Managing a Societies Knowledge base A look at Opportunity Costs

Khumalo, Bhekuzulu (2007): Managing a Societies Knowledge base A look at Opportunity Costs.

Abstract

As explained in the paper namely, “Measuring a Societies Knowledge base”, it is not difficult to measure the knowledge base of a society, though it would be very laborious and time consuming. Knowledge is simply all the laws of existence a society knows plus all the products that a society creates. Each law that a society knows was given the symbol of point X and each product that a society made was given the symbol point U. Point U being a derivative of the laws of existence that we know. Every product in existence represents a point U, and every product is a derivation of what we understand about the laws of existence. We make spoons out of steel, wood, or plastic rather than cotton, paper, or mercury because of the properties that human beings understand the different materials. From the most simple point U to the most complex, all are derivatives of laws of existence that humans understand. From a simple point U like a tooth pick made of thorns to the most complex such as a nuclear powered submarine, all are derived from what human beings understand about the materials.

• Item Type: MPRA Paper
• Language: English
• Keywords: point X; point U; opportunity Cost; managing knowledge; choice; incentive
• Subjects: D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and Uncertainty; A - General Economics and Teaching > A2 - Economic Education and Teaching of Economics > A20 - General; O - Economic Development, Innovation, Technological Change, and Growth > O2 - Development Planning and Policy > O22 - Project Analysis; A - General Economics and Teaching > A1 - General Economics > A10 - General; O - Economic Development, Innovation, Technological Change, and Growth > O2 - Development Planning and Policy > O21 - Planning Models ; Planning Policy

References

http://chumby.dlib.vt.edu/melissa/posters/opcost.pdf

http://en.wikipedia.org/wiki/Opportunity_cost

http://news.bbc.co.uk/2/hi/technology/7085131.stm

http://www.ens-newswire.com/ens/may2005/2005-05-26-10.asp

http://www.investopedia.com/university/economics/economics2.asp