Economic effec of the Y2K bug
As the millennium approaches we come closer and closer to what some say could mean the end of civilization as we know it. What is this great event that would have such an impact on the world that it could end civilization? The problem is a simple computer bug refereed to as the Y2K bug but its ramifications could be immense. This computer bug has been predicted to impact the world anywhere from a minor problem to the end of a civilization. Whichever view you take on the subject it is clear that this bug will have a definite impact on the economy. The depth of this impact is yet to be determined but by looking at what can realistically happen as a result of this bug and by looking at situations that have upset the economy in the past it will give us a better look at what may happen. In order to understand the Y2K bug we must first understand what it is. For many years electronic storage was very expensive. In the early days of computing a Megabyte or a million bytes of information could have cost up to $100,000 to store electronically. This same amount of information storage can now cost around ten cents. Because of this expensive storage limitation code written for these older computers was compr
Lauren Gibbons Paul, Y2K, September 1998, Datamation magazine One of the latest warnings to the public by media has to do with lawsuits that may pile up after the Y2K bug has done its damage. Some experts are estimating the wave of lawsuits to be so great that the courts are jammed for years trying to resolve them. One estimate states that it could be as much as $1 trillion dollars in damages that are claimed due to the bug. The cost of this litigation would only increase whatever economic problems the US was facing. Subcommittee on Government Management, Information and Technology Field Hearing on Year 2000 Efforts
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Approximate Pages = 10 (250 words per page double spaced)
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