Sushil Wadwhani, speaking in London yesterday, described how the internet lowered search costs, reduced barriers to entry and helps shorten the supply chain.
All of these factors helped improve productivity. He said studies even have ‘underestimated’ the improvements the internet might bring.
He said the internet would also reduce inflation, but without bringing about its end.
But he warned that competitive pressure on profit margins could be large and longlasting, although the scale of the impact was uncertain.
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Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel