"The broader benefits of higher growth, more jobs, and better services have fallen short." Deepak Mishra and a team of a dozen at the World Bank early in 2016 burst the myth that the Internet would produce significant economic growth. It's not in the data, as anyone who looked closely would have seen since at least 2009. Anyone with common sense can see that growth has fallen most places despite a remarkable increase in Internet users. Take a look at the productivity chart at the left. It plummets after 2005, as the worldwide Internet growth accelerated. Just one example: India, one of the fastest growing economies, has lagged far behind in Internet use until the last year or two.
So many of us want to believe the Internet, which we love, would solve many economic problems. So would I; I've earned my living since 1999 reporting the Internet. It hasn't worked. Those who have looked with an objective eye at the actual results have known since about 2005 that the economic impact was often so small studies couldn't find it. In Washington in 2009, an important Columbia University event in DC made mincemeat of the economic claims based on U.S. data. The World Bank reports that's also true in the developing world.Add a comment