He observed that today's breathless pace of change will not only accelerate, it will create an environment where instant disruption is prevalent.
Information technology drops transaction costs.
Karlgaard drew a parallel from the past. In the 1970s no one thought you could take software out of hardware and sell it separately. Similarly, Priceline is saying that pricing can be sold as a separate piece of information. Markets will be large and fluid. It will be a consumer driven world.