Understanding second Gilded Age: technology, intangible assets, monopoly wealth, fast follower, acquisition, innovation, competition, policy reforms.
In The Market Power of Technology, Mordecai Kurz provides an in-depth analysis of the current economy and how technology and intangible assets have changed it. Kurz explains the differences between the industrial revolution and the technology revolution, such as the fact that software is not tangible and the promise written into stock valuations is intangible. He also discusses the monopoly wealth derived from intangible assets and acquisition of smaller companies, and how this has led to a lack of antitrust action. Kurz also looks at the pattern of technology diffusion and how buying nascent firms and incorporating or killing their technology is a key method to control competition. Lastly, he looks at policy reforms, including taxation, and suggests ways to address the dangers posed by the current economy. The Market Power of Technology is a comprehensive and well-researched book that is worth reading for anyone interested in understanding the current economy.
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