The New Economy of Abundant Information

Knowledge economy workers include consultants, lawyers, doctors and educators. —have always carried out their operations within the paradigm of knowledge scarcity. They received information through many years of education, allowing them to each become authorities in their respective fields. Professionals who had completed their education shared their knowledge and skill at a cost. When information is readily available rather than in short supply, what happens to their professions?

Impact of information Abundance on education:

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Education provides one of the best examples of the effects of information abundance. Teachers have traditionally served as the canon's gatekeeper and distributor. Students were encouraged to draw their own conclusions by interpreting the information given to them within certain bounds since the teacher was typically the only source of content. The teacher who still insists on imparting knowledge to students only through lectures and textbooks faces competition from a wealth of primary sources, documents, and divergent viewpoints that enable students to actively participate in their own learning in ways that go well beyond merely sitting in a classroom. In other words, teaching today's students using only the tried-and-true methods of the past hinders their ability to learn.

New role for teachers:

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The new information economy presents an opportunity to liberate teachers from their constrained position as knowledge sources, not to diminish the value of the contemporary teacher. Teachers can become expert analyzers, validity coaches, research assistants, master differentiators, and creators of a shared learning experience while ensuring that daily learning objectives are met thanks to the abundance of information. In other words, teaching today's students using only tried-and-true techniques that have worked in the past is detrimental to their learning.

The Impact on other professions?

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Providers vs. Customers:

The certification and license are likely to be permanent. Even if a person has acquired all the necessary medical knowledge, just claiming knowledge is not enough to make him a doctor. Professional bodies remain responsible for determining and verifying the minimum knowledge and experience required to practice.

The information asymmetry between customers and patients has decreased considerably since everyone has access to the same sources, at least in theory. The value of a professional is to interpret information, put it into context, and suggest next steps based on individual circumstances. Reduced information asymmetry can positively alter the relationship between professional providers and customers, as informed customers like to be involved in decision-making.

Finding the expert no longer requires an expert. The internet makes sourcing from a much wider range possible. Super specialists can find their niche audience through a targeted online presence and vice versa as users can find and compare super specialists online.

Assessing the quality of service can remain difficult because the quality of a professional service tends to be rather opaque. However, customer reviews, patient satisfaction scores, etc. are useful indicators that customers already use to compare services and service providers, with ratings and reviews being part of the public.

Types of Services:

The lesson's example demonstrates how the current wealth of information requires significant adjustments to the services that are sought after. Today, whether they are professional service consumers or providers, those who learn the most quickly will stand to gain the most. Because knowledge and expertise are not (yet), even though information is widely accessible and abundant.

Educating in the age of information Abundance:

Teaching in an Environment of Scarcity:

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Lessons that in-depth explored a subject were constrained by the materials the school library had available and the students' access to them when teaching in a situation of informational scarcity. Even the most thorough research may turn up only a few resources (remember encyclopedias with the label "Reference: Do not remove from library"?). Simply put, the size of your Lego castle could not exceed the total number of bricks you had. For building purposes, there simply weren't that many bricks available. The lecture format was the primary method of instruction in this information-scarce environment, and it makes sense that textbooks and chalkboards would predominate in the classroom as the tools used to disseminate the limited information. Early educational technology mainly consisted of aids to improve lectures. Even though PowerPoint is now frequently mocked, at the time of its creation, it provided a useful way to distribute images and graphics, emphasize information, and pace the delivery of content (much like the cover paper on an overhead slide used to, but better). Consider the time and money spent searching libraries and museums for particular artifacts that can now be found with just one Google images search. A teacher might spend the better part of her career gathering useful, appropriate, and accessible sources for their students. However, before that was possible, finding, assessing, preparing, copying, and disseminating such materials made lessons with rich resources uncommon and came at a cost of time, the ultimate educational currency.