The convergence of rapidly improving computer and telecommunication technologies is having a profound impact upon almost all social institutions. The characteristics of information gathering, storage, processing and dissemination affect the nature of markets and the structure of industry, as well as the competitiveness of firms and the prosperity of regions. They affect the internal structure of organizations including corporations, government agencies, political parties, and social groups. They affect the formation and distribution of social and cultural networks, the characteristics of work and education, the content of the mass media, and the information environment through which public opinion is formed. This paper discusses some characteristics of information markets and examines the power of the information assumptions. The needed research must be directed toward assessing the long-term implications of institutional change. The UK Programme on Information and Communication Technologies (PICT) is described and its progress reported.