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Robert Miller shows too how stock market bubbles do not necessarily lead to economic losses. The use of central planning for allocating capital in network development has simply led to technological networks being underprovided. The author also considers the issues of technology 'lock in' and examines how markets, even in apparently unsophisticated economies, can solve complex resource allocation problems.
railway.com is essential reading for anybody interested in the so-called 'new economy' or in the economics of networks.