Essay about Internet as an Innovation

965 Words Mar 10th, 2014 4 Pages
Describe a recent innovation, and discuss its social and economic impacts.
In modern times, the majority of people worldwide have incorporated the use of new and evolving technology in daily living. Consequently, it has and continued to change the way we work, interact and learn. The internet is a vital medium that has affected us both economically and socially. This essay will focus on the economic and social impacts of the internet as a recent innovation.

Innovations, whether in the form of technology, organizations or products, result in the application of research, technology, and the economic potential of business assimilated with the needs of the consumers (Kerchev, 2011). These promote the development and improvement of
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Porat (as cited in Katz, 2009) estimated that the active population had internet related occupations. Adversely, the internet has its negative side that affects all countries. Denvall (2011) states that the introduction of new ideas also results in building new difficulties. One such problem is the easy access of information to other people, communities, and organizations which has resulted in the creation of cyber crimes such as online theft, fraud, and cyber terrorism. In addition, it greatly affects the entertainment business of developed countries as piracy is expanding rapidly and can be done effortlessly. Finally, small companies gradually struggle in competition with the bigger firms as the latter resort to the internet for wider marketing. Evangelista (2010) cited that innovation is the driver of firms for performance in the macro sectors.

Socially, the internet has revolutionized the way we communicate and express our ideas. Pol and Ville (2009) stated that an innovation such as the internet may have effects on one or more social dimensions in the manner we communicate with each other. It paved a way for people to communicate instantaneously and overcome great distances. Additionally, it reinforced freedom of speech and expression through the use of blogs and commentaries. It allows us to vent our thoughts and feelings as it breaks the barriers of age and social class. Through the

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