Reflective Essay On Information Economics

As an economics student, information economics has given me an opportunity to explore more on the usual economics theories that I have learned so far. This paper written as a reflection on the understanding of information economics mainly based on my personal perspectives with the aid of some references. In addition, the theories of information economics applied in the project task given is also been discussed in the later part of this paper.

Undoubtedly, economics is everywhere and always exist regardless in the ancient time or the present. It’s just the way how an economic interaction is been carried out and how the people react towards an economic situation differ from the past and the current era. In connection with the economic, information can be described as a necessary element which act as a tool to assist people in making economic

Information refers to a set of raw materials or a list of facts whereas knowledge refers to something gained through the combination of information, experiences and analysis (Lurie, 2012). The information was collected at first and learned as a knowledge through own understanding before applying it in the project task. The most important aspect identified in doing the project task that differ the knowledge from information is understanding. Since information can be obtained without requiring understanding, knowledge is differ from it as learning and understanding are essential in gaining knowledge. Even though the information obtained were all the same, the understanding of each individual is dissimilar and thus each individual gain different level of knowledge. This directly expressed that knowledge learned cannot be reproduced identically by another person but an identical information is able to be reproduced (Surbhi, 2016). On the whole, all knowledge is comprise of information but not all information is knowledge (Surbhi,