chapter  9
8 Pages

TECHNOLOGY

ByRichard Lander

The role of the information revolution on economic activity cannot be under-estimated. In some respects it has challenged our assumptions about micro-and macroeconomics in a way that the early aspects of industrialization sent the Classical economists reaching for a body of theory which could provide some context to the real-world changes that were then taking place at what appeared (at the time) to be a mind-boggling pace. Industrialization required the development of theories about pricing, specialization, trade, profit, and markets. The current revolution requires new thinking about the value of ideas, economic development, investment,employment, and infrastructure .