ABSTRACT
Don Lamberton has ascribed the emergence of information economics to a combination of circumstances including recognition of the unrealistic assumptions of neoclassical theory. Economics appears to have been much better at modelling information in the abstract than at understanding the structures within which it is used. Information is a public good in the sense that many can possess the same information at the same time, and yet possession by one does not detract from the ability of others to be apprised. Information is increasingly linked to improvements in productivity through its contribution to individual value chains for goods and services. In the case of information for example, products such as computer software can be almost infinitely reproduced at very little cost. Despite advances in, software engineering and electronic newsgathering, dependence on human labour in such creative areas shows few signs of diminishing.
