By Robert E. Litan
During this quantity, revered economists articulate the expected financial impression of the web among 2001 and 2006. Drawing on examine carried out through the Brookings and BRIE job forces, the authors handle the internet's strength affects on productiveness, costs and marketplace constitution.
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Extra info for Beyond the dot.coms: the economic promise of the Internet
But if such databases can be built and maintained, patients and providers would benefit enormously from conversion of current, mostly paper, medical records into an electronic medical record (EMR) in standard format. Health care providers would then be able to access a patient’s full medical history quickly and enter their own observations and treatments. The instant availability of the EMR would save time for the patient as well as for the various providers, reduce the costs of sending records, and avoid duplicative or medically inconsistent treatment.
The added convenience of being able to obtain information, to search for the “best” or most suitable product, and to complete transactions on line is a real benefit for many consumers. The use of the Internet for distance learning can save travel time for both teachers and students and permit flexibility in scheduling that may benefit both. Similarly, working at home via the Internet (“telecommuting”) offers two kinds of convenience to workers: It saves them the time and money that would otherwise be spent in commuting to and from the workplace, which may be considerable; and it often allows them a more flexible work schedule that fits better with their family and other responsibilities than a regular nine-to-five job.
We then do our best to add up the potential impacts suggested by the authors. Reducing the Cost of Transactions The most important attribute of the Internet also may be the most obvious: it provides a cheap way of transmitting a lot of information quickly and conveniently. Many routine transactions—making payments; processing and transmitting financial information; record keeping; search and analysis; ordering, invoicing, and recruiting; getting information to suppliers, employees, and customers—can simply be handled less expensively with web-based technology than on paper or in other electronic ways.