The Concept Of Information In Contemporary Economic Analysis €“ An Economic Approach Of Informational Goods

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.