Many scholars have expressed their views on the economic value of information form various perspectives: information value as use, information value as traffic and information value as commodity.
Value of information is seen as an expression of how useful the information is to its recipients. Information value is relative to utility to decision makers. Information value is frequently expressed as a derivation from communicational utility. This view as value information is the transmission of messages from the superior to the sub-ordinates in the managerial hierarchy of an organization.
Indeed, information is available in many forms, not just computerized, there have been attempts to map its societal usage, flow and value. The rate of growth in electronic dissemination of information had exceeded the rate of its consumption, this difference justifies the concept of information of overload.
Information has economic value if its ability to be exchanged for another commodity or money.
Critique
The economic factors are often viewed as impediment to and constraints upon information value by its use. This is not withstanding, information should be seen as a commodity, we must learn how to pay for information, for any good plan you need accurate information. Market price serves as a good indicator of the value of information commodity.
Elameyi Susan Unobe
MIM/Educ/11975/2007-08
27/8/2008
10.43 am
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