is steadily increasing—especially in the case of the US. A rise of the coefficient as a whole might be due to a rise in the ICT stock which lowers the denominator, signifying the rise of network effects through the enhanced ICT infrastructure. This would signify that the network effects of ICT might be decreasing. On the other hand φ can be increasing which would indicate that in the US ICTs plays a steadily increasing role in different industries aside from the ICT sector itself.