Assertion: if somebody comes along and solves a problem that was previously thought solved, then they are solving a new problem.
Facebook solved the "How do I share photo's online?" problem. Instagram solved the new problem of "How do I take pictures to put onto Facebook?" problem.
And I have no idea how to value companies that aren't making money. Way beyond me.
I understand, and maybe agree with, your assertion. But, you could also say that this is part of the problem. Does even more refinement, and even better solution to the problem of how to share the trivia of your life with the same few people, really improve the "economic base"? I have no idea. But I think it's a valid question.
Facebook solved the "How do I share photo's online?" problem. Instagram solved the new problem of "How do I take pictures to put onto Facebook?" problem.
And I have no idea how to value companies that aren't making money. Way beyond me.