23 Things they don't tell you about Capitalism

Some free-market economists argue that the internet has so fundamentally changed the world that in order to flourish, markets must be opened up more than ever before. Chang suggests that because of recency bias, most people overestimate the importance of recent developments such as the internet. Instead, he points to other historical developments, such as the invention of household appliances, as more socially and economically significant than the development of the internet. Household appliances not only freed households from the necessity of hiring domestic servants but also allowed more women to join the workforce, raising their status generally and altering family dynamics. While the internet has fostered greater efficiency in communication, its impact has not yet been as revolutionary. Additionally, compared to the advent of the telegraph, which cut communication time from weeks to minutes, the development of the internet is not impressive.

Chang argues that excessive focus on recent telecommunications technologies can lead to abolishing certain helpful regulations and to distorted priorities, such as supplying advanced technologies to developing countries when other, more basic supplies might have a more meaningful impact.