The big difference lies in what we don’t see because it’s been made obsolete by tablets and smartphones, together with new wonders like streaming video and Skype. In addition to dematerialization, information technology has launched a process of demonetization.22 Many things that people used to pay for are now essentially free, including classified ads, news, encyclopedias, maps, cameras, long-distance calls, and the overhead of brick-and-mortar retailers. People are enjoying these goods more than ever, but they have vanished from GDP.
