What Is the State of the New Economy?

Data Point #2
Smart Cities

Of all patents in the United States, 33% came from 10 cities: Boston; Chicago; Detroit; Los Angeles; Minneapolis; New York; Philadelphia; Rochester, New York; San Francisco; and San Jose.

Data Point #3
Computing Power

ENIAC, the world's first all-electronic digital computer (dating back to 1946), weighed 30 tons and was 100 feet long. But it was far less powerful than a chip that fits on your fingertip and powers your PC. ENIAC could do 14 multiplications per second. IBM's new supercomputer, Blue Gene, may do close to one quadrillion multiplications per second.

Data Point #4
The Perils of a CEO

In 1982, a CEO earned, on average, 42 times more than a factory worker. By 1999, the average was 475 times more, according to some researchers. In 2000, 40 of the top 200 CEOs in the United States were fired.

Data Point #5
Middle-Class Bankruptcies

Middle-class bankruptcies in the United States increased from 313,000 in 1980 to 1,281,000 in 1999. Two-thirds of those who filed for bankruptcy were people who lost their job and found it impossible to catch up.

Data Point #6
Wealth Creation

In 1989, there were 1.3 million millionaires in the United States. In 1999, there were more than 5 million millionaires. In 1982, there were 13 billionaires in the United States. In 2000, there were more than 298 billionaires.

Data Point #7
Genetic Code

Around 95% of genes in humans have counterparts in mice. The gene overlap between humans and bonobos (pygmy chimps) is about 98.5%. The real differences between one person and another are less than 0.0003%.

Data Point #8
Changing Fortunes

In 1900, 10 of the 12 largest U.S. corporations sold commodities. They included American Cotton Oil, American Steel, American Sugar Refining, Continental Tobacco, and Federal Steel. In 1999, 10 of the 12 largest U.S. corporations were in manufacturing, finance, and high-tech. They included AT&T, Citigroup, Exxon, Ford, General Electric, General Motors, IBM, and Wal-Mart.

Data Point #9
Cheaper, Faster, Better

Handheld calculators cost $120 when they were introduced in 1972; today they cost $10. Color TVs cost $1,000 when they were introduced in 1954; today they cost $299. VCRs cost $1,395 when they were introduced in 1978; today they cost $199. Cell phones cost $4,195 when they were introduced in 1984; today they are free with activation.