TITLE:
Knowledge Economics: Summary and Rationality
AUTHORS:
Bhekuzulu Khumalo
KEYWORDS:
Algorithm of Information, Categorization of Information, Choice, Commodi-fied Information, Economic Costs, Knowledge Economics, Rationality, Time
JOURNAL NAME:
Modern Economy,
Vol.8 No.12,
December
19,
2017
ABSTRACT: It will be shown that a satisfactory way to look at
an economy is to understand the concept of energy costs and use knowledge, and then
appreciation of knowledge economics is at hand. One can then grasp the concepts
of knowledge economics as their roots are in the major properties of
information to see how knowledge behaves, the concept of time and knowledge
that needs to be grasped to appreciate economics, to appreciate a phenomenon of
the universe, to appreciate what is happening as some societies develop further
and others remain stagnant except for a core elite around government. The paper
concludes with a thorough analysis of rationality and utility giving our
understanding of information and probability, and how rationality allows us to
view economic models from the view of knowledge economics giving the properties
of information. Our view of economics significantly determines how we treat
others; thus our view of economics must be made with all the available
information.