The Corporation and the Twentieth Century

2. Nicholas (2019, p. 288). Thirty-two percent by value of these investments were in Silicon Valley.

3. Ofek and Richardson (2003).

4. NASDAQ OMX Group, NASDAQ Composite Index, FRED, Federal Reserve Bank of St. Louis, https://fred.stlouisfed.org/series/NASDAQCOM (accessed August 26, 2021).

5. Samuel H. Williamson, “S&P Index, Yield and Accumulated Index, 1871 to Present,” Mea- suring Worth, https://www.measuringworth.com/datasets/sap/ (accessed August 9, 2022).

6. Mallaby (2016, pp. 580–81).

7. Nanda and Rhodes-Kropf (2017).

8. Greenspan and Wooldridge (2018, p. 382).

9. Greenspan (2008, p. 228).

10. US Bureau of Labor Statistics, Unemployment Rate, FRED, Federal Reserve Bank of

St. Louis, https://fred.stlouisfed.org/series/UNRATE (accessed August 26, 2021).

11. World Bank, Inflation, consumer prices for the United States, FRED, Federal Reserve BankofSt.Louis,https://fred.stlouisfed.org/series/FPCPITOTLZGUSA(accessedAugust27,

2021).

Williamson (2006, p. 232).

US Department of Homeland Security, 2019 Yearbook of Immigration Statistics, Table 1.

Autor, Dorn, and Hanson (2016).

Pan, Xu, and Zhao (2020).

Selgin, Beckworth, and Bahadir (2015).

Mallaby (2016, pp. 595–96).

Greenspan (2008, pp. 228–29).

Bernanke, Gertler, and Gilchrist (1996).

20. Rajan (2010, p. 109).

21. Drechsler, Savov, and Schnabl (2019). 22. Lewis (2010).

Notes to Epilogue 667

23. Rajan (2010, pp. 132, 160).

24. Board of Governors of the Federal Reserve System (US), Effective Federal Funds Rate, FRED, Federal Reserve Bank of St. Louis, https://fred.stlouisfed.org/series/FEDFUNDS (ac- cessed September 2, 2021).

25. Dang, Gorton, and Holmström (2020).

26. Gorton (2010).

27. Pew Research Center, Internet/Broadband Fact Sheet, https://www.pewresearch.org

/internet/fact-sheet/internet-broadband/ (accessed September 4, 2021).

28. US Federal Communications Commission, Industry Analysis and Technology Division, Wireline Competition Bureau, “Internet Access Services,” various years, https://www.fcc.gov

/internet-access-services-reports (accessed September 4, 2021).

29. Pew Research Center, Mobile Fact Sheet, https://www.pewresearch.org/internet/fact

-sheet/mobile/ (accessed September 4, 2021).

30. Kushida, Murray, and Zysman (2015).

31. Brynjolfsson and McAfee (2014, p. 50).

32. Kushida, Murray, and Zysman (2015, p. 16).

33. Michael DeGusta, “Are Smart Phones Spreading Faster than Any Technology in Human

History?” MIT Technology Review, May 9, 2012. The speed of the smartphone revolution also depended on the widespread availability of relatively fast 3G and 4G cellular technology (Evans, Chang and Joyce 2019).

34. In the view of the technology columnist of the New York Times, the smartphone “was the only thing that mattered in tech in the 2010s.” As Jobs predicted, PCs would become like trucks—heavy-duty machines used only for a shrinking set of tasks. Farhad Manjoo, “Steve Jobs Was Right: Smartphones and Tablets Killed the P.C.,” New York Times, November 13, 2019.

35. McCullough (2018, pp. 196–207).

36. Isaacson (2011, pp. 332–57).

37. Isaacson (2011, p. 361).

38. McCullough (2018, pp. 208–16).

39. Isaacson (2011, pp. 465–74); McCullough (2018, pp. 304–20). 40. Evans and Schmalensee (2016, p. 189).

41. Bresnahan, Greenstein, and Henderson (2012).

42. Greenstein (2015, pp. 371–91); McCullough (2018, pp. 227–37).

43. Greenstein (2015, p. 583). As in print newspapers and magazines—but unlike on radio

and television, where ads interrupt and supplant content—ads placed on the edges of search pages can be easily skipped, and thus impose at worst negligible cognitive costs on the reader even if the reader doesn’t value the ads (Anderson and Gabzewicz 2006, p. 586).

44. McCullough (2018, pp. 234–35).

45. In the pandemic year of 2020, some 30 million Chromebooks shipped, roughly 10 percent of the PC market. Maria Armental, “PC Sales Notch Strongest Growth in a Decade,” Wall Street Journal, January 11, 2021.

46. Baldwin (2021); Pon, Seppälä, and Kenney (2014).

47. Android is open source, so firms can create their own “forked” versions. But those that do so are banished from the world of Google Play Android. Because of government restrictions on the use of Google apps in China, major noncompliant forks have emerged there. Amazon

668 Notes to Epilogue

has also created a fork of Android for its Kindle e-readers and tablets. Google is increasingly moving functionality out of the standard OS and into the apps themselves, over which it has greater control (Baldwin 2021).

48. Nick Wingfield, “A $7 Billion Charge at Microsoft Leads to Its Largest Loss Ever,” New York Times, July 21, 2015.

49. Baldwin (2021, p. 4).

50. Langlois and Garzarelli (2008).

51. McCullough (2018, pp. 247–58).

52. Evans (2012, pp. 1226–31); McCullough (2018, pp. 258–64).

53. Akerlof (1970).

54. Milgrom, North, and Weingast (1990).

55. Evans, Hagiu, and Schmalensee (2008, pp. 124–25). Google Play also vets app developers.

But because system openness is part of Android’s competitive model, it reportedly vets develop- ers less rigorously than does Apple.