Interesting Tidbits

tid·bit

/ˈtidˌbit/

noun

  1. A small, interesting fact or anecdote.
  2. A morsel or bit of delicate food.

A tidbit is not necessarily important in itself, but can be a source of entertainment or education.

Financial Frenzies Propagate Technological Revolutions

This financial frenzy is a powerful force in propagating the technological revolution, in particular its infrastructure, and enhancing – even exaggerating – the superiority of the new products, industries and generic technologies. The ostentation of success pushes the logic of the new paradigm to the fore and makes it into the contemporary ideal of vitality and dynamism. It also contributes to institutional change, at least concerning the 'destruction' half of creative destruction.

— Carlota Perez

From Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages

This quote highlights how financial bubbles, despite their potential negative consequences, play a crucial role in driving technological progress. They accelerate the adoption of new technologies and reshape societal norms, even if sometimes to an exaggerated degree.

For a more in-depth exploration of this concept, check out these excellent articles:

I also suppose Byrne's upcoming book (with Tobias Huber) is going to be a great read on this: Boom: Bubbles and the End of Stagnation Can't wait to read it!

In 1995 Netscape had to convince people that the Internet was going to be economically important

... At least, we thought everyone wanted online stores. There was a lot of talk in the press about e-commerce then, because Netscape was doing a big PR campaign for their IPO. They had to convince everyone that the Internet would be economically important, and they picked the most literal example they could think of. Actually most merchants didn't want to sell online, not yet.

— Paul Graham

From Founders at Work, pp. 206.

I reached out to Paul Graham and he was kind enough to respond and confirm that the story was true.