Information resources as “Goods” in the life cycle of information production

This article addresses the importance of information resources in the foundation of an information‐ and knowledge‐based society and aims to encourage research in this area. An information resource is defined as a stock of information that has been societally institutionalized for reuse by one or many classes of users. An information‐based society depends on information production for its overall welfare, but information production requires continuous reuse of information, and therein lies the dependence of such a society on its information resources. After a review of definitions and models of information production, a life cycle model is presented as a way to clarify and conceptualize information resources. The life cycle phases consist of generation, institutionalization, maintenance, enhancement, and distribution. An information resource stands at the midpoint of the life cycle, integrating and coordinating the various actors and activities of these phases. The article attempts to show that information resources as economic “goods” do not reflect the assumptions on which economic models have been built in the past because they involve nonlinear, nonequilibrium, evolutionary processes. Various types of research are needed to disaggregate the economic and institutional infrastructures of information resources.