That includes loosening or eliminating regulatory impediments, revising the tax code, and providing students and employees with pertinent education and training. The information revolution is every bit as profound in its economic and social ramifications as the industrial revolution of the 18th century. Information technology offers undeniable benefits in spawning industries, products, and employment and in making life more convenient and rewarding for lots of people. But the technology also has a dark side. Information technology even threatens to eliminate some industries and job categories.
Employment is an especially pressing consideration.
Information technology has transformed the composition of the labor market in the United States. That transformation has proceeded smoothly because it has occurred during economic growth of unprecedented vigor and persistence and because the U.S. labor market is extremely flexible. In Japan, we need to promote flexibility in the labor market through training that will broaden people's employability and through employment practices that will heighten labor mobility. Government and business need to provide people with opportunities to learn new skills and new jobs. Vigorous investment in new lines of business is equally important, for we need to generate new kinds of employment.