We all know that the US economy (as valued by Wall Street) has grown a couple of trillion dollars since 1994, and that this has not been industrial growth. You don’t see new oil refineries and steel mills popping up all over the landscape.
But it has been real growth, real wealth, not only share issuance. It has come largely from knowledge-based activity. We have created hundreds of billions of dollars in market capitalization - in real growth - as we shift gradually from an industrial age, to what has been called the Information Age, the Digital Age or the Age of Knowledge.
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