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Data, information and knowledge: have we got it right?

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  • Max Boisot

    ()

  • Agustí Canals

    ()

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    Abstract

    Economists make the unarticulated assumption that information is something that stands apart from and is independent of the processor of information and its internal characteristics. We argue that they need to revisit the distinctions they have drawn between data, information, and knowledge. Some associate information with data, and others associate information with knowledge. But since none of them readily conflates data with knowledge, this suggests too loose a conceptualisation of the term ‘information’. We argue that the difference between data, information, and knowledge is in fact crucial. Information theory and the physics of information provide us with useful insights with which to build an economics of information appropriate to the needs of the emerging information economy. Copyright Springer-Verlag Berlin/Heidelberg 2004

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Evolutionary Economics.

    Volume (Year): 14 (2004)
    Issue (Month): 1 (January)
    Pages: 43-67

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    Handle: RePEc:spr:joevec:v:14:y:2004:i:1:p:43-67

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    Web page: http://link.springer.de/link/service/journals/00191/index.htm

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    Related research

    Keywords: Information; Knowledge; Economics of information; Information theory; Physics of information;

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    Cited by:
    1. Amandine Pascal & Catherine Thomas & Georges Romme, 2009. "Méthodologie de « Design Collaboratif » : une approche intégrative," Post-Print halshs-00374980, HAL.
    2. Guinevere Nell, 2010. "Competition as market progress: An Austrian rationale for agent-based modeling," The Review of Austrian Economics, Springer, vol. 23(2), pages 127-145, June.

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