Economics
What is Information Technology
Information technology refers to the use of computer systems, networks, and software to manage and process data. It encompasses a wide range of technologies, including hardware, software, and telecommunications, and plays a crucial role in facilitating communication, data management, and automation in various economic activities. Information technology enables businesses to streamline operations, improve efficiency, and access and analyze data for decision-making.
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10 Key excerpts on "What is Information Technology"
eBook - PDF- Enrico Coiera(Author)
- 2015(Publication Date)
- CRC Press(Publisher)
C H A P T E R 1 4 Information economics The diffusion, acceptance and ultimate success of any information technology are at least as dependent upon the social system within which it is placed as on the technology itself. Yet we still lack clear models that explain why some information services are so successful and widely adopted, whereas others struggle even though they seem to be good ideas. Technology acceptance models provide some insights into the factors that shape the deci-sion to adopt or not adopt a technology (see Chapter 11). Economics is another discipline that can offer us insights into the dynamics of information creation and use. Economics is able to factor in both the specific technical advantages of one product or service over another, but it also captures the preferences and utilities of individuals who chose to use them. In the specialist field known as information economics, we find theoretical and practical models for creating, diffusing and using information products (Brousseau and Curien, 2007). Information economics focusses on understanding how and why networks of individuals assemble and interact to exchange information and the emergent properties of those interac-tions. As such, it provides informatics a core set of theoretical results with wide application. In this chapter, the basic properties of information as an economic good are introduced. Beginning with information production, the economic properties of information are of sub-stantial importance for those creating and publishing information, independently of whether their intent is commercial. Next, the cost of accessing information, whether by clinicians or consumers, shapes the willingness of these clinicians and consumers to use an information service.
eBook - PDF- F. Richter, P. Banerjee, F. Richter, P. Banerjee(Authors)
- 2002(Publication Date)
- Palgrave Macmillan(Publisher)
The IT sector Information technology essentially refers to the digital processing, storage and communication of information of all kinds. 1 Therefore, information technology (IT) can potentially be used in every sector of the economy. The true impact of IT on growth and productivity continues to be a matter of debate, even in the United States which has been the leader and largest adopter of IT. However, there is no doubt that the IT sector has been a dynamic one in many developed countries, and India has stood out as a developing country where IT, in the guise of software exports, has grown dramatically despite the country’s relatively low level of income and development. Software vs hardware The basic distinction in IT is between hardware and software. The former refers, of course, to the physical components of processors, storage devices and communications devices. The latter refers to the instructions that govern the flow and processing of information in digital form within and between hardware devices and components. 2 The production of hardware is classified within the manufacturing sector. Profitably manufacturing semiconductors and other sophisticated hard- ware components typically requires infrastructure, large-scale invest- ments in capacity, and accumulated experience that India does not possess, and is not in a position to acquire easily. India’s development path, despite its emphasis on import-substituting industrialization, has not supported the growth of a robust, world-class manufacturing industry such as has arisen in many East Asian countries. Nevertheless, India does perform many hardware assembly tasks internally for the domestic market; components in such cases typically come from East and Southeast Asia. The ability to organize this aspect of production may be the basis for further development of hardware
eBook - PDFEconomic Diversification in Africa
Lessons from Botswana
- Imogen Mogotsi, Ndateelela Namwoonde(Authors)
- 2023(Publication Date)
- University of Namibia Press(Publisher)
16.2 WHAT IS IT? Different definitions have been used in the literature to define IT. For instance, the World Bank’s IT Sector Strategy Paper of 2002 defined it as consisting of hardware, software, networks and media for collection, storage, processing, transmission and presentation of information (voice, data, text, images). On the other hand, the Organization for Economic Co-operation and Development (OECD) defined IT as a combination of manufacturing and services industries that captures, transmits and displays data and information electronically. The IT sector includes activities that depend highly on access to IT technologies or, at a minimum, which have operating modalities that have been significantly affected by the introduction of IT technolo- gies. This includes a wide range of customer care and administration-related services (Business Process Outsourcing – BPO), as well as services with a higher technical con- tent, such as remote testing, design and Research and Development (R&D) (Zavatta, 2008). The IT sector is considered to include: (i) the manufacturing and assembling of IT equipment; and (ii) a variety of service activities, ranging from telecommuni- cations to software development, and from provision of interconnectivity services to IT-related consulting. This chapter defines IT as any one of the already mentioned devices (that closes the physical distance between two related entities by enabling them) to connect, communicate and process data (Bakwena & Kahaka, 2012). 1 The 2007 informal sector survey (ISS) shows that the number of informal-sector establishments in Botswana is estimated at 40,421. information and technology 277 16.3 TRENDS IN IT: THE CASE OF BOTSWANA The section outlines the evolution of the IT sector in Botswana by looking back at the time when the technological era was realised in Botswana.
- OECD(Author)
- 2014(Publication Date)
- OECD(Publisher)
ADDRESSING THE TAX CHALLENGES OF THE DIGITAL ECONOMY © OECD 2014 3. INFORMATION AND COMMUNICATION TECHNOLOGY AND ITS IMPACT ON THE ECONOMY – 51 Chapter 3 Information and communication technology and its impact on the economy This chapter examines the evolution over time of information and communication technology (ICT), including emerging and possible future developments. It then provides a conceptual overview, highlighting interactions between various layers of information and communication technology. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law. ADDRESSING THE TAX CHALLENGES OF THE DIGITAL ECONOMY © OECD 2014 52 – 3. INFORMATION AND COMMUNICATION TECHNOLOGY AND ITS IMPACT ON THE ECONOMY 3.1 The evolution of information and communication technology The development of ICT has been characterised by rapid technological progress that has brought prices of ICT products down rapidly, ensuring that technology can be applied throughout the economy at low cost. In many cases, the drop in prices caused by advances in technology and the pressure for constant innovation have been bolstered by a constant cycle of commoditisation that has affected many of the key technologies that have led to the growth of the digital economy. As products become successful and reach a greater market, their features have a tendency to solidify, making it more difficult for original producers to change those features easily. When features become more stable, it becomes easier for products to be copied by competitors. This is stimulated further by the process of standardisation that is characteristic of the ICT sector, which makes components interoperable, making it more difficult for individual producers to distinguish their products from others.
- OECD(Author)
- 2015(Publication Date)
- OECD(Publisher)
ADDRESSING THE TAX CHALLENGES OF THE DIGITAL ECONOMY – © OECD 2015 3. INFORMATION AND COMMUNICATION TECHNOLOGY AND ITS IMPACT ON THE ECONOMY – 35 Chapter 3 Information and communication technology and its impact on the economy This chapter examines the evolution over time of information and communication technology (ICT), including emerging and possible future developments. It then provides a conceptual overview, highlighting interactions between various layers of information and communication technology. ADDRESSING THE TAX CHALLENGES OF THE DIGITAL ECONOMY – © OECD 2015 36 – 3. INFORMATION AND COMMUNICATION TECHNOLOGY AND ITS IMPACT ON THE ECONOMY 3.1. The evolution of information and communication technology 64. The development of ICT has been characterised by rapid technological progress that has brought prices of ICT products down rapidly, ensuring that technology can be applied throughout the economy at low cost. In many cases, the drop in prices caused by advances in technology and the pressure for constant innovation have been bolstered by a constant cycle of commoditisation that has affected many of the key technologies that have led to the growth of the digital economy. As products become successful and reach a greater market, their features have a tendency to solidify, making it more difficult for original producers to change those features easily. When features become more stable, it becomes easier for products to be copied by competitors. This is stimulated further by the process of standardisation that is characteristic of the ICT sector, which makes components interoperable, making it more difficult for individual producers to distinguish their products from others.
- Dimitris N. Chorafas(Author)
- 2016(Publication Date)
- CRC Press(Publisher)
245 12 THE INFORMATION ECONOMY AND THE INTERNET INTRODUCTION During the 1990s, the American economy restructured around the infor-mation technology industry. Today about 30% of the productivity and roughly one third of economic growth of the U.S. is in information technology and associated sectors of the economy. The Internet is taking an increasingly visible and leading position, particularly because of its potential in on-line commerce. There are reasons for this development as well as its aftermath. One is the Internet’s ability to connect business partners and other users any-to-any, at any time. Another is the effect of very efficient, off-the-shelf Web software. For nearly four decades the computer industry was unable to build software well within a reasonably short timeframe. Both private and commodity software often fail to reach their stated goals; such failures are time-consuming and very expensive. The anticipated explosive growth of the Internet and its services over the coming decade should provide many benefits. Unfortunately, industry has largely fallen behind in its computing base. There are insufficient staff and trained professionals in the field, particularly so in the design, imple-mentation, and maintenance of an enterprise architecture. Therefore, the Internet is seen by many as a way of breaking this bottleneck. While the majority of companies using the Internet look primarily at how its contribution materially affects their current business, leaders focus on ways and means through which both the Net and its Web software 246 Enterprise Architecture and New Generation Information Systems can promote internal efficiency and market appeal of their organization and improve their capacity to perform and to obtain better results. The layers of the enterprise architecture, policy formation, command and control, and infrastructural base, are in full evolution and require steady attention and the assignment of appropriate resources.
eBook - PDFAdvances in Technology
Education and Development
- Wim Kouwenhoven(Author)
- 2009(Publication Date)
- IntechOpen(Publisher)
Impact of the New Economy on Business Informatics Education 123 X Impact of the New Economy on Business Informatics Education Pere Tumbas, Otilija Sedlak and Predrag Matkovi ć University of Novi Sad, Faculty of Economics Subotica Serbia 1. Introduction The New Economy of the 21 st century is driven in large measure by advances in computing, information, and communications technologies (ICT). To be competitive and also developed country is to satisfy the needs such as the greater use of science and new technologies by average citizens; more interdisciplinary/multidisciplinary work; greater understanding of highly complex and interacting systems; new and renewed efforts at building community and solving local challenges in the face of globalization; and a substantial rethinking of business in general (Moore, 2007). The changed view of reality in this way causes the need of defining completely changed needs in education. Many authors state that success in the global economy mostly depends on the new system of education. ICT has been applied in many new fields or the existing fields have been significantly broadened. The education system needs to be transformed and new components, which will adapt it to the requirements of globalization and the “New Economy”, should be built. New and changed requirements for higher education have contributed to the development of initiatives to radically change the curricula especially in the field of Economy, Management and Business Informatics at many universities. This Chapter shows components of the new education system, caused by globalization and the “New Economy”. Also, the influence of developing ICT and their application to higher education is shown. Bases which should be obligatorily considered in developing new curricula in the field of Economy, Management and Business Informatics are described in detail.
- Rohit Bansal, Ram Singh, Amandeep Singh, Kuldeep Chaudhary, Tareq Rasul(Authors)
- 2023(Publication Date)
- Wiley-Scrivener(Publisher)
The more the technology grows, the more innovative approach adds on with dynamic research aptitude. Moreover, in order to help in the development of an economy either big or small, integration of telecommunication is required. In the process of integration, softwares, firmwares and hardwares are prereq- uisite. Telecommunication is more or less integrated with the wireless signals to provide a sophisticated network that enables the users to access, transmit and store the informa- tion. For this, a proper infrastructure development of Information and Communication Technology or simply ICT is required. There are several evidences that showed the ICT as the driver for the economic growth [1]. There is great optimism over the potential of tech- nological expansion in different hemispheres of the human and his associated environment. Therefore, larger economic initiatives are required for the ICT infrastructure under one umbrella of the unified system. Over the years, the ICT industry is building a passage of different components to work together in many remarkable ways. The support infrastructure, such as audiovisual, link system, computer network are brought together for the convergence of single and unified system of ICT. The transformation of a global economy by connecting people, places and markets is among the pioneer achievements of ICTs. Diaspora of people around the globe provided several experiments with innovative ideas and it helped ICT and its allied fields to get prominence in the world. The inclusive growth and sustainable development of urban as well as rural areas are highly attached to the advancements of the technology. ICT has brought new opportunities and exposure to the people around the globe. Mass use of ICT with appropriate regulation can help nations to bring more advancement in information rich society with better livelihood.
eBook - PDFPolitical Economy and Information Capitalism in India
Digital Divide, Development Divide and Equity
- G. Parayil(Author)
- 2016(Publication Date)
- Palgrave Macmillan(Publisher)
10 The Political Economy of Informational Development: A Normative Appraisal Govindan Parayil 196 1. Introduction The rapid advances in information and communications technologies (ICTs) during the past three decades, acting in tandem with the glo- balisation of trade and investment, have brought about unprecedented changes in the global economy. The discovery of ‘knowledge’ 1 as the most important ingredient of all modern economies, surpassing land, labour and capital, has profoundly affected the modes of global eco- nomic production as well as consumption. Unleashing an array of new products and services for which usability was mostly invented, and reviving the productivity potential inherent in several advanced sectors of the economy by the deployment and diffusion of ICTs, represents the key factor behind this transformation. In advanced countries where ICTs have become part of the economic infrastructure, firms and busi- ness organisations, regardless of their size or spatial–temporal location, have experienced steep decline in transportation, communication, search and distribution costs (Guha, 2003). That is, the development and diffusion of ICTs have become a source of comparative advantage of nations (James, 2001). The assumption, until now, that the standard Heckscher–Ohlin model of international trade where comparative advantages in factor and resource endowments held sway has been replaced by the comparative advantage driven by international differ- ences in production functions due to innovation and rapid technolog- ical change (Krugman, 1995). The advances in ICTs and related technologies have given rise to a new form of comparative advantage and international division of labour in the global economy. These eco- nomic changes may be collectively identified as ‘informational devel- opment’ because of the centrality of knowledge as codified information
No longer available |Learn moreAccelerating the Globalization of America
The Role for Information Technology
- Catherine L. Mann, Jacob Funk Kirkegaard(Authors)
- 2006(Publication Date)
Now, re-searchers are examining the role for global engagement and productivity growth through the channels of reductions in the cost of IT, more frag-mented production facilitated by globally networked communications, and global competition that enhances forces that promote more effective use of IT by business and in the workplace. IT PRICES, DIFFUSION, AND PRODUCTIVITY 75 Table 3.1a IT hardware intensity, 1998 and 2004 (percent share of total intermediate goods used) Change NAICS 1998 2004 in rank, category Sector Rank Intensity Rank Intensity 1998–2004 31–33 Manufacturing 1 6.634 1 4.744 51 Information 2 5.227 2 4.411 42 Wholesale trade 3 3.978 3 3.201 81 Other services, except government 6 2.926 4 2.999 T001 Total intermediate use 5 3.396 5 2.440 54 Professional scientific and technical services 4 3.605 6 2.160 56 Administrative support and waste management 7 1.743 7 1.590 and remediation services 62 Health care and social assistance 9 1.093 8 0.973 44 Retail trade 8 1.097 9 0.890 61 Educational services 11 0.964 10 0.863 23 Construction 10 0.986 11 0.852 55 Management of companies and enterprises 12 0.728 12 0.527 48 Transportation 14 0.371 13 0.350 52 Finance and insurance 13 0.461 14 0.324 53 Real estate and rental and leasing 15 0.328 15 0.263 21 Mining 18 0.151 16 0.193 71 Arts, entertainment, and recreation 16 0.210 17 0.139 22 Utilities 17 0.198 18 0.106 72 Accommodation and food services 20 0.085 19 0.064 49 Warehousing and storage 19 0.097 20 0.055 ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ Role of IT in Transforming US Workplaces and Businesses The most important ingredient to the positive economic outcomes of the 1990s was the sustained increase in productivity growth. Research on US data as well as detailed analysis of data from other economies concludes that investment in and increased use of IT yielded faster GDP growth and higher productivity growth. For the United States, one-quarter to one-76 ACCELERATING THE GLOBALIZATION OF AMERICA 7.
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