I sure am glad I’m an economist. The reason (other than the fact that I am too old and uncoordinated for Major League Baseball)? It’s because of the seemingly continuous revolutions I see that impact the quality of our lives and the efficiency of our endeavors. When I was growing up in East Texas, the changes that came my way were few and far between. We went from picking up the receiver and telling the operator who to connect us with to rotary dials to touch tone phones. On those rare occasions I observed a computer, I managed to fathom the move from wiring panels to punching cards. Over my first eighteen years, that was about it (eight track tapes were also moving in on phonograph records).
Now, because of advances in technology, new ideas emerge almost instantaneously and with monotonous regularity, particularly in the way we communicate. Indeed, before I finish writing this column, hundreds of people, perhaps even thousands if you go around the world, will have been introduced to and joined the information age with the click of a mouse and the launch of a server.
Since 2000, the use of the Internet in the US has experienced a leap of 121%. Currently, about 70%, or almost 211 million people across the nation, use the Internet. This represents approximately 19% of all web surfers around the world. However, only one-third of Americans use the Internet regularly.
Throw a dart at a map of the world and rarely will you hit a location without Internet service as this technology is now available in more than 165 countries. This pervasive presence includes some places many people might even be hard pressed to locate on a map. For example, Surinam has more than 32,000 users (6.3% of its population), and 18.1% of the 878,000 people who live in Guyana go online frequently. In 2000, that percentage was just 0.3%.
Japan is reported to have the largest percentage of its population Internet savvy with around 89% communicating via the Internet at least once a month; average usage is close to 14 hours a week. Even though only about half of the people in China use the Internet regularly, some estimates indicate that those who do spend an average of nearly 18 hours online per week.
Approximately 70% of the estimated 335 million people across all of North America use the Internet from time to time, about one-third of them wirelessly. With increasing availability in hotels and restaurants, it’s hard to go any place that doesn’t advertise Wi-Fi, and much of it is free. Several US cities already have citywide wireless networks and more are investigating the possibilities.
For what purposes are people using this unique technology? It is hard to find an area of life that is not being impacted by the Internet.
The Internet plays an important role in everyday life from A to Z—advertising to zoometry—with scores of stops in between, many of them related to shopping for goods and services as well as educational and entertainment purposes. Its business applications are far too numerous to mention.
The uses of the Internet are expanding exponentially as more fields of endeavor become dependent on it. Printed dictionaries and encyclopedias are becoming “old school” as people Google in search of answers. A few keystrokes will even bring the Yellow Pages right to your computer, an updated version of “Let your fingers do the walking.”
Furthermore, the first step in many job searches begins with an online application. Ongoing medical advances are permitting myriad specialists to review patients’ records from across the globe, and practically all government services can now be accessed online. In fact, seldom does a day go by when there is not a plea via the Internet for contributions to humanitarian or political causes.
In addition, more and more individuals are establishing Internet banking accounts. Over the next four years, online banking will likely expand to 72 million US households, which represents growth of approximately 55%. For those born after 1970, the expansion rate is expected to be about 136%.
Practically every change, adaptation, or addition to the Internet creates business opportunities and challenges. It is a central feature upon which all the economies of the world rely. The Internet is only in its fourth decade. Imagine where it will be and what it will provide when it celebrates its golden anniversary. Seemingly, there are no limits.