The value of information is viewed in various ways by the information theorists.
1. As use to which it can be put
2. As traffic or sale in education or Research and Development
3. As a commodity
But an information theorist, Bell (1983) view information as a unique commodity in that information is not consumed in its use, and thus can be exchanged as well as used many times.
It is also realized that some information lose their exchange value through its use while others may increase their potential exchange value through their use.
In the Nigerian context, many pieces of information could be exchanged and used many times such as Students (undergraduates) information book whether digitalized or in print form. In such a case, students can be made to pay for such information as a way of generating revenue for the institution.
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3 comments:
HOW ARE WE TO VALUE
INFORMATION?
The utility of information cannot be measured through economic value; as such values are incomparable to the utility derived by the recipient.
To give value to information depends on the utility of such information to the recipient.
Information value can be determined by the sense of direction or benefit derived from that piece of information e.g. census records gives direction as how budgetary plans are made.
Dango Dawuda Tanko.
MIM/Educ/10999/2007-08
11.00 am
Mr. Dango,
Could you please give account of what to you as i stident of MIM can be refers to as the value of information. Giving the lectures received so far.
Aliyu Ashiru Mani
EDUC/19934
ECONOMIC VALUE OF INFORMATION
The economic value of information can be seen as a great “phenomenon” which generates high feeling as regard to how information is considered valuable material in respect of the economic point of view.
This economic value information can be attributed to its usage, traffic and commodity. The economic value of information can be analyzed when the issue of how individuals and organization see it. This can be perceived through different needs and quest the individual and organizations develop in sourcing and utilizing information materials for various decisions making in their respective areas. This can be clarified when we look at how various firms and companies diversify effort in providing various supportive information in enhancing product characteristics as well as product delivery through various automated installations.
When we look at the economic value of information as “traffic” we have to analyze the rate at which information flows or travels from different angle and perspective across the world. The movement of information across various angles makes it tacit to know that a lot of revenue and other economic values are attached to information. The rate at which on-line data-bases are being accessed across the globe, one can be fully optimistic that economic value of information is gathering momentum.
Because information is used in facilitating the necessary changes in in-put and processing through computer – controlled manufacturing equipments. The on-line information and electronic forms of information are growing at a higher rate compared to the print media and thus greatly result in pervasive electronic information demand.
The economic value of information by measuring it as a commodity can be described as how various forms of electronic information facilities encumber the World markets today. This can be seen in respect of how a lot of these information materials are being bought excessably by different individuals and organizations which include millions of PC., and Mainframes. Contemporarily we can see that the software is valued when we discovered that it is marketed, distributed and supported permanently. Because business applications such as spreadsheet and word processors have becomes commodities. This can be seen as how users, especially corporations and other volume purchasers, can negotiate wide ranging enterprise licensing deals at very attractive terms.
The internet, the World’s largest computer networks has emerged as a giant “informant” for future hundreds and thousand of companies across the globe. This was propelled by advances in computer power and packet – switched network, so the internet has poised to become a stapple of modern business communication.
To summarize, we can say that the economic value of information can be seen in respect of how information is being used and sourced in supporting various operations, management and strategic planning, that is why its demand is becoming fervently excessive in the Global Market.
CRITICISM:
Something is said to be valued when it is predominantly and pervasively having total coverage in a given domain. We cannot assert the economic value of information if it does not represent or cover the entire globe. Especially when we look at the contemporary era of “globalization”, we can say that economic value of information can solely be related to the Western developed economies. And more, often then not, African continent, Latin America and greater part of Asia are being sidelined or left behind.
This can be adhered when we look at the fact that almost all the electronic and on-line information industries are situated in the developed economies like the Western Countries and other fast World growing economies like India and China. This can clearly illustrate that developing countries and other third World Nations are not accruing any economic value of information due to various factors of under development.
To this end, I can say that economic value of information is only realized or observed in a littler portion of the World. While in the greater portion of the World, the economic value of information is not something remarkable or worth while.
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