Analysis of Communication and the Transformation of Economics by Robert E. Babe

Decent Essays

Economist (traditional and non traditional) ponders the proper economical characterization and analysis of this era of information industries. The author, Robert E. Babe address several keys points through out the first four-chapters of this book. Evaluating money as a true measuring rod for economist to obtain information concerning value, the place for information in economics using commodities as signs or indicators in the market, also Interrelations between economic and communication studies. Babe, present two situations were money could either measure information and/or carry information concerning the value of information, while using neoclassicism as his mode (p.10). Using neoclassicism price system principles, which is the most significant method of communicating relative values to participants in any market. Could it clearly be assumed that money can be a map for economist? Money itself is a medium of exchange for economist, storing and measuring valuable information through many markets. Also according to Babe, condense information can definitely be commoditized exchanging for money in markets. Wouldn't that inevitably prove that money could be a true measuring rod or map of information in the market? “ This too, as well we see, is a basic premise of neoclassicism, For this second basic premise to hold true, how-ever, it is required that one be able to specify units of information. If units of information cannot be specified… then basic neoclassical concepts

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