*  *  *  Some changes, however, appear overdue. In principle, stock-option grants, properly constructed, can be highly effective in aligning corporate officers’ incentives with those of shareholders.
We may look back on Y2K as a major watershed event of a new information technology era that first dawned only two or three decades ago. We have learned much from it and glimpsed in the mirror darkly how much more we must yet learn to cope with.