information economy

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An economy in which the majority of the wealth is produced through the buying and selling of information: both as a commodity and as a service. In 1967, the economist Marc Porat (b.1947) distinguished between the domains of ‘matter and energy’ and information, dividing information into a primary sector consisting of companies that produce information goods and services and a secondary sector consisting of information services used by public institutions and private companies. On this basis, he estimated that 53% of all labour income in the US could be attributed to information work. Compare knowledge economy.

Subjects: Media Studies.

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