The ICT revolution43. Why do we say that technologies such as electricity and ICT are general purpose?Electricity and ICT are probably the two most important general purpose technologies so farNote that while electricity freed time from household work to professional life, ICT instead seems to be professionalizing the homeGeneral purpose means something that affects everything else.When we look at the electricity and ICT they affect everything .Everything is depended on them such as stock markets,internet,transfers etc.44. Having ICT freely available to all employees in the workplace may be both good and bad for economic efficiency – what do you think may be the implications for economic growth?ICT also seems to be labour-saving in some industries such as banking, but effects on technological change within each industry are much more heterogenuous – think about use of ICT in tourism, banking and textiles
This is the end of the preview.
access the rest of the document.