Growth ‘nice… but too moderate’

Andrew Odlyzko: “Back in 1850, spending on telecommunications (primarily the postal service, with a pinch of the electric telegraph thrown in) in the U. S. was about 0.2 percent of the gross domestic product. By 2000, that had grown to perhaps 4 percent (including the traditional voice telephony, Internet, cellular, and parts of the postal system). Thus over the last 150 years, telecom spending has been growing about 2 percent per year faster than the economy as a whole. That is a nice growth rate, but it is too moderate for the New Economy expectations.”