Importance
Information industries are considered important for several reasons. Even among the experts who think information industries are important, disagreements may exist regarding which reason to accept and which to reject.
First, information industries is a rapidly growing part of economy. The demand for information goods and services from consumers is increasing. In case of consumers, media including music and motion picture, personal computers, video game-related industries, are among the information industries. In case of businesses, information industries include computer programming, system design, so-called FIRE (finance, insurance, and real estate) industries, telecommunications, and others. When demand for these industries are growing nationally or internationally, that creates an opportunity for an urban, regional, or national economy to grow rapidly by specializing on these sectors.
Second, information industries are considered to boost innovation and productivity of other industries. An economy with a strong information industry might be a more competitive one than others, other factors being equal.
Third, some believe that the effect of the changing economic structure (or composition of industries within an economy) is related to the broader social change. As information becomes the central part of our economic activities we evolve into an "information society", with an increased role of mass media, digital technologies, and other mediated information in our daily life, leisure activities, social life, work, politics, education, art, and many other aspects of society.
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