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user4779
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Technology Needs Capital To Produce Economic Growth - Frank Shostak -

The benefits of information technology show up disappointingly in the GDP numbers because they often flow directly to the ultimate consumers, without being traded by corporations and sending off streams of salaries, taxes, profits, and so on which contribute to GDP. Information is like physical goods in that its value is appreciated, and it can be traded; and this is recognized by economists and business people. What they sometimes forget is that information is freely given as a natural human pleasure. There is a sense of loss when we part with our physical property; but information is different: we do not normally feel a need for compensation or reciprocation for information that we share. If we gain appreciative remarks or higher status in recognition of the value of the information we give, then so much the better; but that's a bonus, not a requirement.

As a result, information (in the most general sense---basically, anything that can be transferred in the form of digital bits) that is commercially traded has to compete with a sea of free information, much of which is of high quality. Professionals in the field of information have to make do with the parts in the market that are not already well provided by amateurs.

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Beginning of the headline :In his article “The Big Meh” Paul Krugman complains that despite all the information technology advances the effect so far has been negligible as far as economic growth is concerned.Krugman writes “That the whole digital era, spanning more than four decades, is looking like a disappointment. New technologies have yielded great headlines but modest economic results. Why? ... The answer is that I don’t know — but neither does anyone else.”Indeed if one looks at the real gross domestic product to t... Read More

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