by Kai-Fu Lee · 14 Sep 2018 · 307pp · 88,180 words
these breakthroughs will cut across dozens of industries, with the potential to fundamentally alter economic processes and even social organization. These are what economists call general purpose technologies, or GPTs. In their landmark book The Second Machine Age, MIT professors Erik Brynjolfsson and Andrew McAfee described GPTs as the technologies that “really matter
by Klaus Schwab and Peter Vanham · 27 Jan 2021 · 460pp · 107,454 words
technologies of the Fourth Industrial Revolution once again have the possibility to greatly enhance global wealth. That is because they are likely to turn into general-purpose technologies (GPTs) such as electricity and the internal combustion engine before them. The most powerful of these GPTs is likely to be artificial intelligence, or AI
by Erik Brynjolfsson · 23 Jan 2012 · 72pp · 21,361 words
. So as we observe the opening up of the digital frontier, we are hugely optimistic. History has witnessed three industrial revolutions, each associated with a general purpose technology. The first, powered by steam, changed the world so much that according to historian Ian Morris, it “made mockery of all that had gone before
by Don Tapscott and Alex Tapscott · 9 May 2016 · 515pp · 126,820 words
technology. The blockchain was front and center at Davos in January 2016. Jesse McWaters, financial innovation lead at the WEF, believes blockchain technology is a general-purpose technology, like the Internet, which we can use to make markets radically more efficient and improve access to financial services. The WEF predicted that within a
by Chris Burniske and Jack Tatar · 19 Oct 2017 · 416pp · 106,532 words
software that is Bitcoin, studied its blockchain, and released different blockchains that go far beyond Bitcoin. Blockchain technology can now be thought of as a general purpose technology, on par with that of the steam engine, electricity, and machine learning. To quote a May 2016 article in Harvard Business Review by Don and
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services companies in adopting this new technology, thereby helping the incumbents fight back the rebels who seek to disrupt the status quo. BLOCKCHAINS AS A GENERAL PURPOSE TECHNOLOGY While we have our beliefs about the most exciting applications of blockchain technology, we don’t ascribe to an exclusive world view. Instead, we believe
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Bitcoin’s blockchain is one of the most important blockchains in existence, and that it has given birth to a new general purpose technology that goes beyond Bitcoin. General purpose technologies are pervasive, eventually affecting all consumers and companies. They improve over time in line with the deflationary progression of technology, and most important
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blockchain technology to this list. While such a claim may appear grand to some, that is the scale of the innovation before us. As a general purpose technology, blockchain technology includes private blockchains that are going to have a profound impact on many industries and public blockchains beyond Bitcoin that are growing like
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reckon. Chapter 8 Defining Cryptoassets as a New Asset Class Thus far, we’ve covered the birth of Bitcoin, the rise of blockchain as a general purpose technology, a brief history of cryptoassets at large, the keys to portfolio management, and how bitcoin would have performed in the context of modern portfolio theory
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technology that threatens to disrupt their market. Broadly disruptive technologies lay the foundation for new growth, with the most influential blossoming into what are called general purpose technologies, which include electricity, the automobile, the Internet, and yes, blockchain technology. While such growth provides many opportunities, even if large companies recognize the potential of
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being invented at an accelerating rate. The trend is one we have been witnessing for millennia. For example, between AD 900 and 1900, a new general purpose technology was invented roughly every 100 years, with notable examples including the steam engine, automobile, and electricity. In the twentieth century, a new
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general purpose technology came into existence every 15 years, with familiar examples like computers, the Internet, and biotechnology. In the twenty-first century, general purpose technologies have come into existence every 4 years, with autonomous robotics and blockchain technology as two
by K. Eric Drexler · 6 May 2013 · 445pp · 105,255 words
revolution in information technologies offers analogies. Both the Information Revolution and the APM Revolution bring in their wake unprecedented ranges of capabilities based on a general-purpose technology, and each in its sphere brings a kind of radical abundance. We’ve seen the emergence of a gift economy in digital products such as
by John M. Logsdon · 5 Mar 2015
the 1970–1972 period ranged from focusing the nation’s space capabilities on Earth-bound problems, and perhaps even transforming the space agency to a general-purpose technology organization, to a modestly paced effort using surplus Apollo hardware, to developing a fully or partly reusable space shuttle. During 1970, the future development that
by Cory Doctorow · 15 Sep 2008 · 189pp · 57,632 words
due process have sailed out the window without so much as a by-your-leave. Even P2P's worst enemies admit that this is a general-purpose technology with good and bad uses, but when new tech comes along it often engenders a response that countenances punishing an infinite number of innocent people
by William Davidow and Michael Malone · 18 Feb 2020 · 304pp · 80,143 words
governed. The new tools they used to control behavior were ideas of redemption and eternal life as opposed to force. Printing was the first major general-purpose technology to emerge after the invention of agriculture, and it powered the first modern communications revolution. The printing press and movable type, invented by Johannes Gutenberg
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new technologies tilted the scales in the other direction. Thousands of jobs were lost, but millions of new ones were created. The intelligent machine, the general-purpose technology of the Autonomous Revolution, is similarly driving large increases in productivity and unleashing huge displacement effects. Unlike its counterparts from the Industrial Revolution, its job
by Robert J. Gordon · 12 Jan 2016 · 1,104pp · 302,176 words
most important inventions of the late nineteenth century were electric light and power and the internal combustion engine, and these are often described as a “General Purpose Technology” (GPT) that can lead to the creation of many subinventions.37 Subinventions made possible by electricity as a GPT are such fundamental drivers of productivity
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. Gordon (1974). 36. The classic statement of this explanation of reduced inequality during 1940–70 is presented by Goldin and Margo (1992). 37. The phrase “general-purpose technology” was introduced in Bresnahan and Trajtenberg (1995), and the role of subsidiary and complementary inventions is further examined in the introductory chapter of Bresnahan and
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streetcars, 146–47; used in department stores, 89; used in manufacturing, 269–70, 557, 560; wiring of housing for, 5 electric lights, 117–19; as General Purpose Technology, 555–56; for railroads, 142; safety of, 237 electric typewriters, 452, 579–80 electrocardiogram, 226 electronics: home and consumer, 583–84; medical, 478–81; See
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differences in (1870), 56; See also men; women General Electric (GE), 120–21, 194 General Motors (GM), 155, 375 General Motors Acceptance Corporation (GMAC), 297 General Purpose Technology (GPT), 555, 557 General Slocum (ship) disaster, 239 general stores. See country stores genomic medicine, 478 Germany: autobahns of, 389, 390; automobile invented in, 131
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–36, 487–95; life insurance, 303–7, 317; workers’ compensation, 230, 272–73 Intel (firm), 445, 453 internal combustion engines, 131, 149–50, 374; as General Purpose Technology, 555–56; See also automobiles Internet, 442–43, 453–57, 459–60, 578; digital music on, 436; early history of, 643; e-commerce using, 457
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