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| Tekijä: | Jovanovic, B. Rousseau, P.L. |
| Otsikko: | Two technical revolutions |
| Lehti: | Journal of the European Economic Association
2003 : APR-MAY, VOL. 1:2-3, p. 419-428 |
| Asiasana: | Information technology Initial public offerings Technological change |
| Kieli: | eng |
| Tiivistelmä: | The IPOs of the Electricity/Combustion revolution created more lasting value than the IPOs of the IT revolutions. Stock-market data point to two explanations for this. First, computer prices have been falling much faster than did those of electricity and internal combustion in the 1890-1930 period, and so the value of each generation of computer-intensive entrants is reduced by latter entrants. And, second, the the pre-1973 vintages reacted to the microcomputer relatively quickly, perhaps because the threat of being taken over is now higher than it was 70-100 years ago. |
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