Information economy is a term that characterizes an economy Economics is the social science that is concerned with the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)". Current with an increased emphasis on informational Information, in its most restricted technical sense, is an ordered sequence of symbols. As a concept, however, information has many meanings. Moreover, the concept of information is closely related to notions of constraint, communication, control, form, instruction, knowledge, meaning, mental stimulus, pattern, perception, and representation activities and information industry.
The vagueness of the term has three major sources. First, not surprisingly, there is no agreed-upon definition regarding the threshold of when an economy is information economy and when it is not. This is partly due to the fact that research has been focused on various "increases" in informational activities, rather than the level it has achieved. It is rare to see research seriously discussing whether a certain level of "informatization" in an economy is enough to label it as information economy.
Second, there are many different kinds of measurements of information-related economic indicators that are used by researchers. Unlike the first problem, the second problem is not the lack of attention, but the lack of agreement among various opinions.
Two related questions regarding the term are also noteworthy. In particular, there is some argument, most notably by Manuel Castells Manuel Castells is a sociologist especially associated with information society and communications research, that information economy is not mutually exclusive with manufacturing economy.[citation needed] He finds that some countries such as Germany A region named Germania, inhabited by several Germanic peoples, has been known and documented before AD 100. Beginning in the 10th century, German territories formed a central part of the Holy Roman Empire, which lasted until 1806. During the 16th century, northern Germany became the centre of the Protestant Reformation. As a modern nation-state, and Japan Japan is an island country in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south. The characters that make up Japan's name mean "sun-origin", which is why Japan is exhibit the informatization of manufacturing processes. In a typical conceptualization, however, information economy is considered a "stage" or "phase" of an economy, coming after stages of hunting, agriculture, and manufacturing. This conceptualization can be widely observed regarding information society An information society is a society in which the creation, distribution, diffusion, use, integration and manipulation of information is a significant economic, political, and cultural activity. The knowledge economy is its economic counterpart whereby wealth is created through the economic exploitation of understanding. People that have the means, a closely related but wider concept.
Third, there are numerous characterizations of the transformations some economies have undergone. Service economy Service economy can refer to one or both of two recent economic developments. One is the increased importance of the service sector in industrialized economies. Services account for a higher percentage of US GDP than 20 years ago. The current list of Fortune 500 companies contains more service companies and fewer manufacturers than in previous, high-tech economy, late-capitalism "Late capitalism" is a term sometimes used to refer to capitalism from about 1950 onwards, generally with the implication that it is historically limited, and will eventually end, post-fordism Post-Fordism is the name given to the dominant system of economic production, consumption and associated socio-economic phenomena, in most industrialized countries since the late 20th century. It is contrasted with Fordism, the system formulated in Henry Ford's automotive factories, in which workers work on a production line, performing, and global economy Economic globalisation refers to increasing economic interdependence of national economies across the world through a rapid increase in cross-border movement of goods, service, technology and capital. It is the process of increasing economic integration between countries, leading to the emergence of a global marketplace or a single world market are among the most frequently used terms, having some overlaps and contradictions among themselves. Closer terms to information economy would include knowledge economy The knowledge economy is a term that refers either to an economy of knowledge focused on the production and management of knowledge in the frame of economic constraints, or to a knowledge-based economy. In the second meaning, more frequently used, it refers to the use of knowledge technologies to produce economic benefits as well as job creation and post-industrial economy.
See also
- precarity The word precarity literally meant "precariousness", but is now used to mean existence without predictability or security, affecting material or psychological welfare. It has been specifically applied to intermittent employment, sometimes plus a precarious existence
- Digital economy A digital economy is an economy that is based on electronic goods and services produced by an electronic business and traded through electronic commerce. That is, a business with electronic production and management processes and that interacts with its partners and customers and conducts transactions through Internet and Web technologies
- Electronic business Electronic business, commonly referred to as "eBusiness" or "e-business", may be defined as the application of information and communication technologies in support of all the activities of business. Commerce constitutes the exchange of products and services between businesses, groups and individuals and can be seen as one of
- Electronic commerce Electronic commerce, commonly known as e-commerce or eCommerce, consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks. The amount of trade conducted electronically has grown extraordinarily with widespread Internet usage. The use of commerce is conducted in this way,
- Information superhighway The information superhighway or infobahn was a popular term used through the 1990s to refer to digital communication systems and the internet telecommunications network. It is associated with United States Senator and later Vice-President Al Gore
- Information market
- Information revolution The term information revolution describes current economic, social and technological trends beyond the Industrial Revolution
- Information society An information society is a society in which the creation, distribution, diffusion, use, integration and manipulation of information is a significant economic, political, and cultural activity. The knowledge economy is its economic counterpart whereby wealth is created through the economic exploitation of understanding. People that have the means
- Intellectual property Intellectual property is a term referring to a number of distinct types of creations of the mind for which property rights are recognised--and the corresponding fields of law. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries
- Creative industry
- Knowledge economy The knowledge economy is a term that refers either to an economy of knowledge focused on the production and management of knowledge in the frame of economic constraints, or to a knowledge-based economy. In the second meaning, more frequently used, it refers to the use of knowledge technologies to produce economic benefits as well as job creation
- Knowledge market A knowledge market is a mechanism for distributing knowledge resources. There are two views on knowledge and how knowledge markets can function. One view uses a legal construct of intellectual property to make knowledge a typical scarce resource, so the traditional commodity market mechanism can be applied directly to distribute it. An alternative
- Knowledge policy
- Virtual economy A virtual economy is an emergent economy existing in a virtual persistent world, usually exchanging virtual goods in the context of an Internet game. People enter these virtual economies for recreation and entertainment rather than necessity, which means that virtual economies lack the aspects of a real economy that are not considered to be "
Also, see The Effective Executive by Peter Drucker(1966) Drucker describes the manual worker (page 2) that works with his hands and produces "stuff". The knowledge worker (page 3) works with his head and produces ideas, knowledge, and information.
References
Additional reading
- Boyett, Joseph H. And Jimmie T. Boyett. 2001. The Guru Guide to the Knowledge Economy. John Wiley& Sons. John Wiley & Sons
- Cozel, Diane. 1997. The Weightless World. MIT Press.
- Evans, Philip B. and Thomas S. Wurster. 2000. Blown to Bits. Harvard Business School Press.
- Mcgee, James and Lawrence Prusak. 1993. Managing Information Strategically. Random House
- Negroponte, Nicholas. 1996. Being Digital.
- Rayport, Jeffrey F. and John J. Sviokla. 1995. Exploiting the Virtual Value Chain. in: Harvard Business Review (no. 1995)
- Rifkin, Jeremy. 2000. The Age of Access. Penguin Putnam.
- Schwartz, Evan I. 1999. Digital Darwinism. Broadway Books.
- Shapiro, Carl and Hal R. Varian. 1999. Information Rules: A Strategic Guide to the Network Economy. Harvard Business School Press.
- Tapscott, Donald. 1996. The Digital Economy. McGraw-Hill.
Categories: Economies | Social information processing Categories: Collaboration | Collective intelligence | Information society
BusinessWeek
The GDP report is the second for the fourth quarter and will be revised in March as more information , such as corporate profits, becomes available to the ...
U.S. Fourth-Quarter GDP Rose 5.9%. Now Comes the Hard Part DailyFinance
all 287 news articles »
unknown
hu, 27 May 2010 15:40:00 GM
obviously born after September, 2008 and gets their . information. solely from Fox News. Geithner is correct about one thing -- unless and until there is global reform in the financial sector, the . economy. of the planet will be at risk. ...
