The Impact of the Internet on Telecoms

It was finly an instan and you probably eh had enough opportunities to associate yourself with other colleagues. The people were making predictions and all sorts of different projects and problems that were also wrong. It's almost a canard of economics that things go on longer than you think, and then they collapse more quickly than you think. And that's exactly what happened in tel communications. These firms had all these wire line telephones and things that just looked like yesterday's technology. They were yesterday's technology, but they took 20 years to displace,. Then all of a sudden they were displaced all at once. That's something that's very hard to kind of wrap an intellectual framework around.