Information Age | The Internet Has Not Created a New Economy

The Internet is clearly a marvelous technological advance, allowing hundreds of millions of people from all over the globe to exchange information almost instantly. But the claims that it is creating a new economy based on information and communication are pure hype. Long before the Internet we were benefiting from an amazing network of global communication and information in the old free-market economy. There is nothing new about an “information economy.”

Market economies have always been information economies. The Internet can improve the information transmitted through...

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