Paradigm change?

摘要

Sky-high prices on stocks of earnings-less companies. An investment boom into the teeth of a seeming over-supply of goods. Global shocks that barely rattle Wall Street. Is it folly—or are we in a New Economic Paradigm, its rules rewritten by Moore's Law and the infotech revolution? Forbes readers are acutely sensitive to hype. They know business runs in cycles and nothing grows to the sky. Yet there's an enduring case for optimism. It's evident that the many dour warnings of the 1980s about America living beyond its means and due for a dire reckoning were utterly wrong. These jeremiads often were grounded in basic business accounting but somehow they missed an enormous transformation of the economy. Do the doubters of the new valuations and the new rules at the end of the century similarly miss the point?