The bubble burst. Within months, dot-com once-millionaires were
scratching around for jobs. Nevaer proves that the laws of
classical economics were never repealed, and that the New Economy
was more Old Economy than many people believed. His briskly
provocative new book shows how the return of common sense is
opening fresh opportunities for wealth creation in badly battered
industries--the entertainment industry especially--and offers five
keys to understanding the online economy overall. The crash, says
Nevaer, was inevitable. Characteristics of the New Economy created
market imperfections that led to total failures. The negative
effects were not isolated. They hurt the whole economy. The online
community also fostered undesired social outcomes--pathological
consumer behavior--but the potential for more beneficial gains is
still indisputable.
Nevaer applies the fundamental theories and ideas of classical
economics to the world online, providing a concise understanding of
what properly belongs to the Old Economy, and what belongs to the
New. He examines the real--that is, sustainable--components of the
New Economy centered on five industries: publishing, music, video
games, and, to some dismay, gambling and adult entertainment.
Meticulously researched and documented, Nevaer's book is an
authoritative, probing account for analysts, researchers, students,
and scholars. As a study of American culture and society, it is an
entertaining read for knowledgeable people everywhere.
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