But an economy in which concepts form an important share of valuation has its own vulnerabilities. As the recent events surrounding Enron have highlighted, a firm is inherently fragile if its value added emanates more from conceptual than from physical assets.
Twenty years ago, almost none of us here could afford a mobile phone. You would have to line up at phone booths, hope that you had enough coins, and that the booth was working, to be able to call anyone.