THE ATTRIBUTES OF INFORMATION AS AN ASSET

Abstract

The resource-based view of information was central to the development of an “information economy.” It was economists such as Machlup (1962) and Porat (1977) who pioneered the idea of an “information economy.” Cooper (1983, p. 12) identified Machlup as the first proponent of an “information economy,” a new sector of the economy made up of: …a group of establishments – firms, institutions, organisations, and departments, or teams within them, but also in some instances, individuals and households that produce knowledge, information services or information goods, either for their own use or for use by others (Machlup, 1962, p. 228).Porat (1977) took an alternate approach to that of Machlup (1962) in focusing, not on the producers of knowledge, information services or goods, but on the information activities themselves. Porat’s (1977) fundamental unit of analysis were information activities and these comprised the building blocks of an “information economy.” These information activities included: …all the resources consumed in producing, processing, and distributing information goods or services (Porat, 1977, p. 2).The “information economy” itself has been characterised by a flexibility and dynamism which has raised awareness of the importance of information. However, these two approaches to the “information economy” have resulted in development of a wide and often contradictory range of attributes of information. In particular, the value of information has been extremely difficult to identify or to quantify. As a result, the role of information in improving business performance has been largely unrecognised. Too often senior managers have focused on the costs of information rather than the benefits.

Citation

Oppenheim, C., Stenson, J. and Wilson, R.M.S. (2003), "THE ATTRIBUTES OF INFORMATION AS AN ASSET", Advances in Library Administration and Organization (Advances in Library Administration and Organization, Vol. 20), Emerald Group Publishing Limited, Leeds, pp. 123-147. https://doi.org/10.1016/S0732-0671(02)20006-1