Was 1974 a watershed? It was dawning of the information age, a period of rapid technological advance associated with the introduction of information technologies. It also was the start of a sharp rise in income inequality and signaled the beginning of the productivity slowdown. Were these phenomena related? Could they have been the result of an Industrial Revolution associated with the introduction of information technologies? The answer offered here is yes, and a simple theory connecting the phenomena is outlined. Evidence is presented showing that the coincidence of rapid technological change, widening inequality, and slowdowns in productivity growth are not with out precedence in economic history. Just as the steam engine shook 18th century England, and electricity rattled 19th century America, it is argued that information technologies are rocking the 20th century economy.
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