The Simple Economics of Machine Intelligence

The year 1995 was heralded as the beginning of the "New Economy." Digital communication was set to upend markets and change everything. It wasn't that we didn't recognize that something changed. It was that we recognized that the old economics lens remained useful for looking at the changes taking place. The economics of the "New Economy" could be described at a high level: Digital technology would cause a reduction in the cost of search and communication.