While tech is big today, it’s still not nearly as big (relatively) as transport (or real estate and finance) ever were at their peaks in the 19th century. The economy got a lot larger and a lot more complex. ~70% of today’s market is in industries that were tiny or nonexistent in 1900. More charts: https://www.a16z.news/p/charts-of-the-week-software-ate-the(a16z)