The Economics of Information Essay - 1086 Words

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.†¦show more content†¦3.2 Origins of the Information Society and the Information Economy An information economy is based on the idea that the processes of production, transmission, and use of information are replacing or at least dominating over industrial processes as they in turn did an agrarian economy centuries ago. Therefore an economy consists of different sectors, each present to a greater or lesser extent. These sectors consists of agricultural, industrial, service sometimes discussed separately from the information sector, sometimes as an intermediate stage of the information sector and also information where there is general consensus that information has changed from a common good to a commodity with market value and that it is recognized as the most important input to production (Webster, 2002). 3.3 Information as an Economic Good An information economy is based upon the premise that information has economic value and requires an information marketplace in which such value can be exchanged (Branscomb, 1994). The nature of information as experience good means an information good must be used or consumed in order to demonstrate the good and to determine the associated value that is not fixed or constant. Returns to scale means information has a singular cost structure which means high fixed cost but low variable and marginal cost while public good means information goods are non-rival, one persons consumption does not diminishShow MoreRelatedEconomics of Information1066 Words   |  5 Pagesdiscussions 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. 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