Various Aspects of Economics of Information
3.1 Economics of information in Education
According to Farid (2007), economics of information is based on the concept that quality information is a scarce and valuable resource. The production and dissemination of information in education constitute two major economic activities, with associated costs and benefits.
The value of information depends on its degree of accuracy, completeness, timeliness, reliability, and relevance to issues under consideration. Information possessing these qualities is expected to help in decision-making by both the consumers and suppliers of education. Information is an economic good because scarce resources are employed in its production and dissemination. The production of information as a "life cycle," beginning with the existence of a "source" of information. This source becomes a "resource" via the processes of selection, editing, abstracting, indexing, and classification. The final stage of the cycle, "dissemination," occurs once the resource is packaged and made available to users. Costs are incurred at every stage of this "life cycle." Information is thus a product that, in some instances, is subject to the laws of supply and demand, for instance data available through Education Resource Information Center (ERIC) and other online databases.
The dissemination of information conveys some benefits including reduces or minimizes the costs to the user of time and effort spent searching for information, ensure the effective use of information through filtering processes which evaluate and tailor data to suit specific user needs, promotes efficiency by preventing waste and duplication of effort, while providing for the sharing of ideas across fed...
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Chapter one is an examination of different definitions of ‘information’ to support the concept of ‘information policy.’ Definitions that identify ‘information’ as a ‘constitutive force in society’ are most useful from the point of view of information policy (p.19).
In his article, Nicholas G. Carr discusses the future of information technology and how it will change from something that each individual company will have to produce themselves, to a system where larger companies can purchase it from an outside corporation as a utility. He begins by comparing the future of IT to what happened to electricity and how it underwent a change from a luxury to a commodity. He explained how this transformation underwent its course due to the fact that a single innovator, Samuel Insull, was able to innovate technology in a new way to create a form of mass electrical energy production. Innovations such as him are necessary for the future of the world and specifically information technology,
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If people started selling information as a want or need there could be a lot of broke people. A major issue is how valuable is that information? Are people willing to pay a lot for what they want to know? Or,...
In contrast, B2C companies are product driven. These products have to be highly in demand to the consumer market, and in order to be successful these companies have to sell the product or service in high volumes to make a profit. Therefore, the relationship between the company and the consumer is not nearly as maintained as that of a B2B company. The value of this marketing strategy is the transaction- as many as possible to cover the costs and make a profit. In a similar fashion, however, there is also the value of trust, as a consumer that trusts the company or the brand will often assist the company in increasing transactions (Murphy, 2008).
The Internet gives us a seemingly endless supply of resources; we can search for information, communicate with others, or use it for our own personal work or pleasure. The Internet connects us to the rest of the evolving world, in all different countries around the world. With the ability to seek information on the Internet, we can gain knowledge about an endless supply of topics. For example, if someone wanted to learn how to plant a tree they can simply navigate to Google and type in “how to plant a tree.” Furthermore, thousands of pages will appear with step by step instructions demonstrating the process of planting a tree. This knowledge has made our society smarter because we can figure things out on our own, but at the same time save money; we do not have to pay someone else to tell us how to plant a tree. It can really benefit students in school because it allows u...
...ction of digital information. It help better people’s knowledge of the communication between society, technology, information, and technology for actions of scholarly research. It tries to further the public obligation on encouragement through the Digital Public Library of America. The program targets on problem related to information and computing facts, broad connection to in site, and computational research, intellectual connections.
With globalization and technological advancements, the modern world has come to be known as the age of information. The internet, the media and other sources of mass and
The first is that the concept of information technology comprises two very distinct economic activities: an all-purpose machine (the PC) and its enabling applications and a medium (the internet). Capital assets as distinct from media assets are governed by different economic principles, should be managed differently and be the subject of different philosophical points of view.
Business today is inextricably intertwined with technology, from the smallest home office, to a multinational corporation with multiple monolithic legacy application. It is impossible to be in business today without confronting the issues of technology. The way we do business today is different than 30 years ago. Technology has evolved around the areas of telecommunication, travel, stock market, shipping even around our daily lives. E-commerce a system by which people can buy, sell and deal without even seeing the person on the other side has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking. The Internet, a boon to all business, is playing a part of a catalyst; it links millions of customers to its suppliers and vice versa due to this, manufactures are able to cut the role of middlemen and are able to deal with the customers, giving them the ability for direct input from the customers about their choices and views of their product. The busi...
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Turning to the issues related to information handling, the definition of the information management should be mentioned. According to Hinton’s perspective (2006, p.57) the information management is “the conscious process of gathering information”. A brief overview of the presumable information sources in a high-technology company can help to outline the situation. T...
Today is an era of information explosion. In the past few years, many newly invented technological devices and software are now tightly integrated with our everyday lives. Today, people can look up almost any kind of information, make friends, communicate with others, and express ourselves with the simple touch of a button on a device we usually keep within arm’s reach. “Widespread use of technology is changing the way we work, learn, and communicate – even the way we carry out our regular, daily activities.”(Seifer and Mihalynuk) These devices not only benefit our livelihoods and increase our happiness, but they are also integral in advancing education, technology, development, and, in general, human evolution. The children of today, who have been raised in this era of information explosion, will undoubtedly reap such benefits and, in turn, advance society towards a better generation.