The internet improves our lives, while at the same time “hurts” the conventionally measured economy:
Today these magic wands exist. For example, a couple of years ago, Google waved a magic wand that transformed millions of Android phones into sophisticated navigation devices with turn-by-turn directions. This was functionality that people had previously paid hundreds of dollars for in stand-alone devices. Now itâ€™s just another feature that comes with every Android phone, and the cost of Android phones hasnâ€™t gone up. I havenâ€™t checked, but I bet that this wealth creation was not reflected in GDP statistics. And itâ€™s actually worse than that: as people stop buying stand-alone GPS devices, Googleâ€™s innovation will actually show up in the statistics as a reduction in GDP.
Photo by asmythie.
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