Sources of Economic Impact, Essay Example

One of the sources regarding the economic impact is the information technology. The economists of the business have seen it useful to evaluate how information technology is to impact the economy. This is because they tend to say that the information technology will have a greater impact on the economy in the coming ten years. It is true because information technology has become a worldwide input to nearly every input.  If in any case there is a decrease of the information technology cost, therefore there can be a great profit for a number of the industries that uses it. This is so since any amount of money spent on the information technology can be invested other improvements and inputs in services or productions (Kraut, 2004). Therefore, to accomplish a big range of tasks and to create an advantage that is competitive, the business relies much on information technology in order to facilitate these tasks for the consumers. Within the process, very much important achievements are achieved that are not easy to measure in a classic input-output framework. Information technology should therefore posses even a greater percentage of the economy impacts, since current channels of communications that includes cellular television, applications of the broadband and the internet will give the business the channels which are new and convenient to reach all the suppliers as well as the customers.

The business vendors have also come up with a Thirty Meter Telescope project that would generate revenues directly with the electricity payments and the infrastructures of the communication. The early labor regarding the project has been estimated at $14 million, which includes a non labor budget of $13 million for the project (Irwin, 2002). This will contribute almost $26.7 million for the states’ economies. But in all, we understand that the economic impact brought about by the information technology has been put into much of the debate for a long time.

References

Irwin, T. (2002). Business Management. New York: William Morrow and Organization, Inc.

Kraut, R. (2004). Sources of the Economic Impact in today’s World.” Organization Week, February 15, 2004, pp. 56-57.