A Bubble of Digits

View image | gettyimages.com A look back at the American (and world) economy shows a “pastscape” of exploded economic bubbles. The most recent was the housing bubble, but the less recent .com
Philosophy News image
View image | gettyimages.com A look back at the American (and world) economy shows a “pastscape” of exploded economic bubbles. The most recent was the housing bubble, but the less recent .com bubble serves as a relevant reminder that bubbles can be technological. This is a reminder well worth keeping in mind for we are, perhaps, blowing up a new bubble. In “The End of Economic Growth?” Oxford’s Carl Frey discusses the new digital economy and presents some rather interesting numbers regarding the value of certain digital companies relative to the number of people they employ. One example is Twitch, which streams videos of people playing games (and people commenting on people playing games). Twitch was purchased by Amazon for $970 million. Twitch has 170 employees. The multi-billion dollar company Facebook had 8,348 employees as of September 2014. Facebook bought WhatsApp for $19 billion. WhatsApp employed 55 people at the time of this acquisition. In an interesting contrast, IBM. . .

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News source: Talking Philosophy

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