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December 1995

Navigating the Internet for Economic Information

Rob Grunewald
Public Affairs Analyst

Experiments with a computer network by the U.S. Defense Department in the late 1960s planted the seed of what is now called the Internet—a free network of 3.5 million computers with 20 to 30 million users worldwide. A connection to the Internet can put someone in touch with a wealth of information, anything from tuition rates at universities to gardening tips.

The Internet can also provide economic information from around the world, from academic papers to statistics. For many new users of the Internet, the sheer volume of information can be daunting, especially when there is no single method of navigating through the many sites. With the novice user in mind, this article provides a basic overview of the Internet and includes a selected list of sites that contain economic information.

Most home users pay a commercial service, such as America Online, Prodigy or CompuServe, a monthly fee for Internet access through their modem. Other home users, though—like those in business—contract with a company that provides direct internet access without going through a commercial service. Access typically includes electronic mail, or e-mail, and tools to navigate the Internet, including the World Wide Web. The Web is a network that allows the use of graphics, sound and video, and lets users click on images and underlined words to travel from one site to another.

Each Web site contains information provided by a host computer that is operated by the respective business, agency or individual. A site sponsored by a bank, for example, contains the services it offers, while a Web site sponsored by an art gallery might display pictures from an exhibition.

A host of “search engines” are available on the Web to help identify sites with useful information. A search engine matches the keywords to relevant sites, each one a mouse click away. For example, after typing “home mortgage” on the WebCrawler search engine, a list of sites appears, many sponsored by financial institutions; these sites include information on current mortgage rates and how to improve a credit rating.

In addition to search engines, Frequently Asked Questions (FAQs) also offer specific information by topic.

An Internet Card Catalogue

The Internet is like a giant library with millions of books, only the Internet has no walls, no ordered shelves and no librarian ready to help. Without a method to record and organize Internet sites, finding particular information can get tricky.

Fortunately, Internet users can turn to search engines and Frequently Asked Questions (FAQs), such as "Resources for Economists on the Internet," written by Bill Goffe, assistant professor of economics at the University of Southern Mississippi. FAQs provide information on topics covered by the Usenet electronic discussion system.

Goffe's FAQ differs from most others because it provides a framework for users to browse and search an organized catalogue of information on a given topic. Since its first volume published in the summer of 1993, Goffe's guide has grown to include information on 279 distinct Internet resources.

"Librarians perform the useful function of cataloging; that's basically what I do," Goffe says. With the Internet as his library, Goffe has collected a variety of economic resources, including sites with economic data, forecasts and daily news.

You can either browse the guide outline or search its contents by entering keywords. Each resource has a link to its site and information on its content and structure. "It's useful to have one compiler and editor collect sites and present them in summary form," Goffe says.

Search engines scan the entire Internet for sites that match keywords; however, since the Internet is so vast, "you often get things that aren't related to what you are looking for," Goffe says. Unlike a search of the Internet, a search of Goffe's guide is limited to economic resources.

Aside from the 30 hours a week Goffe spends maintaining the guide, he uses the Internet for other interests besides economics, such as finding information on computer upgrades and planning a bicycle tour in Hawaii and Europe. "People are spread across the world; [the Internet] is a way to bring them together," Goffe says.

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