, and communications tasks, as well as interfacing with other computer systems, they are capable of everything a smartphone can do now, and possibly everything they will be able to do in the future.

    Of course, leave it to science fiction to show us what the future holds – if only we had some sort of economic fiction genre with equally good ideas.

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