Economics Today and Tomorrow
One hundred years ago, the Industrial Revolution changed society and brought new expectations to our world. Today developments in telecommunications fuel innovation, and a new economy has once again emerged. Cybernomics, economics driven by the Internet, is the focus of Chapter 22.
Section 1 details how e-commerce, the rapidly expanding Internet market for consumers and suppliers, has changed the relationship between buyers and sellers. Section 2 discusses the factors that led to the development of the Information Age and explores the idea that our knowledge economy, which trades in intellectual properties, communications technology, and stored data, is changing economic growth cycles.
Section 3 addresses the challenges of cybernomics. These include ensuring safe Internet trade, securing intellectual property rights, protecting consumer privacy, and helping developing nations catch up with the rapidly changing global economy.