There are two schools of thought, one views economic value of information on the basis of its utility that accrue to the recipient and the others value information on the basis of what it can be exchanged for money.
Therefore, the economic value of information is an expression of impacts or how it is used.
The economic value of information is relative to utility to decision policy makers.
The economic value of information in general terms is the transmission of messages from the superior down to the sub-ordinates in the managerial hierarchy in the organization.
The information in this 21st century appears in different formats, but attempts have been made to map out its societal usage, flow and value.
The overall growth in electronic dissemination of information had overwhelm the rate of its consumption.
Critique
The economic factors are often viewed as impediments and constraints to the value of information use.
The value of information in economic terms is absolutely hard to determine.
Do you subscribe to information as a commodity? Information should not be valued as a commodity so that every body can have access to it for the public good.
There were different views among scholars as to the economic value of information as they opined that market price serves a good indicator of the value of information commodities.
Ogala, Raphael A.
MIM/Educ/11154/2007-08
27/8/08
10.04 am
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