Could smartphones be the driver of a new economy
Could smartphones be the driver of a new economy? Information, as the grease in the wheels of an economy, determines an economy's efficiency. The economists' assumption of rational firms and consumers has long been ridiculed. Yet, is it not unfair to label firms and consumers as irrational? Instead, economists coined the term 'bounded rationality'. This is the idea that decision making ability is constrained by the information available to us, the ability to process this information and the time we have in which to make the decision. Smartphones broaden this rationality. Placing information in the hands of billions is one of the greatest productivity improvements in economic history; but not without great disruption to traditional business models. In CFSGAM's latest research series The Great Transition Senior Analyst James White explains why the smartphone is the true start to the information age. (VIEW LINK)
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