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Information As A Factor Of Production

Andrew Berczi
Business Economics
Vol. 16, No. 1 (January 1981), pp. 14-20
Stable URL: http://www.jstor.org/stable/23482505
Page Count: 7
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Information As A Factor Of Production
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Abstract

Some articles in this journal are clearly intended to be models of how things could be, or should be, done. Typical of such articles are those describing an analytical technique for determining elasticity of demand in a given market. This article is intended to fill an entirely different role. In it, the author suggests that consideration should be given to thinking in terms of another factor of production: information. There is definitely no consensus on the issue. There are those who clearly believe information is a factor of production, and that much greater attention to (1) developing it consciously as part of the production process can bring great rewards, and (2) explicitly pricing information is important for maximum efficiency in the modern productive enterprise. On the other side of the argument are those who argue that information is not a factor input, but that it shapes the production function, and is therefore highly important. There is universal agreement that information is important. There is disagreement about how to treat it for analytical purposes, and this article is intended to spark some thought on that issue.

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