We don’t need to throw the baby out with the bath water, what we need is fair and ethical businesses.
It’s been a long journey from Google to Snapchat—or to apps that enable drivers to auction off the public street-parking spot they’re about to leave in San Francisco. With a few exceptions, the Valley’s innovations have become smaller, and smaller-minded. Many turn on concepts (network effects, regulatory arbitrage, price discrimination) that economists would say are double-edged, if not pernicious. And while the Web was touted as a great democratizing force, recent tech innovations have created lots of profits at the top of the ladder and lots of job losses lower down. The tech sector itself has proved disappointing as a jobs engine and at times hostile to women.
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