Yes, increased liquidity has allowed us to more efficiently raise capital, but beware the liquidity dogma.
Increased liquidity has been good in the past, so anything that increases liquidity must be good.
Not necessarily. What are the other effects? How much do we value those? Can we even estimate them a priori?
OTOH, I would argue that most web apps proposed on this site aren't really making any lasting or constructive contribution to society.
The one thing that can be said is that web-startup founders as a whole are less powerful and perhaps less cynically self-serving than financiers, so they distort government policy less.
Increased liquidity has been good in the past, so anything that increases liquidity must be good.
Not necessarily. What are the other effects? How much do we value those? Can we even estimate them a priori?
OTOH, I would argue that most web apps proposed on this site aren't really making any lasting or constructive contribution to society.
The one thing that can be said is that web-startup founders as a whole are less powerful and perhaps less cynically self-serving than financiers, so they distort government policy less.