Word: internetted
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Dates: during 1990-1999
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Board members also point out that the Internet can be a disruptive force, because it bypasses many business functions and can lead to their demise. Travel agencies could be in very, very difficult shape, for instance. Says Newman: "I think you will eventually see some change in the distribution of automobiles, because people detest the process" of getting all their information from dealers; they prefer to gather data on the Net. Varian believes that shopping malls will continue to draw people, but many consumers will come only to visit movie theaters, restaurants, cafes and other entertainment outlets. He thinks shopping...
...improve education at every level," says Varian, "including elementary, high school, college and, most important, continuing and on-the-job education." Otherwise, a worsening skills shortage could dim the promise that the Internet will help narrow the gap between rich and poor. The gap could get even wider...
...these, of course, are examples of what Joseph Schumpeter, one of the giants of economics, called "creative destruction"--the replacement of old ways of doing business by better ones. Still, these changes will wipe out some jobs and, Munroe fears, stir resistance to the Internet among many people who feel economically threatened...
People will put a higher value on their time off as well as on the job, Romer continues, and this will promote and be aided by the accelerating growth of the Internet. Clearly, shopping online takes far less time than driving to five different stores...
...that, TIME's board refuses to proclaim a "new economy" from which recessions have been banished. The Internet and IT may make downturns milder and less frequent, partly by tamping down the wild inventory swings that have intensified past slumps. Computers make it much easier to match orders and deliveries of goods to sales. On the other hand, Sinai senses an enhanced source of instability--the frenzied pace of stock and real estate trading, speeded up by the Internet and intensified by the enthusiasm of investors for Internet stocks, some of which may take many years to justify their current...