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Abstract
The world is in the midst of an all-purpose technological revolution based on information technology (IT), defined here as computers, computer software, and telecommunications equipment. The macroeconomic benefits of the IT revolution are already apparent in some economies, especially the United States. Historical experience has shown that such revolutions have often been accompanied by financial booms and busts, and the IT revolution has been no exception. But, while spending on IT goods is likely to remain weak in the immediate future, as past overinvestment unwinds, the longer-term benefits for the global economy are likely to continue, or even accelerate, in the years to come.
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