The miracle we all take for granted – The Property Chronicle
Select your region of interest:

Real estate, alternative real assets and other diversions

The miracle we all take for granted Would you take a million dollars to never use the internet again?

Technology

“If someone was ready to fork over $1 million to you to stop using the Internet – forever – would you do it?”

Economics professor W. Michael Cox, who asked that question of his students, received an unambiguous reply. “You couldn’t pay me enough,” they answered.

That answer speaks to just how priceless the internet has become, and how encouraging it is to see it spreading throughout the world, including to the poorest countries.

The internet’s ubiquity makes summarising its various uses a pretty daunting task. To start with, it is the repository of all human knowledge. Search engines provide answers to virtually all questions. Online videos explain billions of different topics and procedures. Users can take online courses and communicate with experts. New books are easily accessible in digital and audio forms, while old books are being digitised en masse. Publishing and broadcasting have been democratised. People can share their ideas easily and, if need be, anonymously.

Then there are the huge benefits to human communication. Letters that used to take weeks or months to arrive have been superseded by email and social media apps that make written contact instantaneous and practically cost-free. International phone calls were once very expensive. Today, video chats allow for a face-to-face conversation with anyone, anywhere. In the future, it may even be possible to download the contents of human brains onto a computer, thus enabling communication with people from beyond the grave.

The internet is also a great productivity enhancer. Online banking allows people conveniently to view their balances, pay their bills and make other transactions. Online shopping allows buyers to access most goods and services, compare their prices and read product reviews. Sellers can reach more people than could ever fit in a retail store. Research shows that much of US growth since the mid-1990s has been driven by internet-induced efficiency gains among large retailers, such as Walmart and, later, Amazon.

Our professional lives are more flexible too, with ever more of us able to work from home, avoiding an often costly and time-consuming commute. Online hiring gives employers easy access to a worldwide talent pool.

Of course, like all technologies, the internet can be used for nefarious purposes – just think of all those Nigerian email scams and “fake news” – but it is also an excellent resource for discovering the reputational standing of local doctors, lawyers, educators and restaurants.

As well as making people’s lives infinitely more convenient, the internet is a tool of humanitarian assistance and rising global consciousness. It makes it easier to raise, remit and donate money. That’s especially important during emergencies, such as wars and natural disasters, when speedy response from the donor community is necessary. And, it can alert the public to human rights abuses, such as the attempted ethnic cleansing of the Rohingya minority in Burma.

It has also been a boon for popular entertainment, allowing more people than ever to access movies, shows, concerts and live events from the comfort of their living rooms. It’s easy to forget there was once a time when the eccentric billionaire and insomniac Howard Hughes bought a local TV station just so he could watch his favourites movies. The station then broadcast films from a list that Hughes pre-approved. Today, almost everyone has access to thousands of titles on Netflix.

Put plainly, in today’s world, access to the internet is essential for full economic and political participation, as well as intellectual growth and social interaction.






Subscribe to our print magazine now!

SUBSCRIBE