It’s a term used to describe innovations that have the ability to destroy entire fields. Airbnb capitalization has overtaken that of big hotel chains, autonomous cars could soon put taxi drivers out of business. Who will win, and who will lose?
Facebook, Amazon, Google — why did they get so big, so fast? Economists say winner-takes-all "network effects" make such firms natural monopolies — and that we can expect network effects to become ever more important.
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