The pace of change is accelerating. To be sure, many economists still downplay the Internet as a transforming technological force. They argue that its economic and social impact will pale next to railroads, electricity, and the internal combustion engine. I'm skeptical of their dismissive perspective. But whether the Internet ranks high or low among technological innovations is beside the point.
Economic growth depends more than ever on knowledge, creativity, and innovation.
The Internet speeds up both the generation and dissemination of all three. The Internet is a force for higher living standards.