This paper highlights attempts at different levels to find the economic value of information as it relates to its use, traffic and as commodities. Information value is relative to utility to decision maker, interest to a user and often expressed as a derivation from communicational utility. Above all, the value of information is an expression of impacts or how it is used.
On the information value as traffic, a more recent attempt has arisen with the online database industry. This showed that the rate of growth in electronic dissemination had exceeded the rate of consumption, thereby resulting in information overload. Noticed also was a decrease in informational flows in print media.
In terms of information value as commodities, some theorists agreed that many forms of electronic information are commodities which are available for purchase in the market place. While this may be true to some extent, the use and exchange value of this commodity still remains difficult to determine. As a matter of fact, the only the market price will serve as a good indicator of the value of information commodities.
Criticism
In general, it is believed that the value of information is hard to determine. This is because what is of value to one person may not be to another. It is diffcult or impossible to have a common ground in the definition of the value of information.
On the other hand, if information value is seen as a commodity, what determines the quantity to be bought and sold? And again how many people because of their economic conditions will be able to afford it? This means that many people may not be able to use information.
In my view, this has serious implication for all organizations as well as those who use such commodities at various levels.
Noah Omagbogu
MIM/Educ/11726/2007-08
27/8/2008
1.20 pm
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