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Navigating Technological Disruption and Business Strategies
The chapter explores insights from James Bessen on the pace of disruption in the economy, industry concentration, investment in proprietary software, and business strategies in the face of technological advancements. It discusses the historical shift from mass production to mass customization enabled by software and how companies like Walmart leverage software complexity for a competitive edge. The conversation also delves into the concept of technology diffusion, opening up proprietary technologies, and the regulatory challenges faced by companies in fostering innovation.