Economic Impact of ICT in the Ubiquitous Information Age

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Purpose of this research is to investigate the impact of ICT in the ubiquitous information age and to distinguish its features from those in the 1990s.In this research, we first established an analytical framework. They are (1) analysis on both use and production of the technology focusing on not only hardware but also software and content, and (2) analysis on three major economic agents ; firms, consumers, and governments. Then we conduct macroeconomic analysis based on aggregate production function model and growth accounting model, industry level analysis based on Input-Output table, and micro level analysis based on empirical studies from questionnaire as well as interviews for the various fields of the business I sectors and government agencies.This study reveals that ubiquitous information age goes along with rapid pervasion of broadband internet use and that one of the factors that has driven Japan's economic recovery since 2002 is new demand and production of the ICT, especially in the field of new digital consumer electronics and broadband internet businesses. Consequently, Japan has an advantage of the global competition in some area of the information economy. In other words, ubiquitous and broadband information trends generate new markets and business opportunities for the Japanese entrepreneurs.Japanese economy, however, still has several challenges that should be overcome. They are corporate reforms and institutional reforms. These reforms are not new challenges but have been required since 1990s. Incomplete corporate reform will not lead Japanese firms to reap the full advantages of information technology and incomplete institutional reform will not provide prosperous business opportunities for the firms. This research concludes that Japan can achieve two and half or more economic growth if it successfully adapts itself for the ubiquitous information age.