Wednesday, June 30, 2010

Internet and Economics !!

Gone are the days when you had to travel miles to get a book, to buy grocery items, to purchase clothes or to book a movie ticket in advance. Now it's just a matter of some mouse clicks and there you go, Home delivery!!. Internet transcends boundaries. No matter where you are you can get whatever you want from anywhere in the world. If you live in the California, USA and really want to buy Parisian lingerie, you can easily order it on Internet. Thats the kind of impact Internet has brought about in our lives. It has revolutionized the way people do businesses by expanding markets to a global level and thus has contributed in growth. Growth is dependent on consumption and spending. The more the consumers consume, the greater will producers be willing to produce, which in turn increases the output and thus growth of an economy. This kind of globalization also increases competition not just at a domestic level, rather at an international level, which is again advantageous for the consumers. It is a win-win for both the consumers as well as the producers.
E-commerce sites like Amazon and ebay who are the pioneers in this field of selling and buying online have made it comfortable for the consumers to purchase the desired items while sipping a cup of coffee under A/C at home. Isn't that amazing compared to the effort we used to make to get the smallest of things earlier.
And now with the growth of broadband and wireless services and with the advance of Internet facilities in developing countries, the markets are going to heat up and the spendings and revenues are bound to go north. Internet and economics have a long way to go together.
Hail Vinton Cerf!!(Inventor of internet)

1 comment:

  1. I guess you can say that the internet has certainly changed the world more than anything in the history of the world.