Economic Dimension of Information

Abstract

This paper describes the importance of information in decisionmaking, economic growth, cultural development and as a weapon in industrial competitiveness. It shows that many economic entities derive their existence and sustenance from it. Libraries, corporate archives, radio and television, newspaper and magazine houses, printing industries, telecommunications, etc, as economic entities depend on information. The paper stresses that information is a commodity, a product to be bought and sold, and subject to marketing processes. The business of information is categorized into information content business and information conduit business, each aspect with its economic values and financial gains. The paper concludes by saying that information society is an economic reality and as society evolves so must the economic dimensions of information evolve.

KEYWORDS Information Commodity; Information Content Business; Information Economy