The Future and Exchanging Value

by nicholas gruen

And where the phone network depended on point-to-point connections, the Internet connects people viaInitially, the old `connect first` phone network was monopolistically competitive.and prices way above cost for peripheral services such as texting and international roaming.different online because of the different market structure produced when each node in the network helpsThus, all the transaction costs of the old network melt away.on as this miracle has unfolded, just as astounded as if we...