E-Commerce Commission Press Kit

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FIGURES AND TABLESFigure 1 Diffusion of Electric Power in the U.S., 1899-1939 ......................3Figure 2 IT’s Share of the Economy Grows ...................................4Figure 3 Microprocessor Prices Plummet .....................................5Figure 4 IT Industries Help to Keep Inflation Down .............................5Figure 5 IT Contribution to Real Economic Growth .............................6Figure 6 IT’s Share of Business Equipment Investment Grows Rapidly ..............6Figure 7 Cost to Process Airline Tickets .....................................28Figure 8 Internet Banking is Cheaper for Banks ...............................29Table 1 Growth of Internet Hosts and Domain Names ...........................8Table 2 Time to Download 3.5-Minute Video Clip Using Different Technologies ......9Table 3 The Race to Build Out the Communications Infrastructure of the Internet .....11Table 4 Internet Sales of Personal Insurance Projected to Grow ..................32ii
INTRODUCTIONDuring the past few years, the United States economy has performed beyond most expectations.A shrinking budget deficit, low interest rates, a stable macroeconomic environment, expandinginternational trade with fewer barriers, and effective private sector management are all creditedwith playing a role in this healthy economic performance.Many observers believe advances in information technology (IT), driven by the growth of theInternet,* 1 have also contributed to creating this healthier-than-expected economy.In recent testimony to Congress, Federal Reserve Board Chairman Alan Greenspan noted, “...ournation has been experiencing a higher growth rate of productivity—output per hour—worked inrecent years. The dramatic improvements in computing power and communication andinformation technology appear to have been a major force behind this beneficial trend.” 1Some have even suggested that these advances will create a “long boom” 2 which will take theeconomy to new heights over the next quarter century.Other economists remain skeptical about the contribution of the IT industry to overallproductivity. As yet, there is limited direct evidence in government data that investments in IThave substantially raised productivity in many non-IT industries. 3While the full economic impact of information technology cannot yet be precisely evaluated, itsimpact is significant. IT industries have been growing at more than double the rate of the overalleconomy— a trend that is likely to continue. Investments in IT now represent over 45 percent ofall business equipment investment. Declining prices for IT products have lowered overallinflation.This report also begins a discussion about the potential impact on the economy of the Internet andelectronic commerce.Recent rapid growth of the Internet is in part attributable to its strength as a medium ofcommunication, education and entertainment, and, more recently, as a tool for electroniccommerce.* The Internet is a global matrix of interconnected computer networks using the Internet Protocol(IP) to communicate with each other. For simplicity, the term “Internet” is used throughout thispaper to encompass all such data networks and hundreds of applications such as the World WideWeb and e-mail that run on those networks, even though some electronic commerce activitiesmay take place on proprietary or other networks that are not technically part of the Internet.1
Page 2 and 3: Frequently Asked QuestionsHow was t
Page 6 and 7: Commissioner BiographiesDean Andal,
Page 8: Paul Harris, Sr., Delegate, Virgini
Page 11 and 12: Robert Novick, General Counsel,Offi
Page 13 and 14: Stanley Sokul, Independent Consulta
Page 15 and 16: (d) Definition of Generally Imposed
Page 17 and 18: (D) Internet access service.--The t
Page 19 and 20: (b) Membership.--(1) In general.--T
Page 21 and 22: (B) an examination of the collectio
Page 23 and 24: (iii) imposes an obligation to coll
Page 25 and 26: (B) Exception.--Such term does not
Page 27 and 28: (2) to accelerate the growth of ele
Page 29 and 30: Traditional business and sales tax
Page 31: THE EMERGING DIGITAL ECONOMYIntrodu
Page 35 and 36: CHAPTER ONE:THE DIGITAL REVOLUTIONT
Page 37 and 38: What makes this rise in IT’s nomi
Page 39 and 40: Despite these impressive trends, th
Page 41 and 42: Hundreds of new firms are starting
Page 43 and 44: Table 3. The Race to Build Out the
Page 46 and 47: usiness electronically with new sup
Page 48 and 49: increased 40 percent over the previ
Page 50 and 51: from one supplier to another. It co
Page 52 and 53: and maintaining customer relationsh
Page 54 and 55: For a business to feel comfortable
Page 56 and 57: CHAPTER FOUR:DIGITAL DELIVERY OF GO
Page 58 and 59: and marketing costs may become too
Page 60 and 61: Lower sales and marketing costsIt i
Page 62 and 63: large bank, the initial investment
Page 64 and 65: Table 4. Internet Sales of Personal
Page 66 and 67: For the multimedia industry, the qu
Page 68 and 69: ook according to topic. The topic c
Page 70 and 71: THE FUTUREAnalysts believe that Int
Page 72 and 73: Often today, consumers are not give
Page 74 and 75: CONVENIENCEConsumers cite convenien
Page 76 and 77: This pattern of lower prices is not
Page 78 and 79: CHAPTER SEVEN:WORKERS IN THE DIGITA
Page 80 and 81: WORKFORCE FLEXIBILITYWorkforce flex
Page 82 and 83:
CHAPTER EIGHT:CHALLENGES AHEADThis
Page 84 and 85:
ENDNOTES1. “Monetary Policy Testi
Page 86 and 87:
(CERN) in Switzerland. In 1991, the
Page 88 and 89:
34. Shankar, Bhawani. “Digital TV
Page 90 and 91:
55. Number of Online Newspapers on
Page 92 and 93:
78. “Internet Insurance: A Study
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