Macro economic impacts

The ongoing research at the Helsinki School of Economics indicates that the contribution of information and communications technology (ICT) to economic growth outweighs the contributions that both steam and electricity provided over comparable periods in the past. ICT will increase productivity by standardizing, automating and outsourcing white-collar work in basically the same way as the assembly line mechanized manufacturing. The on-going digitalization and outsourcing of business processes will result in the restructuring of white-collar work at the global level and, consequently, will bring about a new wave of productivity growth. Various business information systems, such as Enterprise Resource Planning software, play here much the same role as the assembly line did in the transformation of industrial work. Digitally stored information (R&D, financing, insurance services, accounting, payroll etc) can already be generated away from the office. Intelligent use of information is a source of increased productivity, just as natural resources were in the 20th century.