Introduction
There have been discussions among scholars in developed countries regarding economics of information. Developed countries includes Australia, New Zealand, United States, Ireland, Germany, Japan, Canada and many more are countries that have a high level of development according to some criteria. The criterion is income per capita; countries with high gross domestic product (GDP) per capita would thus be described as developed countries. Another economic criterion is industrialization; countries in which the tertiary and quaternary sectors of industry dominate would thus be described as developed. More recently another measure, the Human Development Index (HDI), which combines an economic measure, national income, with other measures, indices for life expectancy and education has become prominent. This criterion would define developed countries as those with a very high (HDI) rating.
Birchler and Butler (2007) stated that there are many reasons to know in depth about economics of information, which are information is an interesting economic good, economics is about information, information is of strategic importance and information economics is a young field with practical relevance in many context.
According to Sloman (2003), many people think that economics is about money. Well, to some extent this is true. Economics has a lot to do with money: with how much money people are paid; how much they spend; what is costs to buy various items; how much money firms earn; how much money there is in total in the economy. But despite the large number of areas in which our lives are concerned with money, economics is more than just the study of money. It is concerned with the production of goods and services and the ...
... middle of paper ...
...earch on managing in the information economy. Retrieved March 11, 2011, from: http://www.
Kingma, B. R. (2001). The economics of information: A guide to economic and cost-benefit analysis for information professionals (2nd ed.). United States of America: Libraries Unlimited.
Mandeville, T. (1998). An information economics perspective on innovation. International Journal of Social Economics, 25 (2), 357-364. Retrieved March 11, 2011, from: http://www.
Ponelis, S. R., & Britz, J. J. (2004). Teaching information economics to undergraduate information science students at the University of Pretoria. South African Journal of Information Management, 6 (4), Retrieved March 11, 2011, from: http://www.
Sloman, J. (2003). Economics (5th ed.). England: Prentice Hall.
Webster, F. (2002). Theories of the information society ( 2nd ed.). London: Routledge.
Tyndale, William. "A hero for the information age." Economist 389.8611 (2008): 101-103. Academic Search Premier. EBSCO. Web. 18 May 2011.
...6. Fisher Center for Information Technology & Management, University of California in Berkeley. June 1995
Few of us can deny the importance and power that money has in our society. It is difficult to think of issues that affect us on a daily basis, that does not involve money. But where does this fixation on money originate...
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,...
This assignment will focus on the importance of information systems for running and managing a business today. An information system is an integrated set of components for collecting, storing, and processing data and for providing information, knowledge, and digital products. Business firms and other organizations rely on information systems to carry out and manage their operations, interact with their customers and suppliers, and compete in the marketplace. Information systems are used to run interorganizational supply chains and electronic markets. Encyclopaedia Britannica. (2017). information system. [online] Available at: https://www.britannica.com/topic/information-system [Accessed 20 Nov. 2017]. The purpose of information systems can
The article Digital Technology and Institutional Change from the Gilded Age to Modern Times: The Impact of the Telegraph and the Internet describes the difficulties that exist when trying to create an accurate economic model showing responses to new, economy changing, technologies. The author Ronnie Phillips mainly focuses on institutional economics and, by showing the history of other technological advances, the need for institutional analysis. He explains how the challenge is to explain societal change, recognize what and how it happens, and create policies that will "foster" increased living standards throughout the world.
Laudon, KC & Laudon, JP 2010, Management Information Systems: Managing the digital firm, 11th Global edn, Pearson Education, Inc, Upper Saddle River, New Jersey.
Daniel Bell (1973) coined the expression ‘the post-industrial society’. In this society a substantial proportion of the population are employed or involved in the work of information collection and communication. In this sense we can see that information has become a commodity which can have a value and is therefore marketable. It also can be seen as an indispensable component of our social fabric.
We are in broad information age. The handling of information is definitely the main commercial activity of our days. We are all consumers of information at different levels. Most of us also have to either manage, process, market, deliver or sell information as a way of living. Information is wrapped in all kinds of packages, or better said it is delivered through all kinds of media. All kinds of messages are delivered to all kinds of audiences.
In today's world, economics associated disciplines are of fundamental significance and application and this has encouraged me to pursue a degree in Economics. Economics has an important relevance in all of our lives. As consumers we try to make the best of our limited incomes. As workers we take our place in the job market. As citizens of a country our lives are affected by the decisions of our government: decisions over taxes, decisions over spending on health and education, decisions on interest rates, decisions that affect unemployment, inflation and growth. As dwellers on the planet Earth we are affected by the economic decisions of each other: the air we breathe, the water we drink and the environment we leave for future generations are all affected by the economic decisions taken by the human race. It is these stimulating issues that excite me about economics. I enjoy studying Economics enormously and believe my passionate interest in economics is continually strengthened by my regular reading of 'The Economist'
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.
In the world today, information is an important aspect in almost every part of our life. From what time the movie we want to see begins to whether we should buy stock in Dell or IBM, we depend on accurate information. Is this kind of information a commodity? The dictionary defines a commodity as something valuable or useful (Webster 1993). Presently, information is a commodity because people are willing to pay high prices for information in order to make better decisions. In this paper, I will give many examples of how information acts as a commodity. I will also show how information acts as a commodity in other areas than just technology and business.
When mentioning economics, people may have different opinions of it. Economics is a boring subject? Are there many complexed theories to understand? There may be some questions in people’s mind when they start to studying economics. When people approach new knowledge at the first time, they want to know, “what is it?”, “what benefit can I get from it?” Some people may think economics is about the market, money, products, customers and producers. If use these elements to define economics, it is too narrow. How to explain the definition of economics and how to apply economics to individual and social development are two main topics which should be discussed. This essay is about my view of economics from individual perspective.
Zeleny, M (ed.) 2000, The IEBM handbook of information technology in business, Thomson Learning, London.
The Impact of Information Technology on Individuals, Society and Organizations Information systems and information technology are important in supporting, maintaining and enriching many aspects of livings. They bring benefits to lives of individuals, operations of business and the functioning of society but there are also drawbacks associated with technology and information system. Both good and bad impacts of information system and technology to individuals, organisations and the society will be discussed in detail in the following paragraphs.