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Information economy

From Wikipedia, the free encyclopedia

The media industry is an example of the information economy.
The media industry is an example of the information economy.

Information economy is an economy with an increased emphasis on informational activities and information industry.

Manuel Castells states that information economy is not mutually exclusive with manufacturing economy.[citation needed] He finds that some countries such as Germany and Japan 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, a closely related but wider concept.

There are numerous characterizations of the transformations some economies have undergone. Service economy, high-tech economy, late-capitalism, post-Fordism, and global economy are among the most frequently used terms, having some overlaps and contradictions among themselves. Closer terms to information economy would include knowledge economy

YouTube Encyclopedic

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  • ✪ Information Economics
  • ✪ Why Manufacturing, Not the Information Economy, Is the Key to Future Prosperity (1999)
  • ✪ Daniel Large discusses the information economy


Information Economics Brought to you by CSUSB’s John M. Pfau Library In this video, we’ll peek behind the scenes at the economic nature of scholarly information. You’ll find that academic publishing models play a very important role in how information is disseminated and which resources you can access. Let’s start at the very beginning of what is sometimes referred to as scholarly communication, or the system in which information is created, evaluated, disseminated, and preserved. It all starts when someone creates a book, chapter, or article based on his or her research. This someone – say, your professor – not only does this to add to existing disciplinary knowledge, but also because if they are employed at a university, they likely have to. You might have heard the phrase “publish or perish,” which illustrates that creating knowledge, often referred to as publishing, is something that is typically required for tenure and promotion. Your professor’s areas of expertise, available funding, and disciplinary trends influence what is researched and published. At this point, let’s say your professor wrote up her research findings in an article. Articles are typically published in journals or magazines, and since your professor is expected to produce scholarly information, she will likely submit it to a peer- reviewed journal. This is a very important step, as the journal that she chooses to publish her work in will determine how it will be viewed by her peers. If, for example, her article is published in the top peer-reviewed journal in her field, others will expect that it is of high quality, and they will be more likely to cite it in their own work. Publication quality and the amount of attention her work gets matters quite a bit if she wants to be considered an expert in her field. When your professor agrees to publish her article in a specific journal, this is when she engages in what is called rights management. What this means is that often, the publisher of the journal will assume copyright of your professor’s work. Even though she created it, it now belongs to the publisher, and it is essentially theirs to sell to others. When the publisher makes articles available for purchase, they are selling access to information – just like when a magazine sells you a subscription to what they publish. This is where the library comes in. Because libraries purchase access for more than one person, including students, faculty, and staff, they spend large amounts of money to get the content you need for academic research. The library will choose to either purchase a subscription to an individual journal, to a package of journals owned by the same publisher, or to a database that contains many different journal articles. If you think about it, the library, a representative of the campus, is in the position of having to purchase research that was created by professors on the same campus. As you might have guessed, there are a lot of people who are fighting against these types of publishing models, and open access publications and institutional repositories play an important role in providing The exciting thing is that change is in the air. Self-publishing, the participatory web, social media, alt metrics, open access – all of this is shaking up traditional models of scholarly communication. We’ve certainly got a lot to look forward to.

See also

Also, see The Effective Executive by Peter Drucker (1966); Drucker describes the manual worker (page 2) who works with his hands and produces "stuff". The knowledge worker (page 3) works with his head and produces ideas, knowledge, and information.

Further 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.
This page was last edited on 20 May 2020, at 14:41
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