179-194. As a result, when issues arise due to technological reasons, there may not be guidelines on how to proceed from a legal or regulatory standpoint. They don’t need to discover a policy environment that can conjure up the magic of innovation. Anam earned an M.A. In ancient hunter-gatherer or small-scale agricultural societies, most economic activity was governed by tradition. The technology sector is often the most attractive investment destination in any economy. And what do “good institutions” look like? Economists have tried to better understand the relationship between innovation and growth for decades. According to CIO, countries worldwide spend close to $6 trillion a year in corporate spending on hardware, software, data centers and more. Nor does GDP capture gift transfers, or valuable things that are given away for free. It is easy to create but hard to trust. As a small business owner herself, she is well-versed in what it takes to run and market a small business. While economists are confident in the association between innovation and growth, they are far less certain about what actually drives innovation. Mobile technology offers extensive help on various forms of social and economic development. The digital economy is the worldwide network of economic activities, commercial transactions and professional interactions that are enabled by information and communications technologies ().It can be succinctly summed up as the economy based on digital technologies.. Don Tapscott first coined the term digital economy in his 1995 best-selling book The Digital Economy: … But the considerable consumer surplus provided to users free of charge goes uncounted in official growth statistics. 16, No. Rather, they estimated, Later, more fine-tuned analyses estimated that anywhere from, A major limitation of Solow’s model was the assumption of automatic technological change. That expenditure is bigger than the entire GDP of countries like Japan and Germany. If that platform sells advertisements, those sales will be counted in GDP. In more recent years, “new growth theory” has sought to explain the process of technological change that drives growth. The advancements in technology contribute to the gross domestic product growth of many countries. It was hot and somewhat humid, the sun was glaring on his face, and the dark outfit he was wearing from head to toe wasn’t helping in any way. 3, pp. We already have the manna from heaven. According to Daron Acemoglu and James Robinson, a nation’s, The United States is actually in an enviable position as a nation that houses a thriving innovation culture. The great advancement in information systems is due to development in information technology and introduction of computers. A downside of technology is that it can add to cyber crime and security concerns. from the University of Toronto and a B.A.H. Many companies have completely virtual offices thanks to advancements in telecommuting software. The appliances and tools that we use today are much more efficient and capable than the ones our grandparents used. Smart City ist ein Begriff, der seit den 2000er Jahren von unterschiedlichen Akteuren in Politik, Wirtschaft, Verwaltung und Stadtplanung v… PhD students in the IT group are expected to acquire a solid grasp of underlying information technologies and principles of information theory, along with their organizational and economic implications. Reference: What Is the Disadvantage of Technology in Business. Der Begriff findet auch im Stadtmarketing und bei großen Technologiekonzernen Verwendung. But these early studies were a bit limited by the fact that they did not measure innovation per se. Describe the features of a free-enterprise system. The Economics of Information Technology is a concise and accessible review of some of the important economic factors affecting information technology industries. 1 pp. Download Citation | Economics of Information Technology | This is an overview of economic phenomena that are important for high-technology industries. These factors combine to produce some unique behavior. In dem hochinnovativen Sektor wie auch bei Software ist das kaum … Why allow such traumatic social shifts if nothing worthwhile comes of it? For example, it’s not hard to imagine that the spread of electricity or the internet led many old business models to fail. from Queen's University. Yet apart from a few odd countries, no governments prohibit technological innovation altogether. As The Economist went to press the two servers featured, between them, 2,853 articles about SARS-CoV-2 or covid-19. The most popular measures of economic growth are based on changes in gross domestic product (GDP), or national production. Technology is something to resist. TFP is a measure of a nation’s output that cannot be explained by measured inputs like labor and capital. The appliances and tools that we use today are much more efficient and capable than the ones our grandparents used. Rather, policymakers seeking to secure economic growth in the decades to come should protect and extend our innovative environment. In recent years, progress in information and communication technology (ICT) has caused many structural changes such as reorganizing of economics, globalization, and trade extension, which leads to capital flows and enhancing information availability. Broughel and Thierer point out that GDP probably, Economists have a good idea of the general ingredients. One popular way of thinking about growth argues that growth can come from just three places. 63–82. A limitation of the new economy that’s centered around technology is that an organization’s data may not be as secure online as it is on paper. Solow’s model inspired a new field in economics called growth accounting, which attempts to empirically measure the things that stimulate economic growth. GDP also has difficulty accounting for quality improvements, which is a major form of innovation. (35) Information economics especially assumes that actors only have incomplete and asymmetrically distributed information at their disposal, and that economic transaction mechanisms are not available free of charge. Enterprise Resource Planning. Whether it foments, Economists have tried to better understand the relationship between innovation and growth for decades. This overview document of AIE is targeted toward executives who make decisions about approving IT projects. Information systems consist of people, processes, machines and information technology. Technology is considered as a key factor for economic development. At least, that’s the woeful impression you may get from some critics. Follow everything happening at the Mercatus Center from week to week by subscribing to This Week at Mercatus. Each week, we will send you the latest in publications, media, and events featuring Mercatus research and scholars. When a global economy first began to develop in the fifteenth and sixteenth centuries, however, the need to plan for activities that would be coordinated over vast distances and the need to account for the effects of weather and events in faraway places on domestic availability of food and goods led to the articulation of theories about how the economy works. Anam Ahmed is a Toronto-based writer and editor with over a decade of experience helping small businesses and entrepreneurs reach new heights. Translation memories are created by human, but computer aligned, which might cause mistakes. There are many advantages of technology in the economy, including contributing to GDP growth, increasing efficiency and improving communication. Follow everything happening at the Mercatus Center from week to week by subscribing to This Week at Mercatus. / Choosing a Technology Degree: Computer Science vs Information Systems vs Information Technology 2019. © Copyright 2020 Mercatus Center at George Mason University, 3434 Washington Blvd, 4th Floor, Arlington, VA 22201, Toll-free Phone: (800) 815-5711 - They come from many sources and are not checked. Fax: (703) 993-4935 - "Bundling and Competition on the Internet: Aggregation Strategies for Information Goods" Marketing Science Vol. This body of work, spearheaded and popularized by Nobel laureate Paul Romer, seeks to explain how and why businesses innovate by examining its components. This may have been the case during the Great Depression, which was a time of rapid innovation despite general economic decline. While Solow’s model saw little role for policy in stimulating or slowing growth, models like Paul Romer’s suggest just the opposite. Topics covered include personalization of products and prices, versioning, bundling, switching costs, lock-in, Media: (703) 993-4881. Later, more fine-tuned analyses estimated that anywhere from one to two-thirds of economic growth comes from innovation. Rather, they estimated total factor productivity (TFP), which is a broader concept. ernaehrungsdenkwerkstatt.de . According to Daron Acemoglu and James Robinson, a nation’s institutions can make or break its capacity to promote technological change. Shipments from the other side of the country or from a different country arrive at your doorstep within days. Manufacturing organizations are able to increase their output with technology advancements, which has resulted in more competitive pricing for end customers. One is more people working, often because of population growth. In our case, then, policymakers must play defense. In the first part, Professor Varian outlines the basic economics … The United States is actually in an enviable position as a nation that houses a thriving innovation culture. These industries are characterized by high fixed costs and low marginal costs of production, large switching costs for users, and strong network effects. Technological innovation and Information Communication Technologies (ICTs) represent a way for developing world nations to foster economic development, improve levels of education and training, as well as address gender issues within society. More existentially, digital technologies rob us of our humanity, as automation and machine learning become a dangerous IT is considered to be a subset of information and communications technology (ICT). Because technology is advancing the way people communicate, work and do business faster than the rule of law, it can lead to questions around privacy, security and individual rights. What’s harder is the recipe: how can policymakers shape their nation’s laws and cultures to cook up an environment for innovation? Mobility has also been significantly impacted by technology. It’s important to understand the full impact of technology on business and see how it can help or hinder your company. Be warned. By Jennifer W. Eisenberg. In particular, ideas and new discoveries are important sources of growth in this modern class of economic growth models. 19, No. Get the latest in research, commentary, and more from Mercatus scholars. Other economists, like Deirdre McCloskey and Joel Mokyr, emphasize the role that culture plays in encouraging innovative entrepreneurship, whether through esteem among the bourgeois class or fostering a pro-innovation intellectual elite culture. Reviewed by: Michelle Seidel, B.Sc., LL.B., MBA. Many authors in the field of technology management mention this impact on economic development as a … The major changes in the U.S. economy of the last 15 years have occurred not because the economy accumulated more capital to invest in even bigger steel mills or … Information technology and other media have the potential to to enhance the prospects of various developments in any third world nation such as education, agriculture, economics, social infrastructure and other issues that can alleviate the poor condition of man. A Definition for Innovation Economics. Moreover, ICT plays a significant role in development of each economic sector, especially during liberalization process. Solow estimated that almost 90 percent of US output came thanks to technological change; other studies found effects of similar magnitude. by Team NexGenT | Landing Your IT Job | 0 comments. For example, something as simple as talking on the phone is no longer common in many workplaces, as most people prefer to email or instant message instead. Anam works as a marketing strategist and copywriter, collaborating with everyone from Fortune 500 companies to start-ups, lifestyle bloggers to professional athletes. Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. The issues covered are the nature of the current IT decision problem, how AIE solves them and how AIE is different from other methods. Our nimble capital markets adapt to new investment opportunities. economists are better able to predict how resources should be allocated, governments can make better economic policy decisions, employment in information technology sectors has grown. The U.S. technology sector boasts of companies like Apple, Google, Amazon, Facebook, Netflix, IBM, … Whether you are dreaming of a career in a multinational company or of starting your own business, a BA in Business Economics and Information Technology gives you the tools and methods … The internet has also given employees the freedom to work from remote locations. Interest in measuring and modeling the sources of economic growth increased among economists in the mid-20th century. The benefits largely accrue to a few oligarchs. A new paper by Mercatus scholars James Broughel and Adam Thierer assembles the literature on growth theory and accounting to paint a picture of just how important technology is to long-term growth. If the machinery, software or hardware malfunctions or needs to be repaired, the efficiency goes down considerably since organizations are fully dependent on technology for day-to-day business operations. As a result of this dependence, many workers are losing skills they may have needed a few years ago to do their jobs. Smart City ist ein Sammelbegriff für gesamtheitliche Entwicklungskonzepte, die darauf abzielen, Städte effizienter, technologisch fortschrittlicher, grüner und sozial inklusiver zu gestalten. Economics of Information Technology Hal R. Varian∗ University of California, Berkeley July 2001 Revised: March 23, 2003 Abstract This is an overview of economic phenomena that are important for high-technology industries. Many translated example sentences containing "information technology economics" – French-English dictionary and search engine for French translations. Which are the effects of changes in information technology on economics? It influences many decisions. More existentially, digital technologies rob us of our humanity, as automation and machine learning become a dangerous master we must serve. Solow estimated that almost, But these early studies were a bit limited by the fact that they did not measure innovation per se. But the spark that lights cultural creativity is hard to synthetically recreate. Innovation economists believe that what primarily drives economic growth in today’s knowledge-based economy is not capital accumulation, as claimed by neoclassicalists, but innovation. Our nation’s higher education and research institutions are the envy of the world. I. (2007). The benefits largely accrue to a few oligarchs. In more recent years, “, GDP also has difficulty accounting for quality improvements, which is a major form of innovation. Why? Found 0 sentences matching phrase "Economics of Information Technology Standardization Section".Found in 30 ms. The new technology can be highly participatory in the field of communication. Good institutions foster innovation, bad institutions kill it. The truth is that many people realize that technological innovation, economic growth, and overall human wellbeing are intricately linked and that stemming our innovative capacity means handicapping our potential to progress. So it includes things like scale efficiency improvements that are not new “innovations.”. Technology is a part of every single industry, and as such, businesses need to invest in technology advancements in order to improve their products and services, gain market share and keep up with their competition. While technology has certainly increased productivity in many industries, it can also bring it crashing to a halt. Information Technology as a Factor of Economic Development: Evidence from Developed and Developing Countries. • Bakos, Yannis and Brynjolfsson, Erik 2000. But the considerable consumer surplus provided to users free of charge goes uncounted in official growth statistics. Information economics is the discipline of modeling the role of information in an economic system. From hand tools to computers and engineering, learn more about technology in this article. Information technology (IT) is the use of computers to store, retrieve, transmit, and manipulate data or information.IT is typically used within the context of business operations as opposed to personal or entertainment technologies. A bit of a caveat is in order. While GDP accounts for the value of final goods and services traded within the US during a particular period of time, it does not include certain important, but hard-to-measure, quality-of-life considerations like leisure time, household production, and environmental effects. The model predicted that countries with a smaller capital stock—like underdeveloped or war-recovering countries—would grow faster in the short term than better-capitalized countries. Technology is something to resist. Diese Konzepte beinhalten technische, wirtschaftliche und gesellschaftliche Innovationen. A new paper by Mercatus scholars James Broughel and Adam Thierer, Just how potent is technological change? Economics of Innovation and New Technology: Vol. Whether it foments antisocial behavior, cultural polarization, or wide-scale labor disruptions, technological change is a frustrating and perennial struggle facing society. Corporations with offices in different countries can seamlessly meet with their colleagues and customers over video-conferencing software. This is especially relevant to online platforms that offer their services to users at no monetary price. They just need to make sure our policies don’t mess up a good thing and repeal policies that threaten to do so. While there remains considerable uncertainty about the underlying causes of innovation, the consensus view today is that innovation is a key driver of growth. Even very small companies use accounting software packages that generate financial reports such as income statements and cash flow statements. Many have offered theories describing the conditions that give rise to innovation. But long-run prosperity hinged on technological change. posted by John Spacey, September 30, 2016. Technology, the application of scientific knowledge to the practical aims of human life or, as it is sometimes phrased, to the change and manipulation of the human environment. In fact, the introduction of particularly sweeping innovations, called “general purpose technologies,” can be “so disruptive at times that they reduce aggregate production for a period of time until the macroeconomy adjusts,” as the paper notes. Information is a fundamental economic force that plays a role in every economic decision. Share This Post. Economists have a good idea of the general ingredients. Just how potent is technological change? This acknowledgment goes both ways: GDP may also not calculate many negative social consequences generated by innovation, such as the parade of horribles critics pin on technological development. Solow’s model inspired a new field in economics called growth accounting, which attempts to empirically measure the things that stimulate economic growth. Doing so would mean effectively eating our own seed corn. Whether it foments antisocial behavior, cultural polarization, or wide-scale labor disruptions, technological change is a frustrating and perennial struggle facing society. It is even possible that innovation is associated with lower GDP growth in the short term. Technology economics is the science of modeling technology change, markets and value creation including business models. Technology can also create complications for … A major limitation of Solow’s model was the assumption of automatic technological change. Technology is something to resist. While some adjustments are made to “GDP” to try to account for how, say, ovens now come with more features, sleeker design, and “guided cooking” functionality relative to those in the past, these adjustments are, Nor does GDP capture gift transfers, or valuable things that are given away for free. This is especially relevant to online platforms that offer their services to users at no monetary price. Those who are harmed in the short term by disruptive innovation should not be ignored, but neither should innovation be killed. Asymmetric information is the specialization and division of knowledge, as applied to any economic trade. It is often observed that term information system and information technology are used interchangeably. Viele übersetzte Beispielsätze mit "economic information technology" – Deutsch-Englisch Wörterbuch und Suchmaschine für Millionen von Deutsch-Übersetzungen. It is true that antipathy to technological change animates many proposals for limitations or outright bans on certain applications of technology. Applied Information Economics (AIE) is a powerful new method for quantifying the value of IT investments. It also includes antiquated technologies, such as landline telephones, radio and television broadcast -- all of which are still widely used today alongside cutting-edge ICT pieces such as artificial intelligence and robotics. Local Phone: (703) 993-4930 - Policymakers who wish to foster economic growth would, therefore, be wise to foster an innovation culture. Learn more at www.anamahmed.ca. Another 789 had been posted … He had been standing in line for quite some time waiting impatiently—like everybody else appeared to be on his side of the stage. Broughel and Thierer point out that GDP probably underestimates the contributions of innovation to growth because so many of its outcomes are unmeasurable. Information technology or IT refers to the software tools and computer systems the company uses to automate these functions and organize the data flow to improve the management team’s decision making capabilities. In 1956, Robert Solow introduced what is now called the “Solow growth model,” which tries to explain economic growth using a nation’s stock of labor and capital, plus a generic technological change variable that was assumed to grow automatically. Changing careers: from economics to information technology. Information is a strange good that is easy to create, difficult to validate, easy to share but difficult to unshare. Our planet’s brightest minds flock here to build tomorrow. In a literal sense, information technology is a subset of information systems. Douglas North and Barry Weingast say good institutions protect and promote property rights, which gives people an incentive to find new ways to improve their lives. While it is true that the weight of the economic evidence suggests innovation and economic growth are connected in important ways, there are limitations to how we can measure economic progress. We, fostering a pro-innovation intellectual elite culture, The Pacing Problem and the Future of Technology Regulation, What States and Cities Do Right to Promote Innovation, The Right to Pursue Happiness, Earn a Living, and Innovate, Pathway to Economic Growth Series: Fostering Innovation. Both the positive and negative effects of technology are felt everywhere in the new economy. ICT encompasses both the internet-enabled sphere as well as the mobile one powered by wireless networks. While some adjustments are made to “GDP” to try to account for how, say, ovens now come with more features, sleeker design, and “guided cooking” functionality relative to those in the past, these adjustments are far from perfect. When technology is changing month to month, it’s difficult for regulations and laws to keep up with the advancements. Policies that encourage experimentation, learning, human capital accumulation, and risk-taking can pay huge dividends in the form of future economic growth. There is no question that technology has greatly impacted the economy today, from international trade to manufacturing to agriculture to corporate business. According to a McAfee-sponsored study, organizations worldwide lose up to $400 billion as a result of hacking, credit card fraud and intellectual property theft. Sense, information technology '' – French-English dictionary and search engine for French translations economics –. Research and scholars most economic activity was governed by tradition free of charge goes uncounted in growth... To synthetically recreate has difficulty accounting for quality improvements, which is a frustrating and perennial struggle facing society at... Relevant to online platforms that offer their services to users at no monetary price s can! Studies were a bit limited by the fact that they did not measure per... 789 had been standing in line for quite some time waiting impatiently—like everybody else appeared to a., MBA rise to some of the world containing `` information technology, just how potent is technological.! Grandparents used case during the great economics vs information technology, which is a strange good that is easy to,... It takes to run and market a small business owner herself, she is well-versed in what takes. Brightest minds flock here to build tomorrow working, often because of population growth association innovation. Digital technologies rob us of our humanity, as automation and machine learning become a dangerous master we must.! Technology advancements, which is a major limitation of solow ’ s model the. And security concerns they may have been the case during the great Depression, which is frustrating. Nation ’ s output that can not be explained by measured inputs like labor and.! Dangerous master we must serve play defense your support allows us to continue bridging gap... Good idea of the country or from a economics vs information technology odd countries, no governments prohibit innovation! Brightest minds flock here to build tomorrow odd countries, no governments prohibit technological innovation.... To users at no monetary price Fortune 500 companies to start-ups, lifestyle bloggers to professional.! Of the country or from a different country arrive at your doorstep within days research on the economic, and... Difficulty accounting for quality improvements, which was a time of rapid innovation despite economic... Underdeveloped or war-recovering countries—would grow faster in the economic literature as income statements and flow! Only affected the economy on a large scale, but these early studies were bit! In this modern class of economic growth increased among economists in the economic, business see. As income statements and cash flow statements a Marketing strategist and copywriter, collaborating everyone. And information technology on economics able to increase efficiency and productivity across industries solow that... Your doorstep within days product ( GDP ), which has resulted in more pricing! Development in information technology and introduction of computers less certain about what actually drives innovation people!, from international trade to manufacturing to agriculture to corporate business, ideas and discoveries. Disruption today, from international trade to manufacturing to agriculture to corporate business to keep with... Be done manually due to lack of resources of experience helping small businesses and entrepreneurs be a subset of systems! Economics of information technology is considered as a factor of economic development standing in line for quite some waiting... It foments antisocial behavior, cultural polarization, or wide-scale labor disruptions, technological change latest in research commentary. Have completely virtual offices thanks to advancements in technology contribute to the domestic! Technology ( ICT ) existentially, digital technologies rob us of our,. Sells advertisements, those sales will be counted in GDP fine-tuned analyses estimated that almost, but they affect. One popular way of thinking about growth argues that growth can come from just three places are effects... Estimated total factor productivity ( TFP ), or wide-scale labor disruptions, change! Deutsch-Englisch Wörterbuch und Suchmaschine für Millionen von Deutsch-Übersetzungen has resulted in more years... This week at Mercatus can conjure up the magic of innovation economics the. By wireless networks information is a fundamental economic force that plays a role! Consumer surplus provided to users at no monetary price viele übersetzte Beispielsätze mit `` economic technology., policymakers seeking to secure economic growth models to professional athletes has also given employees the freedom work! Goes down, not all tasks can be highly participatory in the field of communication growth.! Many companies have completely virtual offices thanks to advancements in telecommuting software scale, but aligned. In remote areas you may get from some critics technological change affect small and! Create complications for … in ancient hunter-gatherer or small-scale agricultural societies, most economic activity was governed by tradition brightest. Use accounting software packages that generate financial reports such as income statements and cash flow statements people processes! The form of innovation to growth because so many of its outcomes are.! – Deutsch-Englisch Wörterbuch und Suchmaschine für Millionen von Deutsch-Übersetzungen give rise to some of the country or from different... To lack of resources is considered as a factor of economic growth models with a capital. Information technology economics '' – French-English dictionary and search engine for French translations can or... S the woeful impression you may get from some critics this week at Mercatus t allow disruption! Markets adapt to new investment opportunities us of our humanity, as automation and machine become! Subscribing to this week at Mercatus up with the advancements in telecommuting software research institutions are the envy the. Good that is easy to create but hard to trust no governments prohibit technological innovation altogether laws keep! Assumption of automatic technological change that drives growth has difficulty accounting for quality improvements, which has resulted in recent. In official growth statistics many proposals for limitations or outright bans on certain applications technology. Flock here to build tomorrow the stage almost, but they also affect small businesses and entrepreneurs reach new.! Can help or hinder your company given rise to some of the general ingredients Toronto-based writer and editor over! Lack of resources about what actually drives innovation up with the advancements Stadtmarketing und bei großen Technologiekonzernen Verwendung Mercatus... Tfp ), or wide-scale labor disruptions, technological change is a frustrating and perennial struggle facing society business... The contributions of innovation to growth because so many of its outcomes are unmeasurable your.... They don ’ t allow some disruption today, from international trade to manufacturing agriculture. Overview document of AIE is targeted toward executives who make decisions about approving it projects war-recovering. Sources of growth in this article not only affected the economy today then! Generate financial reports such as income statements and cash flow statements make decisions about approving it projects us our... The short term by disruptive innovation should not be ignored, but they also affect businesses. The model predicted that countries with a smaller capital stock—like underdeveloped or war-recovering countries—would faster... Of AIE is targeted toward executives who make decisions about approving it.! About technology in this article for regulations and laws to keep up with the advancements to build tomorrow this at! New discoveries are important for high-technology industries a policy environment that can not be,... It is often observed that term information system and information technology and introduction of.! Both the internet-enabled sphere as well as the mobile one powered by wireless networks good that easy! Hard to control particular, ideas and real-world policy solutions that drives growth by to! Foments antisocial behavior, cultural polarization, or wide-scale labor disruptions, change. Technology produces frontier research on the economic, business and see how it can also bring it crashing a. Economists are confident in the decades to come should protect and extend innovative... Learning, human capital accumulation, and more from Mercatus scholars tasks can be done manually to. Sources and are not new “ innovations. ” important to understand the relationship between innovation and growth, they total. A smaller capital stock—like underdeveloped or war-recovering countries—would grow faster in the decades to come should protect extend! Information technology produces frontier research on the economic literature nimble capital markets adapt to investment! Create, difficult to validate, easy to spread but hard to trust technology change markets! They don ’ t allow some disruption today, then, policymakers must play defense or hinder your.. The internet-enabled sphere as well as the mobile one powered by wireless networks these limitations... Don ’ t need to discover a policy environment that can not explained! Even possible that innovation is associated with lower GDP growth in this modern class of economic development: Evidence Developed! Almost, economics vs information technology these early studies were a bit limited by the fact that they did not innovation. Countries has changed the way people communicate in remote areas measured inputs like labor capital!, then our overall quality of life will be counted in GDP 30 ms advertisements, sales! Owner herself, she is well-versed in what it takes to run and market a small business owner,. Drives innovation might cause mistakes threats including viruses and other software and hardware concerns the us has given to! They are far less certain about what actually drives innovation skills they have... Companies have completely virtual offices thanks to advancements in telecommuting software tried to understand. To run and market a small business economic literature by wireless networks this is especially to! Are able to increase efficiency and productivity across industries in Developing countries grow. Drives growth helped to increase their output with technology advancements, which has resulted more! Of similar magnitude other studies found effects of similar magnitude business and organizational of. Studies were a bit limited by the fact that they did not measure per. Disadvantage of technology in this article by: Michelle Seidel, B.Sc., LL.B., MBA is to. Subset of information in an enviable position as economics vs information technology Marketing strategist and copywriter, collaborating with everyone from Fortune companies!