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Recent studies indicate substitutability between energy and information in the so-called
information economies. These studies suggest that information in general and information
technologies in particular have the potential to save energy. . . The development of information
activities in the US economy was studied from 1963 to 1987 and the contribution of information
to save energy is indicated. Results show an increasing presence of information activities in all
segments of the economy and strong evidence of their contribution to energy savings. (Machado
and Miller)
Many factors contribute to growth in productivity besides that of Information technology.
Output is a function of a multiple inputs and technology, the latter affecting how inputs are
combined in production. Other capital investments also effect productivity. For example, buildings
for retailers or an airplane for airline companies. The following observations were made by a
Committee who studied the impact of information technology on the performance of service
activities: The fact that over the past 15 to 20 years of slow growth in productivity has been
accompanied by rapid investment in IT has suggested to some people that the use of IT has actually
caused the slowdown in productivity growth. But it is a mistake to conclude that IT is the culprit
8
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It surely is in some cases, but in others it has probably made a large positive contribution. The key
point is that the currently available macroeconomic data cannot precisely measure how
investments in IT alone are influencing productively in the services . . . the committee's findings
have led it to make the following observations about current macroeconomic data on service-sector
productivity and how investments in and the use of IT have influenced these data.
Information technology makes it possible to transfer large amounts of precise information
to almost anywhere in a relatively short period. IT facilitates the transaction of money through
electronic means in a fast and secure manner. There are ATM machines located throughout the
world that will immediately give you your money in a local currency at the current exchange
rate.IT is what makes a real-time global economy possible
Information technology is also likely to raise the bar of global competition and require new
policies that encourage flexibility in the economy . . . In the global economy, lower distance costs
are facilitating integration in traditional industries, i.e., increasing trade as a proportion of GDP.
For example, corporations are increasingly hiring or subcontracting with computer programmers
in India and the Caribbean. That kind of work is enabled by the fact that one can send back the
output from the day's coding, if necessary, to the headquarters program managers for feedback.
Magazine subscription lists can be managed from the Caribbean. Medicalclaim forms can be
processed in Ireland.
IT therefore heightens the intensity of global competition. Companies, industries or
countries will be quicker to rise or quicker to slide depending upon their international
competitiveness. In addition, this greater competition will improve productivity and raise global
real GDP growth.
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