American growth: The Facebook economy | The Economist

American growth: The Facebook economy | The Economist: Which brings me to a second point: the web is a general-purpose technology, like electricity. Maybe some people imagined that the arrival of the web would launch an internet economy in which we all worked for internet companies producing internet. That's akin to a belief that the development of electricity should have given rise to an electricity era in which we all worked for electrical companies making electricity. Of course, there were big, successful electrical companies, just as there are big, successful internet companies; Google, the best example, is a hugely profitable, enormously valuable firm that employs tens of thousands of people. But the web, like electricity, is mostly a means to make the rest of the economy vastly more productive.