Anorak | Things Can Only Get Better: The Internet Will Save The Economy

Things Can Only Get Better: The Internet Will Save The Economy

by | 30th, August 2011

QUITE rightly, there’s doom and gloom about the short term prospects for the economy. However, in the long term there’s blue skies, optimism and unicorns pooping rainbows. The reason is this :

The second factor is the nature of the latest great technological leap by mankind, namely the internet. My suspicion has long been that although its initial benefits were over-hyped, its real contribution will only be seen in the spread and development of the next technological advance.

For the internet is a knowledge storage, retrieval, dissemination and discovery machine. Its effect should be to speed up technological progress.

In the long term the only real determinant of per capita economic growth is how fast is technology advancing? How much more value can we add to the resources we have at our command is another way of putting the same point.

I won’t bore you with the sordid details of what my day job is (think weird, weird metals) but back 15 years when I started finding out who produced what, how and where, who used what, how and where, was the sort of thing that took years of dedicated research. Now you can find out with a few well placed Google inquiries. As in fact I have been, this combination of information at fingertips, email and Skype has enabled me to scope out a German mine as a potential source of one of my weird metals in the course of a couple of weeks. As opposed to the months to years it might have taken before.

This is an advance in productivity brought about by these new

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Posted: 30th, August 2011 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink