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Friday, 15 April 2016

How has the digital economy hurt the real economy?

How has the digital economy hurt the real economy? Media theorist Douglas Rushkoff believe it’s actually the old model of growth being implemented into digital technology that’s hurting business. Rushkoff first highlights how chartered monopolies and central currency first eliminated peer to peer trade, giving birth to the earliest form of the modern day corporation. The idea of central currency that is paid back with interest also gave birth to the notion of “you need more money next year than there was this year,” which worked well for a while, but as the need for new land and resources arose, so did technology that created virtual space. “We believed that digital technology and the World Wide Web and computers would really create a new place, a new virtual territory for us to colonize. And it just turns out what we’ve been colonizing for the last 20 years is human attention and human time. And now it looks like we’re even running out of that,” said Rushkoff. (run time 12:54)

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