Irreplaceable Exuberance: The growth of the Internet has paralleled that of most industries based on revolutionary technology. Canals, railroads, telegraphs, telephones, cars, radios, personal computers - all progressed (or are progressing) through four phases of development: boom, bust, mature growth and decay. [...]
Today, the industry has progressed to the third phase of development, mature growth (which, happily, is usually the longest and most profitable phase of the four). Netscape itself was a casualty of the cycle, but other companies that learned from it are now posting performance that justifies the early Internet hype. A mere seven years into its existence, for example, Google is generating about half as much cash as Time Warner, a global media conglomerate with nearly a century of history and some 85,000 employees.
