The Economics Of Y2K
(a cost and benefits study of the year 2000 computer problem)

D. Brouse, D. Brouse, T. Brouse, M. Hammel, and S. Mukherjee
Started in 1995

InternetU.org

Abstract.

Once an economy puts it's unemployed back to work, there is a limit to what growth can occur without severe consequences. One of the only known methods to grow an economy past this limit, is to improve technology. When technology is improved, workers may be able to become more productive.

However, improvements in technology may result in a lower demand for workers. "For example, when new weaving machinery was introduced during the industrial revolution, some textile workers lost their jobs."

The Costs and Benefits of Y2k

• Costs
  1. multi-billions of U.S. Dollars have been spent on fixing the Y2K problems.
  2. there has been a huge opportunity cost in human resources (that were focused on Y2K issues instead of productivity.)
  3. security and computer security are an on-going concern. (Too many companies are increasing the cost of security by being reactive instead of proactive.)
  4. the convergence of the Y2K computer problem with other high impact events, such as acts of terrorism, will cause a chaotic chain of events with long lasting affects on society.
• Benefits
  Older computer systems and networks have been replaced with more productive technologies.

References:

"Security a low priority in Y2K", Robert Lemos (2000)

"Y2K In Hindsight: The year of the killer hackers", Scott Berinato (2000)

"Sometimes I Hate Being Right", D. Brouse (2000)

"Digital Surveillance? You'll Get Used to It" , Richard Meares (2000)

"Y2K Bug Avoids London, N-Plant Has Glitch", Jonathan Oatis (2000)

"Millennium Bug Hassles Show Systems Not Immune", Sara Ledwith (2000)

"Alert! Do Not Ask For What You Own", J. Doe (1999)

"Y2K fears might drive gasoline shortage", Del Jones (1999)

"Early Y2K bugs aren't all fun and games", Lisa M. Bowman (1999)

"Y2K paranoia or Greenspan's irrational exuberance?", Pierre Belec (1999)

"Y2K watchdog sees `moderate' failures", Globe Staff and Wires (1999)

"U.S. to Computer Hackers: Give U.S. a Y2K Break", Jim Wolf (1999)

"U.S. Railroads Plan Y2K Pause As a Precaution", Tim Dobbyn (1999)

"Y2K Study Says Water Utilities Not Ready for 2000", Jim Wolf (1999)

"FBI Official Says Primed for Y2K Internet Malice", Reuters (1999)

"WORLDWIDE CAUTION, Terrorist Threat", U.S. Department Of State (1999)

"US Ready to Sell Reserve Oil if Y2K Problems Arise", Tom Doggett (1999)

"What is a Chaotic System?", S. Mukherjee (1998)

"Y2K Paranoia or Greenspan's Exuberance?", Pierre Belec (1999)

"Y2K Worries Shrink, But U.S. Stockpiling More", Deborah Zabarenko (1999)

"U.S. May Send Y2K Military Team to Russia", Reuters (1999)

"U.S. Personnel Office Sets Y2K Web Break", Jim Wolf (1999)

"The greatest management challenge the world has faced since World War II", Bill Clinton (1999)

"U.S. Y2K Adviser Terms Glitch Chronic", Jim Wolf (1999)

"Y2K - The Year 2000 Problem?", D. Brouse (1999)

"How I Learned to Stop Worrying and Love the Power Company", S. Mukherjee (1999)

"Pilots say no to Asia Y2K flights", D. Legard (1999)

" To combat potential problems with its existing Y2K system, Bang & Olufsen embarked on the fraught SAP project in 1997", Computer Weekly News (1999)

"Interest Rates Could Soar Late This Year", J. Berry (1999)

"GE Medical Systems", General Electric Medical Systems (1999)

"Greenspan Discusses Y2k Impact", Reuters (1999)

"DeKalb Fires Computer Firm, Restarts Y2K Jail Upgrade", B. Smith, III (1999)

"Medicaid System at Risk of Failing in Over Half of States", U.S. Newswire (1999)

"Power Crisis In the Northeast?", D.E. Wojick, Ph.D., P.E. (1999)

"Year 2000 Issues For Retailers", J. Huntress (1999)

"Singapore Airlines Cancels Some New Year's Flights", Associated Press (1999)

"Novell Warns European Small Businesses Over Y2K Complacency", NB (1999)

"Most large U.S. corporations and government agencies say they have almost completed the painstaking and costly chore of inoculating their machines against the "millennium bug.", R. Chandrasekaran, E. Lipton, and S. Barr (1999)

"Y2K May Spark Downturn - Senate Panel", J. Wolf (1999)

"Africa Prepares To Do Battle With Y2K Bug", S. Denyer (1999)

"China Reports First Crash From Four Nines Bug", Reuters (1999)

"Some of the nation's top image-making firms are preparing to ease your fears.", Reuters (1999)

"U.N. Report Urges Urgent Iran Action On Y2K-Agency", Reuters (1999)

"The Y2K Clock Is Ticking... Are You Ready? Pennsylvania a National Leader in Y2K Readiness", Dr. Fred Loomis (1999)

"Russia Skips Y2K Step On Military Systems - U.S.", J. Wolf (1999)

"Y2K PROFESSIONALS ARE PESSIMISTIC ABOUT YEAR 2000!", R. Kelly (1999)

"U.S. Advises Travelers On World Y2K Problems"

"U.S. Y2K Work 97 Percent Done - White House", J. Wolf (1999)

"Fed's Parry Says Y2K Unlikely To Disrupt Banking", Reuters (1999)

"Capital Poorly Prepared For Year 2000", Reuters (1999)

"On this New Year's Eve,  you may party on the job.", L. Bruce (1999)

"EU Worried About Y2K Hitting Nuclear Power Plants", S. Perry (1999)

"Y2K May Spark Civil Unrest, Economic Pain-US Senate", A. Entous (1999)

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