The Role and Value of Information in the Economic System: Opposition of Post-industrial and Information Economy

Abstract

Purpose

The purpose of this chapter is to study opposition of the treatment of the role and meaning of information in an economic system in the conditions of post-industrial and information economy and develop the conceptual model of information economy through the prism of treatment of information.

Methodology

The authors use the method of comparative and systemic analysis, as well as synthesis, induction, deduction, formalization, and modeling of economic phenomena and processes.

Results

The authors conducted a comparative analysis of the role and meaning of information in the economic system in a post-industrial information economy. It is concluded that the most important qualitative characteristic of information economy, which distinguished it from another, is the key role of information. The proprietary conceptual model of an information economy through the prism of information treatment is offered – it reflects the top-priority role of sustainable socio-economic and managerial connections and relations of information, which are an essential qualitative peculiarity of an information economy, which separate it and determine its specifics as compared to other types of economic systems.

It is substantiated that an information economy has to be studied not only from the position of economic statistics on the basis of precise values of quantitative indicators but also from the position of the economic theory of behaviorism, which allows taking into account the relational aspects of functioning and development of information economy. Behavior of economic subjects (society and business) as to information, initiated by their own motives, has to be one of the key objects of study by the theory of information economy.

Recommendations

Methodological recommendations are developed, which allow – with high level of effectiveness – studying information economy from the positions of economic statistics and the economic theory of behaviorism.

Citation

Bogoviz, A.V., Ragulina, Y.V., Tkachenko, T.V., Agapova, T.N. and Saykinov, V.E. (2018), "The Role and Value of Information in the Economic System: Opposition of Post-industrial and Information Economy", Sukhodolov, A.P., Popkova, E.G. and Litvinova, T.N. (Ed.) Models of Modern Information Economy, Emerald Publishing Limited, Leeds, pp. 343-349. https://doi.org/10.1108/978-1-78756-287-520181035