Tony Blair, Davos 2000 - "Economists Would Agree Oil Is No Longer The Most Important Commodity"

EDIT

In thinking about the potential impact of the new economy, it is interesting to start by recalling the sad experience of the 1970s. A decade or more of economic failure was driven by one simple phenomenon - a quintupling in the price of oil, which at the time was by far the most important commodity in the world system.

Higher inflation, rising interest rates, deteriorating government budget deficits, declining productivity growth, and rising unemployment - all of these disasters stemmed directly from the shock in the oil market. Twenty years on from the oil shock of the 70s, most economists would agree that oil is no longer the most important commodity in the world economy. Now, that commodity is information.

In quick succession - starting from the mainframe, passing through the PC and now reaching mobile telephony and the internet - new digital products have exploded on to the scene. As a result, the price of acquiring and processing information has been declining by about 30 per cent per annum for much of the past decade.

And this favourable "information shock" - rather like a reverse oil shock - has had profound effects throughout the global economy.

EDIT

http://www.number-10.gov.uk/output/Page1508.asp

Dr. Pangloss! Dr. Pangloss - white paging telephone, stat!!