THE IMPACT OF INFORMATION TECHNOLOGY ON THE ECONOMY

While there are large discrepancies between the average incomes of the world's poorest countries in contrast with the world's richest countries, such evidences point out that there are significant differences in human welfare and in the quality of life experienced by people who come from these different countries. In terms of both the poverty of basic choices and opportunities and that of incomes, about one third of the people in various developing countries are experiencing a great deal of poverty. Considering the importance of both human and physical capital, and other such economic factors, developing and developed countries alike have expressed interest in turning to modern information technology (IT) for improved economic growth. The information revolution is said to be brought about by the decline in information processing prices, the developments in network computing, and the merge of computing technologies with communication, and such will hopefully give rise to an economy with knowledge-based services