Not much substance here but it's a good question. His approach reminds me of trying to value companies like Google (predominantly intangible assets) in terms of billions -- pretty much impossible but very necessary if they're going to exist on the same playing field as GM, Walmart, etc.

Dating from just before the first tech bubble has been a very weird time for economic value, still is, fascinating. Definitely a growth market, if you can figure out a way to put a price tag on anything from SpaceX to WhatsApp. But you can't, for many of the same reasons you can't suss out the internet's effect on GDP, no matter how hard you look at Facebook's consumer surplus.

posted by flagamuffin: 1238 days ago