So much utopian optimism needs to be moderated

Mmmm, let's see... :)

The Manifesto says, in typical hyper-optimistic 2.0 fashion, that "markets are getting smarter", and you suggest that 10 years later 'the proof is in the pudding', so to say. Let me temper such optimistic outlook with a slightly more skeptical view:

• Markets don't get smarter with improved networks: they get more efficient (See "unleashing the killer app"), and that is not necessarily a reason to cheer (Witness the very efficient money-lending market set-up by the last two republican administrations)
• As Shirky warns us in "Here comes everybody", demolishing publishing and aggregation costs makes possible networks that before could not compete with Coases "the firm", and that includes ALL types of networks. That means Boston's pioneering group against Catholic Church priests' abuses (which transaction costs prevented before from happening) on the good side, but it also includes David Hasselhoff's Social Site, Hoffspace, the most inane and moronic aggregate of content to ever meet the Internet.
• With so much time spent socializing, is anybody still doing antiquated things like, say, deep thinking or working?Have you ever sat at a conference next to somebody tweeting, and tried to guess what that person's average attention span time is?

So, let's keep the possibility open for the outrageous hypothesis that social media may be just another circular cause and effect of the fact that the total planet intelligence is a constant (and the population keeps growing): newer generations need to socialize more SO THAT they don't have to think more.