Reflection: Information Economy

March 15th class

What I liked most: I enjoyed starting the class off by exploring the current technological context of rapid change.  It's exciting and concerning at the same time.  Technology and new media are being used to bring information to people more efficiently and to bring people closer together.  However, as an information professional, (or any worker, really) it also signifies the need to keep up with new technology or have an obsolete set of skills.

A lot of economics goes over my head most of the time, but I found it interesting that Google has developed its own price index to measure web transactions.  I like the idea that some of the largest and most forward-thinking companies are making efforts to better understand and measure the new information economy.

I also found the discussion of "disruptive technologies" fascinating.  I'm interested in the issue of digital piracy and its effects, and I think it is valuable to see how similar issues played out in the past such as the effect of photocopying on the profits of academic journals.

What I agree with:  I agree that the new and evolving information based economy will neccessitate changes in business models.  Due to the nature of digital information, how its, acquired and emerging consumer expectations businesses will need to adapt or fail.  Newspapers are a prime example of this.

What I disagree with:  I don't think that all information needs to be priced.  I understand that as our economy shifts toward information, people will want to monetize the work that produces information, but I think that at least some information should be free.  I may just be scared of the idea of having to pay a blogger because their post inspired me to some economic benefit.  At some point monetizing information becomes absurd.  I encourage working out how to economically value information, but I don't want that to be put into practice by monetizing ideas or knowledge spillover.

I'm still curious about: A lot, really.  However I'm most interested in how we will decide to handle current disruptive technologies, particularly entertainment piracy.  Is there a way to stop piracy?  Should we? Is piracy ethical?  Will it get worse or plateau? Is DRM worth it?  Does piracy hurt or help producers?  I think these are good question to ask about this issue that could have major effects on the future of the information economy.