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James Bessen - Understanding the Tech Paradigm
Value Investing with Legends
Trends in Industry Disruption
The pace of disruption in the economy has decreased in the past 25 years, despite technological advancements. Incumbents in industries are facing less disruption from new firms with innovative technologies. The rate of disruption peaked in the late 90s or early 2000s and has since decreased by about half. Leading firms in various industries have found ways to mitigate the threat of disruption. Industry concentration has increased, indicating that major firms are becoming larger. Industries investing more in proprietary software tend to have higher industry concentration and experience less disruption. Custom software development plays a significant role in the reduced disruption seen in these industries.
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