Thursday, July 7, 2011

What is the Consumer Surplus from the Internet?

Here is a nice Youtube video that clearly demonstrates the value of a specific innovation titled "Would You Give Up The Internet For 1 Million Dollars?"

Even in a lousy economy we all enjoy things, from smart phones to aspirin to air conditioning, that weren't available to the world's wealthiest people just a short while ago. And if we have access to something like the Internet, something that's worth so much to us, we just might be richer than we realize.

I will quote (again) Steve Lansburg, "Henry VIII would have given up half his kingdom for access to the Internet and a handful of antibiotics."

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