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The Emerging Digital Economy II
Revolutions, by their nature, create new and unanticipated opportunities, challenges and risks for those caught up in them. We all find ourselves in the midst of a technological revolution propelled by digital processing. All around us, in ways and forms we cannot fully appreciate, new digitally-based economic arrangements are changing how people work together and alone, communicate and relate, consume and relax. These changes have been rapid and widespread, and often do not fit the established categories for understanding economic developments. As a result, early efforts to take the measure of these changes have often seemed to be inventories of what is not yet known.
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The Economics of Y2K and the Impact on the United States
The Economics of Y2K and the Impact on the United States assesses the economic implications of Y2K-related issues on the U.S. economy. The report reviews how firms and governments should be expected to react in the face of known Y2K problems and compares these results with available progress reports on Y2K readiness and other published Y2K economic assessments. The report finds that Y2K is having an impact on US business activity well in advance of the actual 1999 to 2000 changeover, including almost $100 billion in expenditures by businesses and public agencies over several years, to hunt down and correct error-prone technologies. The report concludes that competitive forces are pushing governments and firms to do what is necessary to prevent major Y2K problems and, as a result, those problems will not be of sufficient size or scope to have more than a transient effect on overall economic growth.
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