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The World Wide Web a term coined by the British technologist Kevin Ashton, is poised to revolutionize our understanding and interaction with our physical world. Low power tags and microchips will allow all sorts of things to be connected via the web and servers. Physical things are going to seamlessly connected to the Internet, spawning changes to our lives. Here is how the Internet of Things will change the lives of city dwellers.

For several years now, we've been hearing how the economy hasn't rebounded after the last recession the way it has in the past. People are buying less, and while jobs have returned, many of them are part time or at lower pay scales. Economists have been using various models to explain why this is happening and why it might be something permanent. What's not being spoken about much, however, is the impact that technology is having on the economy, and why it's acting as an anchor, dragging down both productivity and job creation. It's simple-Americans have less disposable income than they had prior to the invention of cable TV, smart phones and the Internet, because these new services cost so much.

The Simple Dollar explained it recently, most Australians, they said, have managed to keep up with inflation-relatively speaking they make as much as they have over the past several decades, compared to what things cost. The problem is, they now have less to spend on consumables due to using their income for non-essentials such as cable television, Internet access, and more recently, smart phone service.