Criticism and Scarcity of Empirical Studies
Much of the initial theorizing about the advent of a fundamentally new era in which economic activity is increasingly 'abstract', i.e., disconnected from land, labour, and physical capital (machines and industrial infrastructure) was associated with the 'business management' literature of the 'new economy' NASDAQ bubble, which collapsed in 2001 (but slowly recovered, albeit, in a leaner format, throughout the 2000s). This literature was initially known more for its hyperbole and faddishness than for its academic/empirical integrity. More recently however, empirical research from cross-disciplinary fields such as innovation studies are altering that perception.
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