THE CONCEPT OF INFORMATION IN CONTEMPORARY ECONOMIC ANALYSIS – AN ECONOMIC APPROACH OF INFORMATIONAL GOODS

Minodora Ursacescu and Mihai Cioc

Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, 2014, vol. 8, issue 1, 598-605

Abstract: The concept of information as we use it in everyday in the sense knowledge communicated plays a central role in today's society. The concept became particularly predominant since end of World War II with the widespread use of computer networks. Given the central position of information in the New Economy, its approach is made from the economic theory angle. Although the information is an economic good which can be produced, consumed, buy and sell, the classical demand and supply laws do not apply in case of information. A lot of questions arise in this context: which is the cost of producing information? Which is the cost of acquiring? Which is its value? Is there a price of information like other commodities that are sold? Economic activity involves making decisions. In order to make decisions, agents need information. Thus, the problem of acquisition, transmission, and uses of information has been occupying the economists’ attention for some time now. Some studies argue, in fact, that information should not be treated in economic analyses as a traditionally economic good. The purpose of this paper is to present insights from economics research the nature of information. Economic categories of cost and value are approached to evaluate the information as economic good. The cost structure of an information, and also its value is reflected to show that they are unusual compared to material goods or commodities.

Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://conference.management.ase.ro/archives/2014/pdf/59.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rom:mancon:v:8:y:2014:i:1:p:598-605

Access Statistics for this article

Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE is currently edited by Ciocoiu Nadia Carmen

More articles in Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE from Faculty of Management, Academy of Economic Studies, Bucharest, Romania Contact information at EDIRC.
Bibliographic data for series maintained by Ciocoiu Nadia Carmen ().