As a new audience in the Net-Centric Economics class, I noticed that technology is very fast growing field and it has a great impact on both consumers and producers. Indeed, the market forces control on many industries in general and of course on the new industry which is information technology as well. But, the forces’ effect on information technology turned out to be very critical unlike other industries. This new field took only few years to develop and to become truly reliable unlike other technological revolutions for so many reasons. One reason is the components of this technology which were not physical devices at all, instead they were just bits. This technology allows consumers to communicate and to trade services worldwide. Also, I want to shed light on the principles of the information economy that are no different than the principles of the traditional or the industrial economy but the different relies on the component of each in how they are combined. Some contemporary scholars claim that the information economy is different than the traditional economy to grab the consumers’ and the producers’ attention on this field. Other aspect of this technology is the existence of the price discrimination which is very important in the information industry in which it allows to make a deep analysis of the consumer behavior which leads to make this industry more profitable. Nevertheless, the information technology is really a great deal in allowing individuals to personalize their products. Some monopolists discriminate in prices to accommodate with the public welfare and some discriminate to meet with their profitable demand.
With this new technology, you can save your time, money and effort. And, it allows you to narrow your search and to compare prices easily. In general, the main reason that makes information technology widely used is being a super fast technology in trading services and information and therefore people trusted the results. This technology captures the notion of lock-in and competition which influence the costs and the consuming dramatically. Not only competing to acquire customers among firms, but also the notion of monopoly is very dominant in this industry.
I found it very fascinating that how my major which is “Linguistics” is related to the information technology and we can see them combined in Computing-Linguistics major. Computational Linguistics is a dynamic discipline which joins Linguistics and Computer Science. It was and still believed that linguistics was understood as one of the main pillars of humanities computing. In the past, the use of the computer was aimed to complete linguistic tasks or, in a broader sense, tasks centered on the manipulation of data having linguistic form. Now, Computational Linguistics is at the forefront of development of applications in translation, voice recognition, automated e-mail response, search engines and other pioneering technologies. This field takes elements of linguistics, software engineering, artificial intelligence and electrical engineering to help machines process human language and to help linguists understand language through computer models.