From: Waldemar Ingdahl (wingdahl@hotmail.com)
Date: Wed Dec 22 1999 - 06:20:09 MST
Hmm. Strange of me to act like the Cassandra on this list, but take a look
at this link. I don't completely agree with Reisman, but he has some points.
http://www.capitalism.net/stockmkt.htm
Best regards
Waldemar Ingdahl
>From: Max More <max@maxmore.com>
>Reply-To: extropians@extropy.com
>To: extropians@extropy.com
>CC: max@maxmore.com
>Subject: Continuing economic book [Was: [Fleckenstein] The Story of
>Bubblenomics]
>Date: Tue, 21 Dec 1999 12:51:14 -0800
>
>Here's a synopsis of the article from Harvard Business Review that I
>alluded to:
>
>THE NEW ECONOMY IS STRONGER THAN YOU THINK
>William A. Sahlman
>
>Many policy makers at the Fed contend that the new economy is a fragile
>bubble -- and that with the "irrational exuberance" of the capital markets,
>the sky is going to fall on the U.S. economy. That couldn't be further from
>the truth, according to William Sahlman. As long as the government doesn't
>interfere, he argues, the economy is sturdy, resilient, and raring to grow.
>
>The new economy is strong for several reasons. First, it is based on a
>business model that works. Any business system that relentlessly drives out
>inefficiency, forces intelligent business-process reengineering, and gives
>customers more of what they want will be sustainable. Second, it is built
>on America's admiration for entrepreneurs and its tolerance for failure,
>not to mention its easy access to capital. Third, the new economy is
>attracting the best and brightest minds in the country. And finally, says
>Sahlman, the new economy is strong because it is spreading. It may be
>primarily an American phenomenon now, but in a few short years it will
>start to show its effects everywhere, making the whole world a more
>productive place.
>
>Still, Sahlman believes, the road ahead is not without potholes and sharp
>curves. But that is what the new economy is all about, he maintains --
>companies attacking the status quo and entrenched players, companies
>experimenting to find new technologies that improve or replace earlier
>ones. Such activity presents no cause for alarm. The economic, social, and
>cultural factors undergirding the new economy are rock solid. It's simply a
>matter of letting them stand.
>
>The above synopsis and ordering information for the article can be found
>at:
>
>http://www.hbsp.harvard.edu/products/hbr/novdec99/99612.html
>
>Onward!
>
>Max
>
>
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