The two-track society

The rapid growth of high-technology industries is one of the most important economic trends in recent years. Yet there has been a tendency, among journalists, public policy analysts, government officials and others, to overstate the nature of the changes which are taking place. We are not witnessing "the end of the industrial age" nor are basic industries about to be replaced by high-technology industries. For at least the next decade, basic industries will continue to be important sources of employment and output. More importantly, they will serve as markets for high tech goods and services as they modernize their operations. The future will see a two-track economy which is built on both high-tech and basic industry.