chapter  1
Is telecommunications truly revolutionary?
ByLester C. Thurow
Pages 5

Historically only two inventions have revolutionized our industrial world: Train and Electricity. The train speeded up transportation from one point to another. Electricity is clearly revolutionized the world in all kinds of ways. In business schools authors talk about management information systems and refer to telecommunications systems as if they were ways to bring information to managers for them to do a better job. Economic puzzles was widely predicted when the revolution began that computer telecommunications would decentralize economic activity because it would make it much cheaper to move information from one place to another. Financial services are certainly using telecommunications to move information around the world, to do new things such as computer accounting, to service customers with ATM machines, the robots of the financial world. Computer telecommunications is a wonderful new technology, with wondrous capabilities. It should make productivity grow faster, which makes the standard of living grow faster.