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The past few decades have seen a revolution in computing and communications, and all indications are that technological progress and the use of information technology will continue at a rapid pace. Declining costs of communication accompany and support dramatic increases in the power and use of new information technologies as a result of technological improvements and increased competition. According to Moore's Law, the processing power of microchips doubles every 18 months. These advances present many important opportunities but also pose major challenges. Today, information technology innovations are having a profound impact on many areas of society, and policymakers are working on issues of economic productivity, intellectual property rights, privacy protection, and affordability and access to information. Choices made now will have lasting consequences, and attention must be paid to their social and economic impacts.