ICT revolution) and those that will occur in the future. BIS central bankers’ speeches  5  Nevertheless, as correctly pointed out by the optimists the underlying rate of technological progress has not slowed and the ICT revolution will continue transforming the firms operating at the technological frontier.
Moreover, big payoffs from general purpose technologies are fully realized only if organizational structures are re-organized to benefit from new technologies, while in many cases innovation arises from combination of previous innovations.