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The first use case for the steam engine, for example, was pumping water out of flooded mines, not transportation. The early model for the automobile and personal computer industries was hobbyists, who weren’t looking for a practical device but something that was fun to use. Airlines in the 1920s made their money hauling mail for the US government, not passengers or other forms of freight.
Boom: Bubbles and the End of Stagnation
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