02 MAR 2019 by ideonexus

 Knowledge Work

The growing importance of knowledge as an economic resource reflects the fact that, as economies and production technologies develop, they become ever more complex and specialized, leading to increasing coordination costs. In the language of information economics, the organizational or informational task of coordinating the diverse steps in the productive chain grows, as the number of transactions within and among productive units increases (Joncher, 1983). Logically, the increasingly complex...
  1  notes

Knowledge is becoming increasingly specific. Professionals of all types are managing larger quantities of sybolic reasoning. Informational laborers or symbolic analysts are a growing portion of the workforce.

14 JUN 2013 by ideonexus

 Prediction Errors for the Information Age

Perhaps the best way to describe the flawed vision of fin de siecle futurists is to say that, with few exceptions, they expected the coming of an ''immaculate'' economy -- one in which people would be largely emancipated from any grubby involvement with the physical world. The future, everyone insisted, would bring an ''information economy'' that would mainly produce intangibles. The good jobs would go to ''symbolic analysts,'' who would push icons around on computer screens; knowledge, rathe...
  2  notes

Economists misunderstood the value of information and material goods in the information revolutions.