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In the late 1990s, a term "New Economy" was in fashion. According to Brian Arthur, the pioneer of economics of complex systems, while the Old Economy was based on the law of diminishing returns, the New Economy is based on the law of increasing returns, and it means the growth without inflation that boosts up the eternal rally of NASDAQ. What is wrong with this theory?


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If it is competition that promotes the progress, the lock-in by the defacto standard, as it stops the competition of standards, seems undesirable for the progress of our civilization, not to mention that by an inferior standard.


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The defacto standard is an in fact public standard that the market mechanism has selected, while such a standard is called the dejure standard that becomes widespread because of formal approval by a public standards organization.