Can you remember life before the Internet? Though quite a new technology, already a world without the web has become as unthinkable for many of us as a world without telephones. But what of the future? Can the benefits of this extraordinary technology be multiplied, and how can the thornier challenges be met?

The agenda for the ministerial conference on The Future of the Internet Economy is built around three themes.

The Internet has permeated people’s lives and has become a cornerstone of our physical, economic and social infrastructures. What does this mean for policy?

The Internet’s open standards have accelerated the convergence of voice, data, video and wireless services, generating new business models, products and services, as well as vibrant new markets. Prices have fallen and functionality has risen. Few sectors exemplify this convergence more than television.

The excitement over new media and their vaunted utility is easy to understand. What is more difficult to grasp is why conventional wisdom holds that the rise of digital media must mean the “decline” of newspapers, which have now been around for more than 400 years. Because the conventional wisdom is wrong.

The advent of the Internet has revolutionised the compilation, assessment and distribution of information relating to healthcare. This has modified the traditional doctor-patient relationship in a number of significant ways.

The Internet has come a long way since it entered the public domain some 15 years ago. One man who has made it his business to follow Internet’s development is Henry Copeland, founder and director of Blogads, one of the world’s largest blog-specific advertising companies, and Pressflex, a web-hosting company dedicated to the needs of small journals and magazines such as this one, and larger commercial titles, such as FT Business. As Mr Copeland points out, all his business grew organically, without the help of business angels, but with offices now in North America and Europe, and clients or users in every continent. We interviewed him in his home base in the US, by email of course.

Social network websites such as Myspace and Facebook that have come on the scene in the last few years may be hugely popular, but they are not without their dissenters. Here is a humourous view from French writer and businessman, Jacques Rosselin.*

In most European countries, the volume of Internet and other e-commerce sales transactions has risen since 2004, with Denmark, the UK, Ireland and France reporting the highest shares. The increase in the share of e-commerce sales between 2003 and 2006 has been sharpest in Denmark, with 10 percentage points, Norway (8), Portugal (7) and Spain (5). Ireland saw a slight drop in its volume, albeit from a high base.

The great 20th century sinologist, Joseph Needham, once drew up a list of 24 technical innovations brought from China to the West. They ranged from gunpowder and the wheelbarrow to printing, cast iron, the magnetic compass and the chain suspension bridge. By 1600 the torch of innovation had passed to the West.

A statue of Korea's legendary General Lee Soon Shin stands guard outside the Ministry of Information and Communications in central Seoul. A poster announcing a major international joint Korean/OECD ministerial conference on the Future of the Internet Economy to be held on 17-18 June hangs at the front of the building.

“Education over the Internet is going to be so big it is going to make e-mail usage look like a rounding error.” So remarked Cisco’s chief, John Chambers, in an article in The New York Times in 1999. But even the boss of a company that produces technology for the Internet might not have guessed just how large e-education would become.

The OECD is a world leader in statistics, but keeping up that lead demands innovation. The statistics services of the OECD already provide smart databases online at www.oecd.org/statistics, while graphs and tables in many of our publications are backed up with our new StatLink service, a link allowing access to source Excel files at a click. Now the OECD has gone another step by opening its data out to websites that specialise in lively use and presentation of the statistics, and reader interaction.

The history of human progress is also a history of innovation, and OECD countries have been rediscovering what this means for the global economy. Consider the US. For two decades the world’s largest and most advanced economy has been driving forward the frontiers of technical progress. Yet whether in information technology, pharmaceuticals or biotechnology, the US knows it must innovate to stay in front.

As the 8th annual OECD Forum in May showed, everyone agrees that innovation is important, but not everyone agrees on the reasons why.