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Schumpeter: Smart products, smart makers

The internet of things will bring makers closer to customers

  • Britain must start thinking of its diplomats as part of its defences-and fund them
  • Taking full advantage of smart products will require a revolution on the part of incumbent manufacturers.
  • Islamic State may be lashing out abroad because it has been weakened nearer home; but it will still…
  • The old form of capitalism based on built-in obsolescence is giving way to a new one in which products get better after they are bought.
  • Google is exploiting its expertise in integrating user data into its products to move into new areas such as home maintenance (witness its Nest smart thermostats).

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@EconBizFin: “The internet of things will bring makers closer to customers”


IN “CAPITAL”, Karl Marx presented some striking thoughts about the nature of everyday products, which he called commodities. A commodity ought to be “a very trivial thing”, he argued, and “easily understood”.


Schumpeter: Smart products, smart makers

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