- Today we say that in advanced economies like Japan's 50% or more of the labor force are knowledge workers. That is, they work with information, and the majority simply transform one kind of information to another kind.
- For example, a worker in a department will often collect much information about a project, and condense it into a much shorted report for the department head.
- Yet economists know little about the economic analysis of this kind of work.
- "Classical" and "neoclassical" economics simply put it all inside the firm, and analyze how the firm's production changes as information it receives changes.
- Price (information) -> quantity supplied (production behavior)