The celebration of bubbles as delivering wonderful excess that the next generation of entrepreneurs can spin into more down-to-earth uses is an attractive proposition by folks like Daniel Gross, but it ignores the opportunity cost of what WASN"T invested in during the speculative flurry. Bubbles are a suck for capital, for labor and most of all for creative skills that are pulled away from more useful endeavors. When the best and brightest minds are focused on useless dreck (can we all say Pets.com), they aren't focused on real innovation.
And the idea that we now have lots of useful excess broadband fiber is true, but largely irrelevant since what was most neglected in the dotcom boom is laying fiber to the home so people could actually use these wonderful Internet doo-hickies. And the result was that the US slipped from world Interent leader to only 16th in the world interms of the percentage of residents with broadband subscriptions. Japan, Korea, Sweden, Canada, and Switzerland are just a few of the countries with wider access to high-speed Internet for their citizens, largely because their investments were not so spectacularly out-of-sync with consumer needs.
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