“One should hardly have to tell academicians that information is a valuable resource: knowledge is power. And yet this occupies a slum dwelling in the town of economics. Mostly it is ignored.”

— George Stigler

Source: "The economics of information," 1961, p. 213 ; lead paragraph

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "One should hardly have to tell academicians that information is a valuable resource: knowledge is power. And yet this o…" by George Stigler?

George Stigler 20

American economist 1911–1991

Related quotes

“Attention rather than information becomes the scarce resource, and those who can distinguish valuable information from the background clutter gain power.”

Joseph Nye (1937) American political scientist

Source: Understanding International Conflicts: An Introduction to Theory and History (6th ed., 2006), Chapter 8, The Information Revolution and the Diffusion of Power, p. 252.

“The foremost challenge is that of the knowledge revolution. Economic power will depend on creativity and innovation. Creation of wealth will move from traditional resources to the one asset: knowledge.”

Talal Abu-Ghazaleh (1938) Jordanian businesspeople

June 27, 1999, Crans Montana Forum, Switzerland.

“Other powers will continue to enjoy an equal right to trade in and develop the natural resources of the occupied territory, for the economic development of which the investment of foreign capital is very desirable.”

Kōki Hirota (1878–1948) Japanese politician executed

Quoted in "British Relations with China" - Page 138 - by Irving Sigmund Friedman - History - 1940.

“[…]a person stops searching for information and knowledge of one’s self, ignorance sets in.”

Robert T. Kiyosaki (1947) American finance author , investor

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money-That the Poor and the Middle Class Do Not!

“One should not label a firm as knowledge-intensive unless exceptional and valuable expertise dominates commonplace knowledge.”

William H. Starbuck (1934) American academic

Source: Learning by knowledge‐intensive firms," 1992, p. 716
Context: In deciding whether a firm is knowledge-intensive, one ought to weigh its emphasis on esoteric expertise instead of widely shared knowledge. Everybody has knowledge, most of it widely shared, but some idiosyncratic and personal. If one defines knowledge broadly to encompass what everybody knows, every firm can appear knowledge-intensive. One loses the value of focusing on a special category of firms. Similarly, every firm has some unusual expertise. To make the knowledge-intensive firm a useful category, one has to require that exceptional expertise make important contributions. One should not label a firm as knowledge-intensive unless exceptional and valuable expertise dominates commonplace knowledge.