General Information Product Theory in Economics Science

Dimitri O. Ledenyov, Viktor O. Ledenyov
2015 Social Science Research Network  
The information, including the knowledge in the science, business and society, is being generated, transmitted, received and analyzed by the humans in the various countries over the centuries. The information is a most valuable asset in possession by the economic agents in the modern economies of the scales and scopes in the information societies in an information age. The authors introduce a notion on the general information product (GIP) in the macroeconomics, thoughtfully defining the GIP in
more » ... the frames of the Ledenyov theory on the GIP(t) in the economies of scales and scopes for the first time. The multiple possible origins of the fluctuations of the dependence of the general information product on the time GIP(t) in the economies of scales and scopes are researched comprehensively. Authors consider the GIP(t) as a main parameter, which evaluates the performance of the economies of the scales and scopes from macroeconomics perspective. Authors assume that the accurate characterization of the dependence GIP(t) can be made in agreement with the Ledenyov theory on the GIP(t) in the economies of scales and scopes. Authors believe that the Ledenyov indicator GIP(t) instead of the Kuznets indicator GDP(t), can be successfully used to accurately measure the state/performance by any economy of scale and scope in the time domain. Authors think that the GIP(t) is a discrete-time digital signal (the Ledenyov digital wave), but it is not the continuoustime signals (the continuous waves), because of the discrete digital nature of information generation process. The article considers the empirical theoretical approaches and reveals the possible practical technical limitations in relation to the modeling of the new types of the discrete-time digital signals generators for the Ledenyov digital waves generation in the economies of the scales and scopes at the time of globalization. JEL: E32, E43, E44, E53, E58, E61, G18, G21, G28 PACS numbers: 89.65.Gh, 89.65.-s, 89.75.Fb Keywords: dependence of general information product on time GIP(t), dependence of general domestic product on time GIP(t), discrete-time digital waves, discrete-time digital signals generators, spectrum analysis / amplitude / frequency / wavelength / period / phase of discretetime digital signal, mixing / harmonics / nonlinearities of discrete-time digital signal, continuoustime signals, Juglar fixed investment cycle, Kitchin inventory cycle, Kondratieff long wave cycle, Kuznets infrastructural investment cycle, econophysics, econometrics, nonlinear dynamic economic system, economy of scale and scope, macroeconomics. There are the five main types of the business cycles in the modern macroeconomics science, which are originated by various kinds of the fluctuations of the economic variables in the economies of the scales and scopes: 1. 3 -7 years Kitchin inventory cycle in Kitchin (1923); 2. 7 -11 years Juglar fixed investment cycle in Juglar (1862); 3. 15 -25 years Kuznets infrastructural investment cycle in Kuznets (1973a, b); 4. 45 -60 years Kondratieff long wave cycle in Kondratieff, Stolper (1935); and 5. 70+ Grand super-cycle. The key research idea in the modern macroeconomics science that the dependence of the General Domestic Product on the time GDP(t) can be used with the aim to better 3 characterize the macroeconomic processes in the economies of scales and scopes has been suggested in Kuznets (1973a, b) . The key discovery in the modern macroeconomics science is that the Ledenyov digital waves (the discrete-time digital signals) rather than the early considered continuous waves (the continuous-time signals) originate and propagate in the nonlinear dynamic economic system in the time domain in Ledenyov D O, Ledenyov V O (2015e). The Ledenyov digital waves may have the multiple origins and they can be generated by the discrete-time economical, financial, political and social events in the economies of scales and scopes in the time domain in Ledenyov D O, Ledenyov V O (2013c, 2015d, 2015e). In this research article, the authors would like to highlight an interesting observation that the information streams are being constantly generated by the economic agents in all the existing real and imaginary economic sectors of the modern economies of the scales and scopes in the information societies in 21 st century. Therefore, aiming to reflect the essential aspect of changing economic reality, the authors introduce a notion on the general information product GIP(t) in the macroeconomics, thoughtfully defining the dependence GIP(t) in the frames of the Ledenyov theory on the GIP(t) in the economies of scales and scopes for the first time. Then, the authors consider the GIP(t) as a main parameter to evaluate the performance of the economies of the scales and scopes in the information societies. As a result, the authors come up with the important proposal that it necessary to use the general information product GIP(t) instead of both the general domestic product GDP(t) or the general national product GNP(t) with the purpose to accurately evaluate the performance of the economies of the scales and scopes in the information societies at the time of globalization. The authors would like to apply the classical socioeconomic approach, based on the universal fundamental knowledge and complemented by the innovative econophysical knowledge, to make the advanced research on the general information product GIP(t) in the macroeconomics in The information in the form of a numerical measure of knowledge has been researched in the frames of the information theory in the information science, which is concerned with the scientific thinking on the generation, gathering, classification, transmission, storage, retrieval and analysis of the acquired bits of information, using the information communication science in The authors have already formulated the information theory of firm in the microeconomics in Ledenyov D O, Ledenyov V O (2015c), and presently, we would like to discuss the role of information in the macroeconomics, where the information can also be identified as a most valuable created / acquired / obtained asset in possession by the economic agents in the modern economies of the scales and scopes in the information societies in an information age. We would like to use the econometrical and econophysical principles, theories and perspectives in our advanced research in Let us begin by saying that the macroeconomics, which has been considered as an empirical science for long time in Krugman, Wells (2005), Stiglitz (2005Stiglitz ( , 2015, Desai, King, Goodhart (2015), is being transformed into the multidisciplinary econophysical / econometrical science presently. In the macroeconomics, the authors would like to introduce the notion on the general information product GIP(t), which represents the dependence of the general information product (GIP) on the time in the frames of the Ledenyov theory on the GIP(t) in the economies of scales and scopes for the first time. The dependence of the general information product (GIP) on the time can be interpreted as the dependence of the measured total information data stream over the finite time period (bits per month/quarter/year) in Hwang,
doi:10.2139/ssrn.2617310 fatcat:vr7hp7r7zvc7pl3cz2mnpujela