Until recently, technology adoption cycles were often measured in decades. From the wheel to the steam engine, to electricity, the automobile and the telephone, humanity needed time to figure out how to incorporate these wonders into its quotidian routines.
But the latest, computer and internet based cycle had a built in, evolutionary advantage: it relies on its inherently rapid communications base to spread usage faster and wider. Penetration rates have grown deeper, more quickly than ever before.
The challenge now facing the economic and social systems attempting to optimize the use of these wonders is how to more broadly share their benefits so that their inherently powerful and disruptive impact enhances the prospects of the individuals and enterprises engaged so that it becomes self-sustaining. JL
Martin Wolf reports in the Financial Times:
The penetration of recent innovations in technology has
been astonishingly rapid. At the end of 2015, there were more than 7bn
mobile phone subscriptions, a penetration rate of 97 per cent, up from
around 10 per cent in 2000. Penetration of internet access grew from 7
per cent to 43 per cent. Economically, this has led to the transformation
of industries.
Socially, it has altered human interactions. Politically, it has
affected relationships between the rulers and the ruled.