The only value that the 'information economy' has is that it can enhance the abilty to turn raw materials into finished products. Everything else is just overhead or entertainment. Human economies come from one thing. Value add to physical resources to turn them into things that are valuable to society.
If 'information' helps run a machine tool faster and more repeatably, it is useful information. But still just overhead.
Trying to build an 'information economy' or thinking that you can base your industry on 'overhead and entertainment' is like people two sides of an island thinking they have a great economy because they do each other's laundry.
The ONLY economy that matters is turning raw materials/resources into finished products. China figured that out a few decades ago while the US was turning itself into burger flippers, disney movies and trading useless paper on Wall Street as speculators.
Sirhr
all true
the Chinese can make good stuff when they want to. i've seen some of their mid tier furniture. it equals stuff made here by highly skilled hands back into the 19th cent. they cornered the US trinket/junk market and many others. the reasons for their success is the usual long argument.
the domination of the economy by the stock market would be an interesting discussion. i think it is a false indicator of economics. that idea would likely get flamed.
the success of planned obsolescence and advertising propaganda have,i think,lead to some economic issues that are very under the surface.
the excess production of cars,boats,guns,appliances,everything else is something that i see the effects of causing problems in the near and long term. just a vague concern,but...