Applying an Economic Calculus to Knowledge
"We are increasingly concerned… with knowledge as a factor of production, having costs and values that we must try to estimate in order to make correct decisions for the conduct of business…
We have discovered that applying an economic calculus to knowledge… is often, because of… intangibility… far more difficult than costing and valuing… production machinery.
Yet, whether we can make the measurements accurately or not, it is precisely these costs and values that determine the efficiency and profitability of our activities…"
- Simon HA. 1999. "The Many Shapes of Knowledge." Revue d'Économie Industrielle 88(2e trimestre): 34