Question: 1.1. In 1971, Intel invented the first computer microprocessor. In early 1993, the National Center for Supercomputing Applications released the first Web browser, Mosaic (which

1.1. In 1971, Intel invented the first computer microprocessor. In early 1993, the National Center for Supercomputing Applications released the first Web browser, Mosaic (which later became Netscape). Both inventions seem like good news, and both inventions created great uncertainty about which business models would succeed in the future: They were game changers. Would these uncertainty-creating inventions encourage businesses to make massive investments quickly, or would they encourage businesses to wait a few years to see how it all pans out?

Boyan Jovanovic and his coauthors discuss this topic in several papers. For an introduction, see Bart Hobijn and Boyan Jovanovic, 2001.

The information-technology revolution and the stock market: Evidence. American Economic Review 91(5): 1203-1220.

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