Financial writer Michael Lewis once remarked, The sad truth, for investors, seems to be that most of
Question:
Financial writer Michael Lewis once remarked, “The sad truth, for investors, seems to be that most of the benefits of new technologies are passed right through to consumers free of charge.”
a. What do you think Lewis means by the benefits of new technology being “passed right through to consumers free of charge”? Use a graph like Figure 12.8 to illustrate your answer.
b. Explain why this result is a “sad truth” for investors.
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