Advances in the field of information and
communication technologies (ICT) have driven a new technological revolution
that has modified not only the ways of doing business but also the ways of
performing daily household activities. Due to its widespread applications, ICT
has been classified as a General Purpose Technology (GPT), exactly like
electrification and other great inventions of the past (Jovanovic and Rousseau
2005, O'Mahony and Vecchi 2005, Venturini
2009). As a GPT, ICT is characterized by considerable
technological progress, pervasive use in a wide range of economic sectors, as
well as by the ability to boost complementary innovations and to generate spillover
effects (Bresnahan and Trajtenberg, 1995, Lipsey et al. 2005). These
characteristics have produced positive productivity effects throughout the
economy and ICT is now recognised as an important determinant of productivity
growth especially if coupled with investments in other intangible assets such
as R&D, organizational and human capital (P.L., 2005) (Brynjolfsson and
Hitt 2000, 2003, Kretschmer 2012).
Spillovers are the increased efficiency
of transactions among firms using ICT technology. Rowlatt (2001) argue that the
use of electronic data interchange, internet-based procurement systems and
other inter-organisational information systems produces a reduction in
administrative and search costs, and a better supply chain management. Brynjolfsson
et al. (2002) present some case studies showing how ICT makes it possible for
firms to interact with others in a faster and more efficient way. Electronic
transfer of payments and invoices, automated inventory replenishment, on-line
markets for placing and receiving orders have all improved efficiency, and
consumers have benefited from increasing product variety and convenience.
Interactions with other firms are therefore the source of another type of
spillover often associated with ICT, i.e. 'network externality', whereby the
efficiency of products or services increases as they are adopted by more users
(Atrostic and Nguyen 2005).
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