Word: internetted
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Dates: during 1990-1999
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...have a new economy or not? TIME convened a meeting of its Board of Economists in San Francisco this month to assess the impact of the Internet on more traditional arenas like the Fed's monetary policy, the domestic economy, and the breadth of America's socioeconomic divides. Everyone agreed on the easy part ?- the Internet is here to stay, and will have a profound effect on the economic life of the U.S. and the world. But what do we do about it? That, reports TIME senior economics reporter Bernard Baumohl, is where the disagreements started. "No one," he says...
...Allen Sinai, chief global economist at Primark Decision Economics, sees the Internet as having unleashed powerful competitive forces ?- new efficiencies in the way corporations do business ?- that may have changed the rules an awful lot. "The Internet structural change is a very big one, in the class of the railroad, the airplane, the automobile or the printing press," he says. "It should increase productivity growth and lower product prices. It could be the wild card for an inflationless prosperity." In other words, increased competitiveness among U.S. corporations with Net-connected companies around the globe could make the business world...
...Could the Fed chairmen of the future have the world's easiest job? Some might argue that we are already in that golden age, though neither Sinai nor Alan Greenspan himself are willing to bet the farm on it. Sinai doesn't call the Internet a "wild card" for nothing; much about its effects on the economy have yet to be played out. "Frankly, we don't know enough about it at this point," he says. "How important is the Internet to the economy? All I can say is it's huge...
...Varian, professor of economics at U.C. Berkeley, hardly disagrees. But he warns that to tap the full potential of the Internet, more vigilance is needed in public policy ?- this is no time to go on autopilot. "As the Internet reshapes the business work force, is a brain trust shortage in the offing? Absolutely," warns Varian. "We've got to improve education at every level: elementary, high school, college, and ?- I think most importantly ?- continuing on-the-job education...
Paul Romer, professor of economics at Stanford University, heartily agrees on the state of America's (and the Internet's) socioeconomic divide: "My guess is it's going to be just like internal combustion on the farm," he says. "If there isn't a change in investments in skills, it will actually widen...