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Information economics or the economics of information is the branch of microeconomics that studies how information and information systems affect an economy and economic decisions. [ 1 ] One application considers information embodied in certain types of commodities that are "expensive to produce but cheap to reproduce."
Information economy is an economy with an increased emphasis on informational activities and information industry, where information is valued as a capital good. [1] The term was coined by Marc Porat , a graduate student at Stanford University , who would later co-found General Magic .
Information industries are considered important for several reasons. Even among the experts who think industries are important, disagreements may exist regarding which reason to accept and which to reject. First, information industries is a rapidly growing part of economy. The demand for information goods and services from consumers is increasing.
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
Owners of production factors should possess and master information and knowledge so as to apply them to economic activity. [23] In the knowledge economy, the specialised labor force is characterised as computer literate and well-trained in handling data, developing algorithms and simulated models, and innovating on processes and systems.
The Information Age: Economy, Society and Culture is a trilogy of books by sociologist Manuel Castells: The Rise of the Network Society (1996), The Power of Identity (1997), and End of Millennium (1998). The second edition was heavily revised; volume one is 40 percent different from the first edition.
For Linde and Stock (2011) [7] the information market is the market for digital information distributed via networks. Traded are all sort of software applications and of content (from blogs via images, films and games up to scientific articles and patents). I-Commerce is the e-commerce with (digital) information.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".