By Dominique Foray

The economics of information is a speedily rising subdiscipline of economics that hasn't ever ahead of been given the great and cohesive therapy present in this ebook. Dominique Foray analyzes the deep conceptual and structural transformation of our financial actions that has ended in a gentle shift to knowledge-intensive actions. this alteration is the results of the collision of a longstanding trend—the growth of knowledge-based investments and activities—with a technological revolution that greatly altered the construction and transmission of information and data. The e-book specializes in the twin nature of the economics of information: its emergence as a self-discipline (which Foray calls "the economics of knowledge") and the historic improvement of a specific interval within the progress and association of monetary actions ("the knowledge-based economy").

The ebook, which alternates among research of the industrial transformation and exam of the instruments and ideas of the self-discipline, starts off via discussing "knowledge" as an fiscal sturdy and the historic improvement of the knowledge-based economies. It then develops a conceptual framework for contemplating the problems raised. themes thought of within the ultimate chapters contain sorts of wisdom creation, codification and infusion, incentives and associations for the effective creation of information (including discussions of non-public markets and "open" sources), and information administration as a brand new organizational power. ultimately, the booklet addresses coverage issues instructed through the asymmetric improvement of data throughout diverse sectors and through the necessity to locate methods of reclaiming the general public size of data from an primarily privatized wisdom revolution

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The Age of Rapid Growth of Knowledge and of Knowledge Flows The encounter between the two phenomena studied in the previous two sections has spawned a unique economy, characterized essentially by an increase in the number of agents capable of producing, diffusing, and absorbing knowledge, and a substantial decrease in the marginal costs of information and knowledge processing. This twofold phenomenon has resulted in major changes in systems of knowledge creation and distribution. The Rapid Growth of Knowledge One major trend concerns the accelerating speed at which knowledge is created and accumulated, reflecting an intensified pace of scientific and technological progress.

New technologies are contributing to recent economic gains in ways which are consistent with conventional economic theory (Styroh 2001). All of that looks perfectly reasonable. However, macroeconomists, by training and tradition, do not pay attention to the microlevel details of innovation and new technologies. They therefore fail to develop a proper analysis of the technology itself and its future impact on the organization and conduct of economic activities. And their arguments become less reasonable when claiming that the Internet is an insignificant toy: when the technology bubble bursts on the stock market, its economic benefits will turn out to be no greater than the seventeen century tulip bubble (The Economist 2000).

It is enough to say now that the knowledge-based economy is clearly an economy in which knowledge externalities are more powerful than ever, consequent to this twofold trend of ICT development and increasing investments in education and learning, and in which new organizational concepts such as knowledge communities are flourishing. Change Becomes the Main Economic Activity One hypothesis regularly put forward to characterize the knowledgebased economy relates to the increasingly important role of change as an economic activity (Carter 1994a, 1994b; Foray and Lundvall 1996; Metcalfe 1998, 1999).

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