One of my biggest surprises for this lecture was to learn that economics as I knew it, has changed (from industrial to information). For instance, information economy is based on the exchange of knowledge and information services, but not so much on tangible goods. This was a surprise for me because I never made a conscious distinction between tangible goods and intangible goods. Therefore, I didn’t think that there was a difference between the economy in the industrial era and the economy in the information era. This learning experience made me think for the first time in business as the art to make business as this new information era provides the opportunity to be creative and produce an income base on this creativity (blue collar vs. creative, thinking people).
I was also surprised of how little I knew about how this information technology worked. For example I didn’t know anything about internet protocols like HTTP, IMAP, TELNET, etc. In addition, I didn’t know that a garden wall was a closed network and that this can be used as a method of creating a monopoly or securing an information system. Also, learning about collapsing space and time made me realized how important this concept was to create information accessibility to be able to create a global community.
Lastly, learning more about standards, scarcity, market replacements, supply and demand and competitive markets, opened up a new perspective in the way I think about economics in this information era.
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