When I write the low hanging fruit has been picked, I mean things like online marketplaces and digital communications expanding the competition to the whole country or world even.
Whereas before, there were regional arbitrage opportunities due to difficulties in scaling, these arbitrage opportunities are greatly reduced because information flies fast and far, and bigger players can take advantage first.
In a situation like this, people may notice that the decreasing probabilities of “getting ahead” via non traditional means and stick to obtaining the “elite” signaling and joining the big entities that are growing.
Whereas before, there were regional arbitrage opportunities due to difficulties in scaling, these arbitrage opportunities are greatly reduced because information flies fast and far, and bigger players can take advantage first.
In a situation like this, people may notice that the decreasing probabilities of “getting ahead” via non traditional means and stick to obtaining the “elite” signaling and joining the big entities that are growing.