And it's not clear that the Internet should push valuations higher. Therefore I'll sell all my stocks and the market will fall. That sounds crazy. That's a pretty good invention, but I don't hear anyone saying that the stock market should triple because of vending machines. The thing about the Internet is that it's so visible and user-friendly.
Visibility is what matters for valuations.
I guess that's where the media come in. The media is very important, starting with the invention of the printing press in the 1500s. By the early 1600s there were regular newspapers. Holland was the first country with a free press and there were lots of pamphlets and newspapers. In 1901 there were expansive stories about the new century and futuristic optimism about technology in particular.