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i t is important to distinguish between increasing

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Unformatted text preview: gs Come From? ?????????????????? I t is important to distinguish between increasing the supply of a good that has existed for some time (increasing the supply of corn, paper, or shoes) and creating the supply of a good that has never existed before. Many goods that we have today—digital video recorders (first introduced by TiVo), podcasts, and blogs, for example—weren’t available to us in the past. Where did these goods and the ideas for them come from? Two answers come to mind: new technology and entrepreneurship. To illustrate how these two factors sometimes work together, consider a blog. A blog, or weblog, is a personal Web site with a dated log (diary-like) format that contains commentary and links to other Web sites. Only about 30 blogs existed at the beginning of 1999. Today, you can find millions. The first blogs were hand-coded by Web developers who taught themselves HTML (a markup language designed to create Page 118 Web pages). Then, programmers created new software programs (a technological development), and entrepreneurs responded to the unfulfilled demand for posting items on the Web, leadin...
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