| What could I learn about our new economy from | | | | than ever. This has been a mystery to me. That |
| a mechanic in a hot spring? Find out... | | | | day in the hot springs, though, I realized that this |
| New or not, the economy isn't an interesting | | | | "new economy" based on instant information |
| subject to most people. Probably it wouldn't have | | | | might just be one of the most important pieces |
| been interesting to Jack, either, so we talked | | | | of the puzzle. |
| about classic cars and the internet. My wife and I | | | | Consider those auto parts in Jack's garage, and |
| met Jack in a hot springs pool near Canon City, | | | | the thousands of cars sitting behind barns and in |
| Colorado, where we live. He's a mechanic and | | | | fields around the country. This capital was locked |
| auto-body guy who has recently discovered the | | | | up before, just barely accessible. Jack could have |
| internet. | | | | a door for a 1969 Ford Mustang, but the six |
| "I used to find a car every year or so," he | | | | people in the country that could use it might all |
| explained. "You know, something classic just | | | | live a thousand miles away. Advertising locally |
| waiting to be restored and sold to a collector. I | | | | wouldn't get it sold, and advertising all over the |
| might hear about a 1964 Buick Convertible parked | | | | country would cost too much, so the door was |
| behind some guys barn, for example, and so I'd | | | | destined for the junkyard someday. But now Jack |
| drive 50 miles to see it, and maybe buy it for | | | | can advertise all over the world for free on or |
| $2,000. By the time I was done, a month later, I | | | | any number of other classified advertising sites. |
| might have spent another $1,000 on parts, and | | | | Soon the door is once again useful instead of |
| then I'd sell it for $10,000. The problem was that I | | | | being garbage. |
| could drive all over the state on my days off | | | | I was looking at a house with some investors, |
| work and still only find one or two each year." | | | | and they suggested that they would tear out the |
| That WAS the problem. Two years ago, | | | | wood flooring in the bedroom. I mentioned that it |
| however, Jack discovered the internet, and he | | | | might be expensive, and one of them said, "Oh |
| saw the potential immediately. The first thing he | | | | no. We'll just put it on Craigslist and someone who |
| did was put all his spare auto parts up for sale on | | | | need the flooring will take it out for free." The |
| Ebay. He made over $20,000 for cleaning out his | | | | wrought iron door they replaced was sold online |
| garage in this way. Previously, he could have | | | | as well. |
| spent a lifetime trying to find the right people to | | | | Previously, you couldn't justify the effort to sell |
| buy these things. | | | | an unusual door that might get $80. It was just |
| Then he started to look at the classic autos that | | | | too much time and trouble to find a buyer. |
| people had for sale on Ebay as well as on the | | | | Instead, you would pay money to bring it to the |
| various classified advertising web sites. He found | | | | dump. Now you just sit at the computer for a |
| that there were deals to be had within a 100 | | | | few minutes and wait for the phone to ring in the |
| miles of him, and almost every week. Now, | | | | next few days. Need to get rid of that old |
| instead of making $6,000 or $7,000 on just one | | | | fireplace insert? Get online. I'll bet if you go online |
| or two cars each year, he could do it every | | | | right now, you can find someone selling used |
| month. He no longer needed his job. | | | | bricks. |
| "I hardly knew how to turn on a computer two | | | | This is essentially turning garbage into wealth. |
| years ago," he told me. "The internet has changed | | | | Take a look at any of the major online auction or |
| everything." It certainly has. I myself didn't know | | | | classified web sites, and notice the variety and |
| what HTML was three years ago, and now I get | | | | volume of things being sold there every day. |
| to sit here and make a living sharing stories like | | | | Much of what you'll see there had no real value |
| this online. This is great for me, and great for | | | | until the internet made it possible to sell it. |
| auto-restorers too, but as I listened to Jack, I | | | | Small examples? It may not seem such a big deal |
| realized how big a deal this is. | | | | that a mechanic doubled his income and quit his |
| The New Economy | | | | job due to the internet, or that I tripled mine |
| I have often wondered over the last few years | | | | simply by providing information and stories online. |
| how our economy could continue to do so well | | | | But multiply that by the millions of people online. |
| with more debt and more government spending | | | | This is the new information-age economy. |