by Summary:
Knowledge as a factor of production. Knowledge is broader than information. Knowledge includes tacit knowledge, skill, and critical and creative thinking. In other words, the study of knowledge involves epistemology, logic and language, psychology, and other relevant fields in addition to information. Information can be formalized but a great deal of knowledge cannot, at least given present limitations and future prospects through technology. Labor as the human component of productions that complements capital (land included) had been conceived in terms of time, strength and ability to preform tasks. In this view, labor and capital are substitutable. In the expanded view that includes knowledge in the broad sense, this is not the case. Accumulated knowledge is the bedrock on
Topics:
Mike Norman considers the following as important: Cesar Hidalgo, Economic Theory, factors of production, information, knowledge, Paul Romer, Ronald Coase
This could be interesting, too:
Knowledge as a factor of production. Knowledge is broader than information. Knowledge includes tacit knowledge, skill, and critical and creative thinking. In other words, the study of knowledge involves epistemology, logic and language, psychology, and other relevant fields in addition to information. Information can be formalized but a great deal of knowledge cannot, at least given present limitations and future prospects through technology. Labor as the human component of productions that complements capital (land included) had been conceived in terms of time, strength and ability to preform tasks. In this view, labor and capital are substitutable. In the expanded view that includes knowledge in the broad sense, this is not the case. Accumulated knowledge is the bedrock on
Topics:
Mike Norman considers the following as important: Cesar Hidalgo, Economic Theory, factors of production, information, knowledge, Paul Romer, Ronald Coase
This could be interesting, too:
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Knowledge as a factor of production. Knowledge is broader than information. Knowledge includes tacit knowledge, skill, and critical and creative thinking. In other words, the study of knowledge involves epistemology, logic and language, psychology, and other relevant fields in addition to information.
Information can be formalized but a great deal of knowledge cannot, at least given present limitations and future prospects through technology.
Labor as the human component of productions that complements capital (land included) had been conceived in terms of time, strength and ability to preform tasks. In this view, labor and capital are substitutable.
In the expanded view that includes knowledge in the broad sense, this is not the case. Accumulated knowledge is the bedrock on which the foundations of a society or civilization are erected. This is what differentiates the human species from other species of sentient beings with whom humans share the planet.
Accumulated knowledge is largely a commons, the shared inheritance, so to speak, of humankind. Innovation is based on adding to that accumulation. Intellectual property—patents, copyright, trade secrets and so forth — may isolate some of this innovation for a time, but eventually it all gets added to the storehouse of knowledge.
Without considering this factor and including it to the degree possible, economics remains an oversimplification that is not capable of dealing with the key factor.
A Little Knowledge
Peter Radford