Date Added: Aug 2010
The domain of knowledge1 is more encompassing than that of wealth and materials. For dealing with utility of knowledge, all factors (its scarcity, its total utility, its marginal utility, specifically its diminishing marginal utility, its utilitarian value, its exchange value, etc.) that influence the evaluation need to be considered. From a communication perspective, knowledge can be traced backward and extrapolated forward, much like scientific parameter(s). From a structural perspective, the authors propose that the processing of knowledge be based on the most basic and fewest truisms. These truisms are, in turn, based on reality and they permit the characterization of information and knowledge. To this extent, computational processing does not depend on the philosophic writings of earlier economists.