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The Economics of Information or Knowledge

In: Reasonably Simple Economics

Author

Listed:
  • Evan Osborne

Abstract

What do the following have in common: the surprising difficulty of making a rubber band, a car warranty, the questions a car salesperson asks you shortly after meeting you, and the rise and fall of the Sony Corporation? Unless you have an unusual gift for the economics of information, you may say nothing, at least on first reading. But it turns out they are all implications of information being scarce and therefore costly. That information is costly follows immediately from the fact that it has value and requires the expenditure of resources to acquire. But this simple fact has powerful implications for the behavior of people seeking it, the behavior of people trying to take advantage of it, and the best way to organize society to harvest this costly but incredibly valuable resource.

Suggested Citation

  • Evan Osborne, 2013. "The Economics of Information or Knowledge," Springer Books, in: Reasonably Simple Economics, chapter 0, pages 61-94, Springer.
    • Handle: RePEc:spr:sprchp:978-1-4302-5942-8_4
    DOI: 10.1007/978-1-4302-5942-8_4
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