Nick Carr has a great post on the new internet non-bubble.

Effectively what he says is that where in a post-bubble crash situation, which *should* be producing consolidation among internet players, at cheap prices. But because more investment money is pouring into the market, prices for aquisitions of new "web 2.0" companies are comparatively high.

And this continues to concentrate money in the hands of the few rather than spread it out

Now why should this be? One possibility is that technological evolution is now running so fast that it's outstripped the capacity of financial institutions and the greater economy to "digest" it. Even before the consolidation and greater stability that should accompany post-crash conditions can start to form, even newer ideas and technologies are starting to appear encouraging more competition for who'll dominate in them.

Perhaps, traditionally, the era of stability is an era when technology ceases to matter and labour traditionally provided by human workers, starts to matter more, and this is why the wealth gets spread around, more and more commodity but fixed-labour price services.

Perhaps information technology which genuinely economises of labour puts an end to this?

Alternatively Seth Finkelstein makes a great point that the lack of redistribution may be a lack of political institutions to manage it.

Alternatively again, Tom Lord thinks a boom is due to a lack of innovation.

In fact, I don't know what to think ... but it's great food for thought.