On Apr 25, 2008, at 1:27 PM, Michael Perelman wrote:
The relevance is that the definition of
capital is very fluid. If software is capital, why wan't it
capital 25 years ago?
Well for one, software wasn't all that big a deal 25 years ago. In
1983, total U.S. software spending, according to the BEA, was $24
billion, or 0.7% of GDP <http://www.bea.gov/papers/pdf/software.pdf>.
In 2006, it was $234 billion, or 1.8% of GDP. Shouldn't thinking
evolve with circumstances?
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