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- W187731129 abstract "As computing technologies continue to rapidly advance since the last two decades, the knowledge economy has become an important part of the overall world economy. In addition to its significantly contribution to economy growth, computing technologies also have profound impact on many aspects of society. A panel discussion was held at the 21st ISCA International Conference on Computer Applications on Industry and Engineering (CAINE 2008) in Honolulu, November 12–14, 2008, where the panelists and the audience exchanged views and ideas on this important issue. This position paper summarizes the panel discussion. 1 Technology and the New Economy Ubiquitous computing is here to stay and it has become one of the main fibers of social, cultural, and economical life. It is an enabling technology that can increase the productivity in a wide range of applications and economical activities. The concept of “computing” has been continuously evolving. In early 80’s, it was the marriage of computing and communication technologies that created the era of Internet-based information resources that affect and penetrate into our daily activities in information accessing. Now, it is the polygamy of computing, communication, storage, sensory and displaying technologies that can impact almost all social, cultural, and economical development as well as our daily life. Action-orientedintelligent user/system interactive logic and system will be greatly improved for easy use as well as to augment our intellectual capabilities. At the individual’s level, the impact of computing puts opportunity into the homes and hands of many ordinary people and assists in solving everyday problems, thus enhancing the lives of many on a global scale. This idea can be seen with the inception and widespread use of the telephone, computers, databases and the Internet. The telephone provides a platform for local communication; the computer provides computing power to the individual; the database systems provide a local place to store and organize data efficiently; and the Internet provides a widescale platform for the aforementioned solutions where the best of each solution’s capability can be leveraged and used globally. The world has experienced enhanced global communication, data organization and retrieval, and computing. These technologies have greatly affected the economy of countries able to properly leverage them without extreme restrictions. They have enabled individuals, small groups, and small countries to have a voice by providing just as much access, visibility and opportunities as big businesses and advanced countries. 1.1 Computing and Economy Growth Computing, as a general term for digital technologies, has greatly contributed to the economic growth in the last twenty years. According to an analysis of 110 economies in the world by Harvard economists Jorgenson and Vu [9], the annualized growth of the world economy, measured in GDP, was 2.5% during the 1989-1995 period and 3.45% for 1995-2003, a 38% increase. They included three main categories as the factors responsible for economic growth: capital deployment, effective use of labor, and total factor productivity (TFP). The contributions to the overall economic growth are shown in Table 1. It is seen in this table that the capital deployment (including Information Technology and non-IT capital) contributed almost 50%, while the othe two major factors, labor and productivity, contributed about 20-30% and 25%, respectively. The contribution of IT capital deployment almost doubled from 0.27% to 0.53% during these periods, while the impact of non-IT capital and labor to economic growth remained pretty much flat." @default.
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- W187731129 date "2009-01-01" @default.
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- W187731129 title "Impact of Computing on the World Economy: A Position Paper." @default.
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