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LindsayRichards wrote:

The iPhone and iPod are better products, but then they had no competition at the time. There wasn't anything to choose between.

That's called American innovation, just like fracking. You can down play it all you wish, but private innovation is responsible for most of the world's successes. The TVA hasn't done too much lately.

There is incremental innovation and breakthrough innovation. Smart phones already existed when Apple came out with the first iPhone in 2007. MP3 players already existed, such as the Creative Zen, when Apple came out with the iPod. What Apple has done is to create carefully stylized gadgets that create a cultlike desire in consumers. They also have the ecosystem with the iTunes stores to make it easy for consumers to buy downloadable music and applications.

As far as fracking, the first commercially fracked well occurred in 1949. Directional drilling has occurred since 1934. So no breakthrough innovation there in the Bakken. Just more incremental refinement.