Similarly, slowing investment in high-tech capital will not show that the new economy is pure hype.
Back then, Thiel said, "The world's high-tech capital wasn't one city, because all of America was high-tech".
Measuring the output of service industries is notoriously difficult; so is measuring the inputs of high-tech capital that many such industries use intensively.
The idea of a new era does not depend on adding to the stock of high-tech capital at the recent phenomenal rate.
The books juxtapose the futuristic fantasy of a gleaming, high-tech capital and early-industrial life in the 12 half-starved districts it controls.
Several years ago, I visited Bangalore, India's high-tech capital, on a business trip with my husband, John, then editor of the British scientific journal Nature.
These are strange times in Bangalore, India's fast-rising high-tech capital, whose abundance of bars and clubs have earned it the moniker Pub City.
Andy Haldane, the Bank of England's executive director for financial stability, has warned several times that the financial sector's "myopic" approach could be having a damaging effect on infrastructure and high-tech capital projects.
This has been difficult so far, bedevilling attempts to measure the all-important trend in multi-factor productivity.It is certainly conceivable, and not all that unlikely, that slower growth this year, combined with lower high-tech investment and lower earnings for producers of high-tech capital, will coincide with further improvements in multi-factor productivity.
The strikers of Karnataka have closed every school in the state, stopped trains and traffic and broadcasts, shut down every office and brought to a halt even Bengalooru, better known as Bangalore, the high-tech capital of India, symbol of the country's modernity and sophistication.
