Critical Review of a Technology and Economics Article

The
article Digital Technology and Institutional Change from the Gilded Age to
Modern Times: The Impact of the Telegraph and the Internet describes the
difficulties that exist when trying to create an accurate economic model
showing responses to new, economy changing, technologies. The author Ronnie
Phillips mainly focuses on institutional economics and, by
showing the history of other technological advances, the need for institutional
analysis. He explains how the challenge is to explain societal change,
recognize what and how it happens, and create policies that will
"foster" increased living
standards throughout the world.