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Analysis Of “ Communication And The Transformation Of Economics” By Robert E. Babe

809 words - 4 pages

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 ...view middle of the document...

28). Babe stated four reasons why mainstream economics analyses are disconnecting for economic studies of information industries (p.31), although I did not agree with all the reasons listed. I shared Babe views that mainstream economic analyses of information industries for the most part are fundamentally flawed. So how would commodities communicate signs or indicate information about the market? I would agree with Babe, that it initially starts with the price system (p.32). Within the competitive system pricing are announced when the household and the firm reach a proper equilibrium, based on holding of goods against the transforming of inputs into outputs. Babe states that “the prices are then, according to the pure theory, the only communication that needs to be made in addition to the information held initially by the agents”(p.33) Economics as communication is a topic address later on in the chapter (p.40), were two models of communication systems are introduced, economists' "market" and the communicologists "communication" systems. “ Which of these two models-the market or the communication system –is most apt for any given analysis hinges on whether it is commodity or information that is being exchanged. If what is exchanged is “inert,” exerting no effect or influence upon the perceptions, values or cognitive patterns of the receiver and if monetary payments is made in compensation, then truly the economist’ “market “ is operative.”(p41).
Chapter Four dicussed and compared Economic and Communication studies, also known as...

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